KUALA LUMPUR, (May 14): Mi Equipment Holdings Bhd, an equipment manufacturer of wafer level chip scale packaging (WLCSP) sorting machines for the semiconductor industry, has executed an underwriting agreement with its sole underwriter Affin Hwang Investment Bank Bhd, to prepare for its listing on the Main Market of Bursa Malaysia. 

Mi Equipment's initial public offering (IPO), the largest-to-date this year, is slated to make the group the first Main Market listing in 2018, according to its statement today.

Mi Equipment group chief executive officer Oh Kuang Eng said tapping into the capital market will help accelerate the manufacturer’s growth plans by expanding capacity, in preparation for advanced packaging demand in the future. 

“We are now finalising our prospectus and we expect the launch to take place this month,” Oh added. 

The proceeds of the IPO will mainly be used for capacity expansion, primarily the construction of two new factories in Bayan Lepas and Batu Kawan over the next 3 years, Mi Equipment said.  
 
The group’s IPO comprises 152.9 million shares; 60.4 million will be offered via private placement to identified investors, 50.0 million to Bumiputra investors approved by the Ministry of International Trade and Industry (MITI), and 25 million to the Malaysian public. The remaining 17.5 million shares will be set aside for eligible directors, employees and business associates.