Singapores Nanofilm To Raise Up To $375m In Largest Local IPO In Years
Singapore’s Nanofilm Technologies International launched an initial public offering on Friday, which three sources with knowledge of the matter said could raise up to S$510 million ($375.4 million).
If successful, it would be the largest listing on the Singapore Exchange (SGX) in recent years, excluding those from real estate investment trusts for which SGX has become a global hub over the past decade.
A spokeswoman for Nanofilm, which makes coating materials for smartphones, televisions and smartwatches among others, declined to comment.
“Singapore has invested time and resources in nurturing homegrown and regional technology companies, many of which are ready to tap the capital markets for further growth,” Mohamed Nasser Ismail, SGX’s equity capital markets chief said in an email.
Nanofilm would be the first local tech unicorn — a term used for startup companies valued at more than $1 billion — to list in Singapore, he said.
While Hong Kong has become Asia’s dominant IPO market, SGX has been taking steps to attract companies, which have in the past been concerned about the valuations they can command in Singapore.
“Hopefully, this deal will re-open the market for SGX listings,” said one banking source who declined to be named as he was not authorised to speak to the media.
Founded in 1999 as a technology spin-off from Singapore’s Nanyang Technological University by Shi Xu, a professor, Nanofilm counts Canon and Microsoft among its 300-plus customers. Xu is the company’s executive chairman.
In a prospectus lodged with the regulator on Friday, Nanofilm said it had secured 13 cornerstone investors, which sources said would take up just over 50% of the offering.
These included subsidiaries of Singapore state investor Temasek Holdings, marking a rare move by Temasek firms to invest in local IPOs, Aberdeen Standard Investments (Asia) and Nikko Asset Management Asia.
Citi, Credit Suisse and OCBC Bank are joint global coordinators and bookrunners with investment bank CLSA.
Reuters
Indian Food Delivery Unicorn Zomato Likely To File For IPO Next Month
Food delivery unicorn Zomato is planning to file for an Initial Public Offering (IPO) by April which could raise $65... Read more
Vietnams Bamboo Airways Aims Third-quarter Listing With Market Cap Of $2.73b
Vietnam’s startup Bamboo Airways said on Friday it aimed to list its shares on a local stock exchange in the thi... Read more
Didi Chuxing Advances IPO Plans To Next Quarter, Targets $62b Valuation
Chinese ride-hailing giant Didi Chuxing Technology Co. is accelerating plans for an initial public offering to as early... Read more
Warburg-backed Kalyan Jewellers IPO Loses Shine, Sees Tepid Demand
Kalyan Jewellers India Ltd’s initial public offering was oversubscribed by just 1.28 times on Thursday, a sign of tep... Read more
Chinese E-commerce Platform DMall Hires Banks For Over $500m US IPO
Chinese e-commerce platform Dmall (Beijing) E-commerce Co has hired Bank of America, Goldman Sachs and JPMorgan for a... Read more
Tencent-backed Chinese Software Firm Tuya Eyes $915m In US IPO
Tuya Inc., a software company backed by New Enterprise Associates and Tencent Holdings Ltd., is on track to raise $915 ... Read more