Hermes Testing opens at NT$4,400 after record IPO pricing, lifting valuation focus on chip testing peers
Hermes Testing Solutions (7856) began trading on Taiwan’s OTC market on Sept. 22 after pricing its IPO at NT$2,250 per share, a level ABMedia said set a new record for the highest underwriting price in a Taiwan first-time listing. The stock opened at NT$4,400, drawing attention to its debut performance, share distribution and the read-through for other semiconductor testing names. Before listing, Hermes had traded as high as NT$5,445 on the emerging market. Its public subscription also drew massive demand, with frozen capital reaching NT$865.6 billion and the winning rate falling to about 0.29%, according to the report. Institutional bidding was also strong: qualified bids totaled 18,232 lots, locking in more than NT$41 billion, while the weighted average winning bid came in at NT$4,272.70. ABMedia linked the company’s premium valuation to demand tied to advanced packaging, CoWoS and co-packaged optics, or CPO. The report also cited analyst Tsai Ming-han, who compared Hermes with WinWay, MPI and CHPT, saying the listing had intensified valuation comparisons across Taiwan’s AI testing and semiconductor interface segment. Tsai added that investors should avoid chasing breakouts and instead wait for pullbacks while watching revenue momentum and 2027 earnings visibility.








