Silex Microsystems Shares Soar on Stockholm IPO Debut
May 7, 2026 – 7:58 am
The Bure Equity- and Creades-backed pure-play MEMS foundry priced its Stockholm Initial Public Offering (IPO) at SEK 81 per share, with the offering oversubscribed several times. Cornerstone investors, including Capital Research, Fidelity, AFA, AP2, AP3, AP4, Swedbank Robur, and Carnegie, secured roughly three-quarters of the deal.
Silex Microsystems opened sharply higher on its Nasdaq Stockholm debut on Wednesday, with its shares climbing in early trade following the IPO pricing at SEK 81 a share. The offering had been oversubscribed several times during the bookbuild process, and was primarily placed with institutional cornerstones, leaving minimal float for retail investors on the opening day.
The deal raised approximately SEK 1.99bn ($217m) through a 24.6-million-share offering, valuing the equity at IPO around SEK 8.9bn. The trading symbol is SILEX. Settlement is scheduled for May 11.
Silex describes itself as the world’s leading pure-play MEMS foundry, manufacturing micro-electromechanical systems (MEMS) for customers across automotive, industrial, life sciences, and consumer electronics, from a single fab in Järfälla, just outside Stockholm, utilizing 200mm wafer production.
The pure-play model means Silex builds chips designed by other companies rather than designing its own products, akin to TSMC’s relationship with fabless semiconductor designers but within the smaller MEMS niche.
Financials behind the listing are remarkably clean for a recent European chip IPO. Net sales for the year ended December 31, 2025, reached SEK 1,385m, with EBIT of SEK 368m, boasting an operating margin around 27%. First-quarter 2026 numbers were even stronger, generating SEK 375m in revenue and SEK 128m in EBIT, resulting in an operating margin exceeding 34%. These figures significantly contributed to the appeal of the listing for institutional cornerstone investors.
The cornerstone slate is particularly noteworthy, indicating the stock’s anticipated trading dynamics. Cornerstone investors collectively acquired ordinary shares valued at approximately SEK 1.501bn, representing about 75% of the offering. The list includes prominent Swedish national pension funds, two of the country’s largest fund managers, two major US institutional investors, and Sweden’s largest insurance company.
Post-IPO ownership remains concentrated. Bure Equity retains roughly 34.2% of the outstanding ordinary shares, while Creades holds approximately 10.1%. These firms led the original investor consortium that acquired Silex from its previous Chinese-state-aligned owner in 2023, marking a return to Swedish ownership after approximately seven years under Sai MicroElectronics.