Dancing with ghosts
SkyeChip is Malaysia's newest tech IPO darling. Oppstar was too.
🚀 Some revisions/updates in today’s newsletter:
The lead story has been updated below to include new insights on the "pink form" loophole and who actually absorbs the risk. The flag was courtesy of a reader.
MDEC has since clarified that DE Rantau continues to accept, process and approve applications, and has responded further on the programme's status.
Yeah, it’s just one of those days where the main picture didn’t match the tone of the newsletter. But I’m in your inbox!
Friday “frights” dispatch with three stories:
→ SkyeChip's IPO looks shakier than it appears
→ Sarawak goes after its fisheries
→ DE Rantau is fading
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SkyeChip is pitching itself as a Malaysian semiconductor success story.
The homegrown fabless IC design house is heading to the Main Market, backed by underwriters Maybank and CIMB.
The IPO consists entirely of a public issue of 400 million new shares, representing 22.3% of its enlarged share base.
On the surface, with strong revenue growth and near-zero debt, Skyechip looks like the deep-tech champion the market has been waiting for.
But there’s quite a bit to chew. First up, margin illusion.