Company Name: SkyeChip Berhad

Date of Prospectus: 29 April 2026

SkyeChip Berhad IPO: Malaysia’s High-Growth Semiconductor Design Giant Opens Doors to Investors

IPO Snapshot: Key Details and Offer Structure

SkyeChip Berhad launches an Initial Public Offering (IPO on Bursa Malaysia Main Market), offering an opportunity to invest in Malaysia’s leading integrated circuit (IC) and silicon IP designer. The IPO is structured to raise substantial capital for ambitious expansion, R&D, and technology leadership in the semiconductor sector.

• IPO Symbol: Not disclosed
• Offer Price: Retail price set at RM0.88 per share; Institutional price to be determined via bookbuilding
• Total Offer Size: 400,000,000 new shares (22.3% of enlarged issued shares)
• Post-IPO Shares Outstanding: 1,796,000,000 shares
• Market Capitalization upon Listing: RM1.6 billion (at RM0.88 per share)
• Offer Timing: Retail opens 29 April 2026 (10:00 a.m.), closes 6 May 2026 (5:00 p.m.), Institutional closes 7 May 2026, Listing 20 May 2026

Placement and Issuance Breakdown

SkyeChip’s IPO is divided into two main tranches: Institutional Offering and Retail Offering. The allocation strategy aims for broad investor participation and ensures compliance with public shareholding spread requirements.

Retail Offering further breakdown: 99,407,200 shares for eligible persons (Directors, employees, contributors), 35,920,000 shares for Malaysian public (split evenly between Bumiputera and non-Bumiputera applicants).

Use of Proceeds: Growth-Driven Expansion and R&D

SkyeChip’s IPO proceeds are earmarked for aggressive growth and technology development. The allocation points to a forward-looking strategy focused on product innovation, facility expansion, and operational scalability.

This allocation highlights SkyeChip’s commitment to innovation and scaling its operations for future growth.

Dividend Policy and Commitment

SkyeChip has demonstrated a history of dividend payments, with a payout ratio ranging from 16.7% to 36.3% in recent years. No further dividends are planned prior to listing. The company’s dividend policy is to pay dividends out of internally generated funds, subject to business and operational needs.

• FYE 31 Mar 2023: RM9.0 million declared (16.7% payout)
• FYE 31 Mar 2024: RM19.0 million declared (36.3% payout)
• FYE 31 Mar 2025: RM0 declared

Investor Participation and Book Quality

The IPO targets a diverse pool of investors, with allocations to employees, contributors, and the Malaysian public. The institutional tranche includes PIV Perkasa, nominated by SIDEC, with 0.4% of shares set aside for Bumiputera investors. The clawback and reallocation provisions ensure oversubscription in one tranche allows redistribution from the other, maximizing book quality and participation.

• Anchor/Institutional Investors: PIV Perkasa, SIDEC
• Employee/Contributor Allocation: 99,407,200 shares
• Public Balloting: 35,920,000 shares

Clawback and reallocation provisions support a strong first-day performance by ensuring optimal demand fulfillment.

Deal Parties and Structure

SkyeChip’s IPO is backed by reputable financial institutions.

• Principal Adviser/Lead Bookrunner/Joint Bookrunner/Managing Underwriter: Maybank Investment Bank Berhad
• Joint Bookrunner & Joint Underwriter: CIMB Investment Bank Berhad
• Issuing House: Malaysian Issuing House Sdn Bhd

No explicit greenshoe or stabilization mechanism is disclosed, but the presence of top-tier banks as underwriters and bookrunners suggests listing-day support.

Company Overview: Business Model, Revenue Streams, and Market Position

SkyeChip Berhad is a leading Malaysian IC designer specializing in high-performance silicon IPs and custom ASIC products for data centers, AI, high-performance computing, and other advanced applications. The company provides licensable silicon IPs for integration into customer IC products, and also designs custom ASIC chips tailored for specific applications.

• Revenue Streams: Silicon IP licensing, custom ASIC design, sales of IC products
• Key Products: High-bandwidth memory interface IPs, Network-on-Chip IPs, compute and AI silicon products, 2.5D/3D silicon products
• Customer Segments: Semiconductor manufacturers, technology companies, global customers
• Geographies: Operations in Malaysia, Singapore, China, and Vietnam

Competitive Advantage: Proprietary high-performance silicon IP, early access to advanced technologies (down to 3nm process node), industry participation in JEDEC, UCIe, PCI-SIG, strong technical team and experienced executive directors.

Industry Size: IC design revenue globally grew at a CAGR of 28.0% (2020–2024), reaching USD235.9 billion in 2024.

Financial Health: Multi-Period Performance Highlights

SkyeChip’s financials reflect robust growth, high profitability, and a strong balance sheet.

Management Team and Governance

• Dato’ Fong Swee Kiang: Chief Executive Officer, overall company strategy
• Teh Chee Hak: Chief Technology Officer, technical research and technology vision
• Supported by a skilled technical team and experienced directors

Sector Trends, Timing, and Market Environment

Semiconductor and IC design industry is experiencing strong global growth, driven by demand for AI, high-performance computing, and advanced packaging solutions. SkyeChip’s timing coincides with sector tailwinds and increasing regional participation in global supply chains.

• IC Design Market CAGR: 28.0% (2020–2024)
• Key Demand Drivers: Data center expansion, AI adoption, advanced chip packaging
• IPO Timetable: Opening 29 April 2026, Closing 6–7 May 2026, Listing 20 May 2026

Sector demand and SkyeChip’s positioning suggest favorable market conditions for this IPO.

Risk Factors

SkyeChip faces several risks, as disclosed:

• Customer concentration: Major portion of revenue from a small group of customers
• Key person risk: Heavy reliance on CEO and CTO for business continuity
• Supplier dependence: Significant operational costs tied to major suppliers (ICE, Ansys, Siemens, Synopsys)
• Regulatory risk: Expiry of tax exemptions, pending application for new incentives
• IPO completion risk: Listing contingent on public shareholding spread and underwriting agreements
• Market risk: Share price volatility, potential for illiquid trading or significant post-listing sales by major shareholders
• Currency risk: Foreign suppliers expose SkyeChip to FX fluctuations
• Related-party transactions: Pre-IPO investments and transfers involving connected parties
• Growth execution: Ability to implement expansion plans, recruit technical staff, and maintain innovation edge

Exposure is quantified where possible, with customer concentration and tax incentive expiry being most material in the near term.

Growth Strategy and Expansion Plans

SkyeChip’s growth strategy is anchored on aggressive R&D investment, expansion of IP and product portfolio, and facility/infrastructure scaling:

• IC product R&D: RM155.1 million planned investment over 36 months
• Silicon IP development: RM56.4 million over 36 months
• Facilities and computing infrastructure: RM57.1 million (offices, labs, computing equipment)
• Market entries: Expansion across Malaysia, Singapore, China, Vietnam
• Industry engagement: Active participation in standard-setting bodies (JEDEC, UCIe, PCI-SIG)
• Talent acquisition: Scaling technical resources for product innovation

Strategy is designed for sustained leadership in high-growth, high-margin segments of the semiconductor value chain.

Ownership and Lock-Ups

Pre- and post-IPO shareholding reflects strong promoter control, with lock-up provisions ensuring stability:

• Promoters: Dato’ Fong Swee Kiang and Teh Chee Hak each holding 23.2% post-IPO (assuming full ESOS exercise)
• SKC Team 2 (substantial shareholder): 7.6% post-IPO
• Lock-up periods: Promoter shares locked for 12 months; SKC Team shares for 6 months post-listing
• Employee Share Option Scheme (ESOS): 61,755,000 options granted in conjunction with IPO

Valuation and Peer Comparison

SkyeChip’s IPO is priced at a P/E multiple of 44.0x (based on RM35.9 million PAT and 1,796 million shares), which could rise to 57.5x if tax exemption is not renewed. Comparable global IC design companies trade at higher multiples (average P/E: 124.7x), supporting SkyeChip’s pricing rationale.

IPO pricing is reasonable relative to global peers, especially given SkyeChip’s growth and margin profile.

Listing Outlook: Is SkyeChip Berhad IPO Worth Subscribing?

Based on disclosed facts, SkyeChip Berhad’s IPO offers:

• Strong financial growth and profitability
• High-margin, diversified revenue streams
• Ambitious R&D and expansion plans
• Sector tailwinds in global semiconductor design
• Robust book quality and clawback provisions for oversubscription
• Reasonable valuation versus global peers

Inferred outlook: The IPO appears attractive for growth-oriented investors. First-day trading range is likely to be strong relative to the offer price, supported by high demand, sector momentum, and deal structure.

Prospectus Access and How to Apply

Prospectus is available at: www.bursamalaysia.com

Application Channels: Participating banks, brokers, and Malaysian Issuing House Sdn Bhd. Application forms are available in printed format only, not electronically. Application window opens 29 April 2026 at 10:00 a.m. and closes 6 May 2026 at 5:00 p.m.