KUALA LUMPUR: Mi Equipment Holdings Bhd, an equipment manufacturer of wafer level chip scale packaging (WLCSP) sorting machines for the semiconductor industry, has received the nod from the Securities Commission Malaysia for its initial public offering (IPO) and listing on the Main Market of Bursa Malaysia.

Slated to be the first company listing on the main market in 2018, the proceeds will be used to build two production facilities cum offices in Bayan Lepas and Batu Kawan, Penang; working capital, as well as for fuelling research and development, it said in a statement on Thursday.

Group Chief Executive Officer/Executive Director Oh Kuang Eng said the IPO would provide the company with the financial impetus needed to achieve its growth strategies.

“We are presently providing our WLCSP sorting machine solutions to our customers who are global Outsourced Semiconductor Assembly and Test Companies (OSATs) and Integrated Device Manufacturers (IDMs),” he said.

“For example, leading OSAT companies such as Advanced Semiconductor Engineering Inc, United Test and Assembly Centre Ltd and Inari Technology Sdn Bhd, have been our customers since the commencement of our business through repeat orders.

“Our group also has a strong presence among the IDMs from the US, with their production facilities in China, Mexico and the US,” he said.  Oh said for the last three financial years, majority of the group's revenue was derived outside of Malaysia.

The IPO comprises 152.9 million shares, of which, 60.4 million shares will be offered via private placement to identified investors, 50 million shares for Bumiputera investors approved by the International Trade and Industry Ministry, 25 million shares for the Malaysian public and the remaining 17.5 million shares for eligible directors, employees and business associates. - Bernama