On its debut on the Main Market, SkyeChip Bhd's share price skyrocketed by 297.7%, reaching RM3.50 from its initial public offering (IPO) price of 88 sen. This surge reflects strong investor confidence, as the Penang-based fabless integrated circuit (IC) and intellectual property (IP) design company raised RM352 million (approximately $76 million USD) through the issuance of 400 million new shares, constituting 22.3% of its enlarged issued share capital of nearly 1.8 billion shares. The IPO was met with overwhelming demand, garnering 74,453 applications for 3.45 billion shares, resulting in an impressive oversubscription rate of 95.03 times. SkyeChip aims to capitalize on the booming artificial intelligence-driven semiconductor market by focusing on the development of silicon IPs and customized IC solutions. The funds raised will primarily support research and development, expand computing infrastructure, and acquire electronic design automation tools. For the financial year ending March 31, 2026, SkyeChip reported a net profit of RM48.54 million, a notable increase from RM35.95 million in the previous year, alongside a revenue growth to RM155.02 million.