Chip-designer SkyeChip inks Malaysia IPO underwriting deal with Maybank, CIMB

[KUALA LUMPUR] Malaysian chip-design firm SkyeChip Bhd has signed an underwriting agreement with local banks for an initial public offering, with proceeds earmarked for the research and development of artificial intelligence products.

The offering comprises 400 million new shares, or 22.3 per cent of the company’s enlarged share capital, SkyeChip said in a statement on Monday (Apr 13). Maybank Investment Bank and CIMB Investment Bank have been appointed bookrunners for the IPO.

Current stakeholders of the Penang-based company are not selling any shares.

“The IPO will allow us to further advance our silicon intellectual properties and custom application specific integrated circuit development in application such as AI, high-performance computing and autonomous vehicles,” Fong Swee Kiang, chief executive officer of SkyeChip said in the statement.

The firm, which specialises in silicon IPs, said it has filed more than 100 patent applications across Malaysia, China and the US.

About 60 per cent of the IPO proceeds will be allocated towards research and development of IC products and silicon IP, while the rest will be used to expand the company’s computing infrastructure and operational facilities, among other things. BLOOMBERG