To understand Silex, one must move past the image of the star chip sold under a major brand. The model is reminiscent, on a different scale, of a foundry like TSMC: clients design, the factory manufactures. Silex applies this logic to a more discreet universe, that of MEMS, or micro-electro-mechanical systems. These components are not primarily computational brains. They are used to measure, guide, or convert pressure, movement, vibration, or optical signals.

From the laboratory to the factory

The story begins in Sweden. Silex was founded in 2000 in Stockholm by PhD students from Chalmers and the KTH Royal Institute of Technology. By 2002, it moved to the production site it still occupies today in Järfälla. Over the years, the company transitioned from a laboratory to an industrial tool, eventually becoming a foundry capable of producing MEMS at scale.

This industrial journey took on a new dimension in 2025, when a Swedish consortium led by Bure Equity and Creades became its main shareholder. Today's IPO marks the next stage: that of a now-listed industrial asset.

Silex is a "pure play" MEMS foundry: it does not sell its own products, but rather focuses on manufacturing micro-components designed by its clients. The clients provide the concept; Silex provides the industrialization. Its value added lies here: transforming a highly specialized component into a manufacturable, repeatable product that can be delivered in volume.

Why it matters in tech

In the world of MEMS, the factory is part of the technology. Take the medical field: Silex cites pressure sensors and DNA analysis, two areas where miniaturization only has value if the component remains reliable and reproducible. In optics, with micro-mirrors or components for telecoms, the challenge is different, although just as important: guiding, filtering, or directing a signal at a microscopic scale.

In both cases, Silex does not sell the final application. It provides the industrial tool that allows a client to move from a technical concept to usable production. This is what makes the stock interesting: Silex is not trying to impose its own chip; it wants to be the precision factory behind those of its clients.

Euphoria, then execution

The IPO was priced at SEK 81 per share, representing a valuation of SEK 8.9bn (about €820m). The offering was several times oversubscribed to and attracted 14,000 new shareholders. The stock climbed as high as 184 SEK in early trading.

However, scarcity is not enough. Silex is not alone: X-FAB, listed in Paris, also possesses expertise in MEMS, although its profile is more diversified. The Swedish company is targeting SEK 2.5bn in organic net sales by 2030 and an EBIT margin of over 30% in the medium term. After the fireworks on the first day, the challenge will be more traditional: transforming this highly specialized positioning into profitable growth.