SkyeChip Berhad
SKYECHIP5357ShariahListedMaybank Investment Bank Berhad and CIMB Investment Bank Berhad · MAIN Market · Listing 20 May 2026
Auto Summary
Revenue
PAT
Margins & Gearing
Utilisation Of Proceeds
Valuation Breakdown
Category Scores
Growth Vs Risk Matrix
Growth increases upward and risk decreases to the right, so the most attractive IPOs sit in the top-right quadrant.
SkyeChip is the most ambitious listing in the backfill and the most demanding on price. The business is real: revenue compounded 44.6% a year to RM119.5m, PAT margin is still 30.1%, there are no borrowings, and 86.73% of the RM352.0m raised goes into IC and silicon IP R&D, computing infrastructure and EDA tools - the highest growth allocation of any company here, against a listing-expense load of just 4.06%. But the earnings behind the multiple need two qualifications. PAT compounded only 12.0% a year against 44.6% revenue growth because gross margin fell from 59.1% to 42.2%, so the growth is not reaching the bottom line. And the FYE2025 effective tax rate of 2.9% rests on a Section 127(3A) exemption that expired on 9 September 2025, with the MIDA renewal still under review at the LPD; the prospectus itself states that on a normalised 25.7% rate PAT would be about RM27.5m and the multiple 57.5x rather than 44.0x. The 21.3x current ratio and nil gearing are artefacts of pre-IPO cash rather than operating resilience. At 2.93x pro forma book with a strong proceeds plan, the asset is attractive; at 44.0x reported and 57.5x normalised, the price already discounts the design pipeline delivering. Principal risk is the tax renewal, which is outside the group's control and worth roughly a quarter of reported earnings.
Strengths
- Revenue compounded 44.6% a year to RM119.5m, and PAT margin of 30.1% remains among the highest in the cohort. - 86.73% of gross proceeds fund IC and silicon IP R&D, computing infrastructure, labs and EDA tools. - Listing expenses are just 4.06% of gross proceeds, by far the lightest load in the backfill. - No borrowings at FYE2025 and access to 3nm process nodes through foundry and design-tool partnerships.
Weaknesses
- 44.0x reported earnings, and 57.5x on the prospectus's own normalised tax basis, is more than double any other IPO here. - Gross margin fell from 59.1% to 42.2% and PAT margin from 50.1% to 30.1% across the window. - PAT compounded 12.0% a year while revenue compounded 44.6%, so scale is not converting to profit. - The FYE2025 tax rate of 2.9% depends on an exemption that expired on 9 September 2025 and has not been renewed.
Opportunities
- AI and data-centre silicon demand supports a multi-year design pipeline. - Commercialised high-bandwidth memory interface IP is a licensable asset independent of chip volumes. - Main Market listing status opens index and institutional mandates unavailable to ACE issuers.
Threats
- Failure to renew the Section 127(3A) exemption cuts reported earnings by roughly a quarter. - IC design revenue depends on a small number of customer programmes that can be cancelled mid-cycle. - Margin compression through the window suggests price competition is already reaching the design tier.
IPO Balloting Calculator
Tier snapping, subscription cost, and expected-value estimate.
| Units | Tier | Cost | Success | Open Profit | Open EV | Hold Profit | Hold EV |
|---|---|---|---|---|---|---|---|
| 100 | 1 | RM88 | 1.05% | RM18 | RM0 | RM44 | RM0 |
| 300 | 2 | RM264 | 1.10% | RM53 | RM1 | RM132 | RM1 |
| 1,100 | 3 | RM968 | 1.16% | RM194 | RM2 | RM484 | RM6 |
| 2,100 | 4 | RM1,848 | 1.21% | RM370 | RM4 | RM924 | RM11 |
| 3,100 | 5 | RM2,728 | 1.26% | RM546 | RM7 | RM1,364 | RM17 |
| 4,100 | 6 | RM3,608 | 1.32% | RM722 | RM9 | RM1,804 | RM24 |
| 6,100 | 7 | RM5,368 | 1.37% | RM1,074 | RM15 | RM2,684 | RM37 |
| 11,100 | 8 | RM9,768 | 1.42% | RM1,954 | RM28 | RM4,884 | RM69 |
| 20,100 | 9 | RM17,688 | 1.47% | RM3,538 | RM52 | RM8,844 | RM130 |
| 50,100 | 10 | RM44,088 | 1.53% | RM8,818 | RM135 | RM22,044 | RM336 |
| 100,100 | 11 | RM88,088 | 1.58% | RM17,618 | RM278 | RM44,044 | RM695 |
| 200,100 | 12 | RM176,088 | 1.63% | RM35,218 | RM574 | RM88,044 | RM1,436 |
| 500,100 | 13 | RM440,088 | 1.68% | RM88,018 | RM1,482 | RM220,044 | RM3,705 |
| 1,000,100 | 14 | RM880,088 | 1.74% | RM176,018 | RM3,056 | RM440,044 | RM7,640 |
| 2,000,100 | 15 | RM1,760,088 | 1.79% | RM352,018 | RM6,297 | RM880,044 | RM15,743 |
| 5,000,100 | 16 | RM4,400,088 | 1.84% | RM880,018 | RM16,206 | RM2,200,044 | RM40,514 |
| 10,000,100 | 17 | RM8,800,088 | 1.89% | RM1,760,018 | RM33,337 | RM4,400,044 | RM83,343 |
The trailing 100 units are intentional: applying just over a boundary, such as 20,100 instead of 20,000, lands in the next balloting tier. Success rate is a heuristic, not published balloting odds.
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