Mi Equipment offering 152.9 million shares in IPO

PETALING JAYA: Mi Equipment Holdings Bhd has received the Securities Commission of Malaysia’s (SC) approval for its initial public offering (IPO) on the Main Market of Bursa Malaysia.
Mi Equipment, slated to be the first new listing on the Main Market this year, is a manufacturer of wafer-level chip scale package sorting machines for the semiconductor industry.
“The approval is a significant step towards materialising our growth plans and it is a milestone accomplishment, in accordance with the route map set up during our company’s incorporation,” its CEO and executive director Oh Kuang Eng said in a statement.
“The IPO will provide us with the financial impetus needed to achieve our growth strategies, which is vital for us to stay competitive in a dynamic business environment that encompasses an ever-increasing demand for high performance semiconductor manufacturing technologies,” he added.
The IPO comprises 152.9 million shares wherein 60.4 million shares will be offered via private placement to identified investors, 50 million shares to bumiputra investors approved by the Ministry of International Trade and Industry, 25 million shares to the Malaysian public and the remaining 17.5 million shares to eligible directors, employees and business associates.
The proceeds will be used for the construction of two production facilities cum offices in Bayan Lepas and Batu Kawan, Penang, working capital, and research and development.
Oh said the group plans to expand its capacity with the construction of the two factories in the next three years.
For the last three financial years, he said, the majority of the group’s revenue was derived outside of Malaysia.
Affin Hwang Investment Bank Bhd is the principal adviser, sole underwriter and sole placement agent for Mi Equipment’s IPO.