Tekscend Photomask (429A) Building AI Chips Under Paradoxical Risk

Tekscend Photomask Corp. is the global #1 merchant photomask supplier (38.9% share), providing mission-critical “blueprints” for semiconductor manufacturing. The company operates eight “Virtual 1 Factory” sites across Asia, the U.S., and Europe, serving both advanced EUV and profitable legacy nodes. Secular growth in semiconductors, greater design complexity, and fab onshoring are expanding high-margin demand. Tekscend invests in EUV/High-NA and nanoimprint molds for AR/VR while strengthening cost-leading legacy capacity. FY2025 revenue was ¥117.97 billion with high EBITDA margins and geographically diversified sales. Strong ESG and governance frameworks support a Tokyo Stock Exchange Prime listing on October 16, 2025. IPO proceeds fund debt repayment and expansion of the new Singapore fab.