SkyeChip Berhad

Date of Prospectus: 7 April 2026

SkyeChip Berhad IPO: Powering Next-Gen Semiconductor Growth in Asia and Beyond

IPO Snapshot: Key Terms, Offer Structure, and Investor Opportunities

SkyeChip Berhad is launching its IPO at a pivotal moment for the semiconductor and silicon IP design sector, offering investors direct access to a high-growth, innovation-driven business with deep exposure to China, Taiwan, and the broader APAC region.

• IPO Symbol: Not stated
• Offer Price / Range: Not stated
• Total Offer Size: Not stated
• Shares Offered: Post-IPO outstanding shares: 1,796,000,000 (enlarged to 1,857,755,000 assuming full exercise of ESOS Options)
• Dividend Policy: Not stated
• Placement / Issuance Breakdown: Not detailed in full, but includes allocations for public, institutional, anchor, and ESOS/Pink Form allocations to directors/employees.

Use of Proceeds: The IPO proceeds are aimed overwhelmingly at growth-driven initiatives, including silicon IP expansion, compute and AI silicon products, advanced packaging (2.5D/3D), and operational scaling. Key allocations are:

• Silicon IP portfolio & automotive application expansion: RM56.4 million
• Compute and AI silicon products: RM138.9 million (RM115.3 million from IPO, RM23.6 million from internal funds/borrowings)
• 2.5D/3D and other silicon products: RM44.8 million (RM39.8 million from IPO, RM5.0 million from internal funds/borrowings)
• Facilities and resources expansion: RM93.8 million (entirely from IPO)

The proceeds allocation signals an aggressive R&D and capacity expansion stance rather than deleveraging, underlining SkyeChip’s ambition to rapidly scale market share and technological leadership [[22]], [[24]], [[25]], [[28]], [[29]].

Investor Participation & Book Quality

Prominent pre-IPO and cornerstone investors include DG 12, ASIF 15, InterVest Global Scale-up Fund, Intervest Malaysia OIF A, Intervest Korea Malaysia OIF B, and Gobi Future Fund LPF. Their post-IPO holdings are as follows:

• DG 12: 2.6%
• ASIF 15: 0.9%
• InterVest (three funds collectively): 3.3%
• Gobi Future Fund LPF: 1.5%
• Meranti ASEAN Growth Fund II LP: 1.5%
• Gobi Dana Impak Ventures LP: 0.8%

There are allocations for public, institutional, and Pink Form applicants (employees, directors), and a specific allocation for PIV Perkasa (0.4%). No pre-listing disposals or early shareholder sales are disclosed. Substantial institutional interests suggest strong book quality and potential for robust listing-day performance [[3]].

Deal Parties and Structure

The lead financial institutions and deal managers include Maybank IB as Principal Adviser, Lead Bookrunner, Joint Bookrunner, Managing Underwriter, and Joint Underwriter. The Maybank Group is highlighted as a diversified financial group with deep experience in capital markets and IPOs, supporting the credibility of the deal structure. No stabilization/greenshoe details are disclosed [[150]].

Company Overview: Business Model, Products, and Markets

SkyeChip Berhad is an integrated IC design and silicon IP provider with a focus on high-performance, high-bandwidth memory interface IP, Network-on-Chip IP, D2D interface IP, and custom ASICs. The group operates a direct sales model, primarily serving fabless IC companies involved in SoC, FPGA, IoT, memory products, AI inference, and IC design services.

• Principal Markets: China (dominant), Taiwan, Singapore, Hong Kong, USA, Malaysia, Vietnam
• Key Revenue Segments:
  • Standard silicon IP
  • Custom silicon IP
  • Custom ASIC
  • Design/engineering services (“Others”)
• Monetization: Lump-sum contracts (1-3 years), milestone-based payments, right-of-use per project, with additional fees for expanded usage. No material recurring revenue or royalties stated [[30]], [[31]].

Operational Footprint: Headquarters in Penang, with subsidiaries in Malaysia, China, Singapore, and Vietnam, supporting R&D, customer support, and scientific research [[4]].

Financial Performance: Revenue, Margins, and Growth

SkyeChip has delivered exceptional revenue growth, with a CAGR of 44.6% from FY2023 to FY2025 and robust international sales (over 90% foreign market exposure). The table below summarizes recent financial performance:

Gross profit, net profit, and margin figures are not presented in the prospectus for each period.

Market Position, Brand Strength, and Competitive Edge

SkyeChip holds a strong competitive position as an original designer and owner of high-performance, reconfigurable silicon IP, with full IP rights, a modular business model, and the ability to license its products to multiple customers across geographies.

• Proprietary IP portfolio includes LPDDR4/4x/5/5x, HBM3/3E, and development of LPDDR6, HBM4
• Access to advanced foundry nodes down to 3nm; strong partnerships with foundries and EDA tool suppliers
• In-house R&D and proprietary design/configuration software
• Expanding into custom ASICs and automotive-grade silicon IP (ISO 26262 compliance)
• Rapidly scaling engineering resources (from 38 in 2020 to 365 personnel as at LPD)
• Protected by 36 granted patents and 77 applications (Malaysia, China, USA)

Peers cited in the sector (with their symbols if disclosed): Arm Holdings plc (UK), Global UniChip Corp. (Taiwan), Rambus Inc. (USA), Faraday Technology Corp. (Taiwan), Brite Semiconductor (China), Egis Technology Inc. (Taiwan), Arteris, Inc. (USA), Silvaco Group, Inc. (USA), and M31 Technology Corp. (Taiwan) [[92]].

Management Team and Governance

Promoters and Key Executives:

• Dato’ Fong Swee Kiang – Promoter, substantial shareholder, Non-Independent Executive Director, CEO
• Teh Chee Hak – Promoter, substantial shareholder, Non-Independent Executive Director, CTO
• SKC Team 2 Sdn Bhd – Substantial shareholder (holding 7.6% post-IPO fully diluted)
• Other independent directors: Dato’ Seri Wong Siew Hai, Dato’ Seri Gooi Soon Chai, Datuk Alexandra Chin @ Fui Lin, Norinne Ira Dewal Binti Md Ali
• Key Senior Management: Chong Lai Hock (COO), Chin Eng Fook (CIO), Lim Soon Chieh (Senior Engineering Director), Galvin Wong (Finance Director)

The board and management have extensive experience in semiconductors, engineering, and listed company governance [[96]], [[97]], [[108]], [[136]].

Industry Trends, Sector Timing, and Macro Environment

SkyeChip operates at the intersection of global megatrends: AI, IoT, automotive electronics, advanced packaging, and cloud infrastructure. The company’s addressable market is defined as silicon IP and IC design, with strong demand from China, Taiwan, and the US.

• Recent years have seen surging demand for high-speed, low-power memory interfaces, 2.5D/3D packaging, and AI/compute accelerators
• No material seasonality in business performance observed
• Business resilient to COVID-19 disruptions due to remote work capabilities
• IPO timing: The offer period and listing date are not explicitly stated, but as of the date of the prospectus (7 April 2026), the group is reporting robust growth momentum and a healthy pipeline of new product launches and R&D investment [[15]], [[58]]

The company’s expansion into Vietnam, the US, and Japan is expected to further diversify its revenue base and reduce geographic concentration risk.

Risk Factors: Quantified Exposures and Key Considerations

Investors should consider several material risks:

• Geographic Concentration: China and Taiwan account for over 70% of revenue in some periods, exposing the group to geopolitical, regulatory, and customer risk.
• Project-Based Revenue: Contracts are milestone-based and non-recurring, with no guarantee of renewals. Customer base increased from 4 (FY23) to 18 (FPE Oct 2025), reducing but not eliminating concentration risk.
• Supplier Dependence: EDA tools and verification IP suppliers account for 60%+ of operational costs; top supplier (ICE Malaysia) is 60.6% of operational costs for FPE Oct 2025.
• Related-Party Transactions: Historic transactions with IC Works (controlled by major shareholders) are disclosed, but all major related-party business has been wound up or transferred.
• IP Infringement/Warranty Claims: No claims to-date, but IP risk is inherent in the business model.
• FX Risk: Exposure to foreign currency due to international suppliers and customers.
• No Material Debt or Bankruptcy Proceedings: Company and subsidiaries are bankruptcy-free as of LPD.

Risk management is supported by a comprehensive governance framework, whistleblowing, anti-corruption, and fit-and-proper policies [[73]], [[74]], [[84]], [[147]].

Growth Strategy: Expansion, Product Pipeline, and R&D Investment

SkyeChip is in a major expansion phase, with the following concrete plans:

• Silicon IP Expansion: RM56.4 million investment in new IP and automotive applications (ISO 26262 qualification, expected commercialization 2026–2027)
• Compute & AI Silicon Products: RM138.9 million (including up to RM82.0 million for a high-performance CPU platform using the CSS platform, with fallback to custom AI accelerators or RISC-V if CSS is not secured)
• 2.5D/3D and Other Silicon Products: RM44.8 million for CIM silicon dies and I/O chiplets, targeting advanced packaging and chiplet markets
• Facility and Resource Expansion: RM93.8 million for new R&D and sales offices, recruitment, computing infrastructure, EDA tools, and laboratory equipment (timeline: 2026–2029)

The company is developing new products in automotive, AI, and data center compute, and expanding geographically into the USA, Japan, and Vietnam. The pipeline includes next-gen memory IP (LPDDR6, HBM4), AI accelerators, and advanced packaging solutions [[22]], [[24]], [[25]], [[28]], [[29]], [[30]].

Ownership, Lock-Ups, and Shareholder Structure

Other blocks are held by institutional investors, employees, and the public. ESOS options and Pink Form allocations are in place for directors, key senior management, and employees, with a 4-year vesting schedule linked to KPIs. No variable-voting shares or supervoting rights. No arrangements suggest a change of control post-IPO [[97]], [[108]], [[136]], [[137]].

Valuation and Peer Comparison

The prospectus provides a comparative table of sector peers, including Arm Holdings, Rambus, Faraday Technology, Global UniChip, and others. However, P/E, P/B, EV/EBITDA, or dividend yields for SkyeChip are not provided. Peer profitability, revenue, and margin data are as follows:

Peer companies listed include Key ASIC Berhad, Infinecs Systems, Faraday Technology, Brite Semiconductor, Egis Technology, Arteris, Silvaco, and others. No sector 10-day performance table is disclosed [[92]].

Research Coverage and Analyst Opinions

Vital Factor Consulting Sdn Bhd provides an independent industry assessment, affirming a robust outlook for the IC design sector and validating SkyeChip’s business plan. No explicit price targets or buy/sell recommendations are presented [[85]].

IPO Outlook: Subscription Quality and Listing Day Potential

SkyeChip’s IPO presents a high-growth, innovation-driven story, with strong backing from institutional investors, a major R&D and expansion pipeline, and a management team with deep sector expertise. The company’s rapid revenue growth, scalable business model, and aggressive international expansion underpin the potential for strong listing-day performance.

Risks center on geographic and customer concentration, supplier dependence, and the lumpiness of project-based revenue. However, the increase in customer count and entry into new verticals (automotive, AI, 2.5D/3D packaging) reduce these risks. The presence of reputable deal managers, anchor investors, and a governance framework further supports confidence.

Based on disclosed facts, the IPO appears attractive for investors seeking high-growth semiconductor exposure. A strong first-day performance is likely if market conditions remain supportive and institutional demand holds. The company’s valuation, if priced in line with sector peers, could offer meaningful upside. (This assessment is strictly inferred from disclosed information.)

Where to Obtain the Prospectus

The official prospectus is available at: www.vitalfactor.com