愛普科技(6531.TW)GDR定價籌資4.155億美元、10/15盧森堡上市，折價約3%且稀釋8.32%，但獲5倍超購、9月營收創新高

Memory IC design house AP Memory Technology has successfully priced its global depositary receipt (GDR) offering, raising a total of US$415.5 million. The GDRs were priced at US$56.15 per unit, representing approximately NT$897.61 per common share based on an exchange rate of NT$31.972 per US dollar. Scheduled to list on the Luxembourg Stock Exchange on October 15, the proceeds will be used to bolster working capital and satisfy foreign-currency raw material procurement needs.

According to regulatory filings, AP Memory issued 7.4 million GDR units, with each unit representing two common shares, for a total of 14.8 million common shares.
Addressing the US$400 million-plus overseas raise, AP Memory stated that all proceeds will go toward foreign-currency material purchases. Although the capital expansion is expected to dilute existing equity by approximately 8.32%, the company emphasized that the listing will elevate its international profile, enhance corporate prestige, and yield substantive long-term benefits for shareholder value as part of its strategic growth roadmap.
This issuance marks AP Memory's return to international capital markets following its US$190 million GDR offering in January 2022. After securing regulatory approval, the company seized a favorable market window, achieving a fivefold oversubscription and attracting strong participation from premier global institutional investors, a testament to market confidence in AP Memory's operational outlook and medium- to long-term growth prospects.
AP Memory's recent financial results have been robust. September revenue reached a record high of NT$1.19 billion (approx. US$37 million), representing a 15% month-over-month and 90% year-over-year increase. The performance reflects growing market adoption across its strategic portfolio, particularly in Internet of Things (IoT), AI, and high-performance computing (HPC) applications. Revenue momentum has been further bolstered by IoTRAM price adjustments driven by tight supply, alongside the steady volume ramp of its silicon capacitor lineup.
Benefiting from tight supplies of commodity memory, customers are accelerating their pivot toward customized IoTRAM solutions, driving steady market expansion. As clients progressively integrate next-generation ApSRAM architectures, IoTRAM demand is projected to maintain a solid growth trajectory.
Concurrently, the S-SiCap product line is capitalizing on rising power consumption in AI and HPC chips, which has driven demand for advanced packaging decoupling capacitors. The company's Interposer with SiCap (IPC) series continues to scale up production, while its Integrated Passive Devices (IPD, or discrete silicon capacitors) officially entered commercial mass production and shipping in the second quarter of 2026, leveraging a strong first-mover advantage.
With supply chain manufacturing maturing and demand outstripping supply, the outlook for IPD revenue remains highly optimistic, providing a powerful growth engine for the S-SiCap product family. Meanwhile, AP Memory's very high-bandwidth memory (VHM) technology is targeted at high-bandwidth AI and data center inference workloads. As customer product validation advances, VHM is expected to enter volume production and begin generating revenue contributions starting in 2028.
AP Memory noted that the freshly raised capital will further strengthen liquidity and satisfy operational cash flow requirements accompanying its rapid expansion. The funding will support revenue growth, deepen market penetration, and solidify the foundation for long-term expansion as the company advances toward its target of a balanced 1:1:1 revenue distribution across its three core product lines.