PieceMakers, a Taiwanese DRAM designer backed by Nanya Technology, listed on Taiwan's Emerging Stock Board on September 16, 2025. According to Tom's Hardware, the reference price was NT$740 and shares closed the first day at NT$915, after opening at NT$1,035 and reaching a high of NT$1,205.
With roughly 60.4 million shares in circulation, the reference price values the company at approximately NT$44.7 billion (roughly $1.4 billion). The largest shareholder is Nanya Technology with a 33.96% stake, which sold 715,000 shares at NT$740 to kickstart free trading, Tom's Hardware reported. The company was founded in January 2006 in Hsinchu.
PieceMakers IPO and Edge AI Strategy
According to President Lee Hsiao-wen, PieceMakers does not focus on HBM. "PieceMakers is not an HBM company. Instead, we are betting that inference memory differs from training memory," Lee Hsiao-wen said. The company develops memories that are placed directly onto the processor using hybrid bonding for edge AI devices.
Revenues from AI custom design grew from approximately 4% in 2024 to nearly 40% in the first half of 2026. Chairman Joseph Ting stated that the first volume customer program will not contribute to the company's financials before 2027.
Wafer-on-wafer hybrid bonding technology promises a bandwidth of over 2 TB/s per layer and latency below 20 ns. However, Lee Hsiao-wen pointed out that yield is the biggest obstacle to mass production. "Yield is the biggest hurdle for wafer-on-wafer mass production," she said.
Additionally, Nanya Technology announced a joint venture with Etron Technology in August to develop custom high-bandwidth memories for edge AI. At Computex, PieceMakers appeared among Qualcomm's partners, although the relationship is not yet defined.