KUALA LUMPUR (May 20): SkyeChip Bhd (KL:SKYECHIP) soared in its Main Market debut on Wednesday after the semiconductor design firm raised RM352 million from a blockbuster share sale.
The stock, which opened nearly four times its initial public offering price of 88 sen at RM3.50, hit a high of RM3.80, before paring gains to close at the day’s low of RM2.21, with 292.9 million shares changing hands.
At its last price, the Penang-based company has a market capitalisation of RM3.97 billion.
Skyechip recorded the biggest single-day gain since automation test solutions provider THMY Holdings Bhd (KL:THMY) debuted on the ACE Market in October 2025, when its shares tripled on listing day.
The stellar debut comes after its IPO was oversubscribed more than 95 times, as the company attracted the largest amount of funds in 16 years.
SkyeChip is mainly involved in integrated circuit design, specialising in silicon intellectual property, which could be licensed to its customers to be integrated into their chips. The company also designs and develops custom semiconductor chips.
The listing also comes at a time when Malaysia is seeking to move the semiconductor industry up the value chain and towards the more lucrative front-end from the lower-margin back-end services.
“With access to advanced technology and strategy platforms, we are expanding into next-generation silicon solutions across Al, high-performance computing, and advanced architecture,” said SkyeChip chief executive officer Datuk Fong Swee Kiang during his speech at the listing ceremony.
Just days before listing, SkyeChip received a formal offer letter granting it access to Arm Holdings Plc’s Arm Flexible Access platform, which is part of a government-backed deal worth RM1.1 billion with the British firm.
SkyeChip is backed by 22 cornerstone investors, including the Employees Provident Fund, Khazanah Nasional Bhd, Lembaga Tabung Angkatan Tentera, Lembaga Tabung Haji, AHAM Asset Management, AIA, and CMY Capital, which collectively took up close to 60% of the institutional tranche.
More than 60% of the IPO proceeds, or RM211.5 million, will go towards research and development. The company also set aside about 16% of funds to expand its operational facilities along with computing infrastructure.
The remainder of the funds will accrue towards licensing and development tools, working capital, and listing-related expenses. There is no accompanying offer for sale of existing shares, meaning current shareholders are not cashing out.
Maybank Investment Bank is the principal adviser, lead bookrunner, managing underwriter, and joint underwriter for the IPO, while CIMB Investment Bank is also the joint underwriter and joint bookrunner.