Malaysian Chip Design Firm SkyeChip Surges in Trading Debut

By Ying Xian Wong

KUALA LUMPUR, Malaysia--Malaysian chip-designer SkyeChip soared on its trading debut, underscoring strong investor appetite for semiconductor-related listings amid the artificial intelligence boom.

Shares of the Penang-based company opened at 3.50 ringgit on Wednesday, more than a fourfold jump from its IPO price of 0.88 ringgit.

SkyeChip raised 352 million ringgit, equivalent to $88.5 million, in the offering. It was oversubscribed 95 times, making it one of Malaysia's hottest listings this year.

The IPO was backed by 22 cornerstone investors, including Hong Kong-based insurer AIA, Malaysian sovereign wealth fund Khazanah Nasional and Kuala Lumpur-based AHAM Asset Management.

SkyeChip, which specializes in designing integrated circuits, plans to use its IPO proceeds to fund product research and development, and to expand its facilities.

The company is one of only three local chip design companies to secure access to Arm's design blueprints under a Malaysian government initiative aimed at accelerating domestic semiconductor product design.

Kenanga Investment Bank initiated coverage on SkyeChip with an outperform rating and a target price of 2.00 ringgit. The bank views SkyeChip as a proxy for Malaysia's ambitions to move up the semiconductor value chain.

SkyChip is targeting customers beyond big technology companies, including AI startups, edge computing companies and businesses seeking high-performance customized chips but don't have in-house chip design capabilities, Kenanga analyst Tan Woon Pin said in a note.

As semiconductor designs grow increasingly complex, more companies are outsourcing design and intellectual property support, a trend that could benefit SkyeChip, he added.

Write to Ying Xian Wong at yingxian.wong@wsj.com

(END) Dow Jones Newswires

May 19, 2026 23:24 ET (03:24 GMT)