Shares Of Nanofilm Technologies Rise 8% On Debut After Oversubscribed SGX IPO

Nanofilm Technologies International Ltd stock traded 8% above its initial public offering (IPO) price in its debut on Friday, after the IPO raised up to S$510 million ($375 million) in Singapore’s biggest listing in at least six years.

The stock rose to S$2.80 from its IPO price of S$2.59 in an issue that saw the bookbuild segment for institutional and other investors subscribed by about 23 times.

The company, which makes coating materials for smartphones, televisions, and smartwatches, was backed by 13 cornerstone investors, including fund manager Aberdeen Standard Investments and subsidiaries of state investor Temasek Holdings.

Citi, Credit Suisse, and OCBC Bank were joint global coordinators and bookrunners on the IPO with investment bank CLSA. Evercore was the financial advisor for the issue.

Reuters