Nanofilm’s IPO debut on Singapore exchange takes its market value to $1.2b

Nanofilm’s IPO debut on the Singapore stock exchange saw the company’s market valuation at around S$1.7 billion (US$1.2 billion). This makes it the largest primary listing on the exchange since 2017, excluding real estate investment trusts.

Nanofilm Technologies International stock rose to over 16% to S$3.01 (US$2.20) during the day from its initial public offering price (IPO) price of S$2.59 (US$1.90).

The IPO raised up to S$510 million (US$375 million) in Singapore’s biggest listing in at least six years, according to a Reuters report.

The stock of the Nanyang Technological University spin-off firm increased to S$2.80 (US$2.05) from its IPO price of S$2.59 (US$1.90). In an October 29 exchange filing, the company said it received applications from institutional and other investors for 30.6x of the available shares in the public portion of its financial debut.

Cornerstone investors in the company include Temasek subsidiary Venezio Investments, Nikko Asset Management Asia, and JPMorgan Asset Management (Singapore). According to a previous report, the investors were set to purchase around 104 million cornerstone shares at the offer price, making Temasek a substantial shareholder.

Nanofilm previously said it plans to use the new capital from its IPO to develop and build new machinery, fund current research and development, and bankroll new and existing production facility upgrades.

Citi, Credit Suisse, and OCBC Bank were joint global coordinators and book runners on Nanofilm’s IPO with capital markets and investment group CLSA. US-based Evercore acted as its financial adviser.