SkyeChip Sdn., a semiconductor designer based in Malaysia, is considering launching an initial public offering (IPO) as early as the second half of this year, according to sources familiar with the matter. The company, founded in 2019, is aiming for a valuation exceeding 1 billion ringgit (approximately $226 million) through the offering, the sources, who requested anonymity, said.
While the final size and timing of the IPO are still under discussion, the sources indicated that deliberations are ongoing. SkyeChip did not respond to a request for comment on the matter.
The potential IPO aligns with Malaysia’s broader ambitions to boost its domestic semiconductor industry. The country is already a major player in the global semiconductor market, responsible for packaging around 10% of the world’s chips. Just last week, Malaysia secured a deal to pay SoftBank Group Corp.’s Arm Holdings Plc $250 million over the next decade for access to various semiconductor licenses and technical expertise. As part of its strategy to enhance local capabilities, the Malaysian government is focusing on helping local companies develop their own semiconductor designs, with a goal of achieving semiconductor exports worth 1.2 trillion ringgit by 2030.
SkyeChip is poised to benefit from these national initiatives, given its strong technical capabilities in the semiconductor field. Cheow Ming Liang, an analyst at Kuala Lumpur-based Kenanga Investment Bank Bhd., noted in a recent report that the company’s expertise positions it well to capitalize on Malaysia’s semiconductor ambitions.
In 2024, Malaysia emerged as one of the key bright spots in Southeast Asia’s stock market, with IPOs collectively raising $1.6 billion—the highest amount since 2017. The momentum is expected to continue this year, with high-profile IPOs, including those of MMC Port Holdings Sdn. and Sunway Healthcare Group, already in the pipeline.
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