Malaysia-based integrated circuit firm SkyeChip soared in its main market debut on Wednesday after the firm raised MYR 352 million ($88.62 million) from the initial public offering (IPO).

The firm’s share price opened at MYR 3.50 ($0.88), a three folds jump from its IPO price of MYR 0.88 per share.

The firm said in a statement on Monday that it delivered a strong set of results for financial year ended March 31, 2026, recording revenue of MYR 155 million ($39.02 million), representing a 29.7 percent year-on-year growth from MYR 119.5 million ($30.08 million) in the preceding financial year.

Its profit after tax also rose 35 percent from MYR 35.9 million ($9.04 million) to MYR 48.5 million ($12.21 million) while net profit margin inched up to 31 percent.

The group’s operating cash flow also more than doubled to MYR 61 million ($15.36 million) in FY2026, compared to MYR 23.7 million ($5.07 million) in the previous financial year, supported by higher operating profit and working capital movements associated with the Group’s project execution, including increases in payables and contract liabilities, partly offset by higher receivables and contract assets reflecting project execution
timing.

The goup’s revenue growth was primarily driven by robust demand for its silicon intellectual property (IP), which grew 39.3 percent from MYR 85.7 million ($21.58 million) in the same period last year to MYR 119.4 million ($30.06 million), and accounted
for approximately 77 percent of total FY2026 revenue.

Revenue from the group’s custom ASIC segment also registered steady growth of 8.3 percent from MYR 31.9 million ($8.03 million) a year ago to MYR 34.6 million ($8.71 million).

The group attributed the sustained growth across both segments to an increase in the number of customers and projects.

The custom ASIC segment contributed roughly 22.3 percent of the total revenue in the financial year under review.

The group also recorded its first revenue contributions from the United States and South Korea, which together contributed approximately 24.1 percent of total FY2026 revenue.

Collectively, the group served 26 customers in FY2026, compared to 14 customers in the corresponding preceding financial year.

Reflecting the broader customer base, the aggregate revenue contribution from customers individually representing 10 percent or more of total revenue declined to approximately 30.6 percent in FY2026, compared with approximately 60.4 percent in FY2025, indicating a reduction in customer concentration.

For the fourth quarter ended 31 March 2026, SkyeChip registered revenue of MYR 58.9 million ($14.83 million), of which approximately 57.7 percent was attributable to the licensing of silicon IP and 41.9 percent to the revenue related to custom ASIC to customers from China, the United States, and South Korea.

The group recorded net profit of MYR 31.5 million ($7.93 million) for the quarter. Quarterly performance reflected the contractual milestone-driven nature of the silicon IP segment.

The group has also received the letters of conditional approval from the relevant authority for access to ARM Holdings Plc’s (ARM) Compute Subsystem (CSS) and Flexible Access (AFA) platform in April this year.

“FY2026 reflects a year of strong execution for SkyeChip, with solid growth in both revenue and earnings supported by increasing demand for our silicon IP solutions, a broadening global customer base and improving operating leverage across the business，

“As we scale, we continue to expand from silicon IP into silicon products, including custom ASIC and we are also engaging in more silicon product-related engagements，” said Fong Swee Kiang, its Chief Executive Officer.

He also said the firm remains focused on expanding its IP portfolio and investing in next generation technologies.

“Securing access to ARM’s CSS and AFA platforms strengthens our capabilities in advanced silicon development and supports our expansion into silicon product-related businesses to drive sustained growth,” he added.

SkyeChip is a Penang-based IC design company specializing in the design and development of silicon intellectual property (IP) and custom application specific integrated circuit (ASIC).

The firm’s IPO comprises a public issue of 400 million new ordinary shares in SkyeChip.

Of the firm’s proceeds, approximately 60 percent will be channeled into research and development activities for the company’s proprietary silicon IP portfolio and silicon products serving applications such as artificial intelligence, high-performance computing, data centers, and Advanced Driver Assistance Systems (ADAS).

Approximately 16 percent will be directed towards the expansion of the company’s operational facilities and computing infrastructure and labs, while approximately 10 percent will be used to subscribe to advanced Electronic Design Automation (EDA) and development software tools essential to the company’s IC design operations.

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