Iggy’s Journal: Mi Material’s First Day: Up 1.1%. Who Can Sell Now, and What Does the Price Leave Out?
Thursday 29 Oct 2026 | Midday
The Numbers
Mi Material gained 1.1% on its first day of trading on the SGX Mainboard. About 10.8 million shares changed hands, roughly 14% of the 77.5 million shares in the public offer, which a Business Times headline reported as 2.1 times subscribed.
The stabilising manager reportedly bought 1.5 million shares at the offer price. The offer document says cornerstone investors’ 41.9 million shares carry no lock-up, while other holders face different restrictions. $Mi Material(MIM.SG)
A management estimate, unaudited, puts September-quarter revenue at US$37.8 million.
My Personal Take
This podcast is the follow-up to my 20 October longform on the Mi Material IPO, where I looked at how much of the offer reached the company. Now the shares have traded, and the numbers raise new questions. What does a 1.1% gain prove when a stabilising manager was allowed to buy on the same day? And with 41.9 million cornerstone shares carrying no lock-up, who is able to sell, and what does the closing price leave out? The episode sets the first-day figures against what the offer document says.
📺 YouTube: https://youtu.be/ZQxaQczl4wY
Cheers, Iggy 🦖
Not financial advice. Iggy’s Forensic Compliance Standards apply.