PETALING JAYA: Penang-based integrated circuit (IC) design company, SkyeChip Bhd, aims to raise RM352 million from main market initial public offering (IPO) to scale up research and development (R&D) and strengthen its position in the semiconductor value chain.
The company will issue 400 million new shares at an IPO price of 88 sen each. The exercise involves no offer for sale of existing shares, with all proceeds accruing to the company.
Upon listing, SkyeChip is expected to have a market capitalisation of about RM1.58 billion, based on an enlarged share capital of 1.796 billion shares.
Of the total proceeds, about 60% will be allocated to R&D to expand its proprietary silicon IP portfolio and develop silicon products for applications including artificial intelligence (AI), high-performance computing, data centres and advanced driver assistance systems (ADAS).
A further 16% will be used to expand operational facilities, including computing infrastructure and laboratories, while 10% will go towards acquiring advanced electronic design automation (EDA) tools essential for IC design. The balance will be used for working capital and to defray listing-related expenses.
The IPO has attracted cornerstone investors who have collectively subscribed for 155 million shares, representing about 39% of the total shares offered or roughly 60% of the institutional portion.
SkyeChip said its technology focus includes high-bandwidth memory (HBM), low power double data rate (LPDDR) interface IPs and network-on-chip (NoC) IPs, which are key components in the global AI and high-performance computing ecosystem.
CEO Datuk Fong Swee Kiang said the listing marks a step towards strengthening Malaysia’s position in the upstream semiconductor segment.
“We want Malaysia to be the leading IC design hub in the region and a recognised player in the upstream global semiconductor ecosystem. We are echoing the government’s vision of ‘Build in Malaysia’ and extending it to ‘Design by Malaysia’,” he said.
“With the funds raised, we will invest in R&D by hiring world-class talent, expanding our IP portfolio and advancing the next generation of silicon products.”
Maybank Investment Bank Bhd CEO Michael Oh-Lau said the listing aligns with national ambitions to elevate the semiconductor sector.
“Its listing represents a significant addition to Malaysia’s public markets and is fully aligned with the nation’s ambition to elevate the semiconductor sector into a global powerhouse,” he said.
Maybank Investment Bank is the principal adviser, lead bookrunner, managing underwriter and joint underwriter for the IPO, while CIMB Investment Bank Bhd is the joint bookrunner and joint underwriter.
