Nanofilm Technologies, the home-grown nanotechnology solutions provider, has launched its initial public offering (IPO) on the Mainboard of the Singapore Exchange Securities Trading (SGX-ST) on Oct 23, making it the first of its kind in the industry to list on SGX-ST.
The company’s IPO saw 77,236,200 shares launched at $2.59 each.
Of the shares, the company will hold an international placement of 73,374,300 offering shares to investors – including institutional and other investors in Singapore – outside the US. An offering of 3,861,900 offering shares will be offered by way of a public offering in Singapore.
Nanofilm says it expects some $452.5 million to be raised from the offering and issuance and sale of the cornerstone shares.
The cornerstone shares are an aggregate of 104,256,100 shares that were part of separate cornerstone agreements with Nanofilm, Nanofilm’s executive chairman Dr Shi Xu and 15 other investors such as Credit Suisse AG, Fullerton Fund Management and Lion Global Investors.
Once the offering and issuance and sale of the cornerstone shares are complete, Nanofilm’s total number of issued and outstanding shares will be 658,351,110 shares, with an expected market capitalisation of $1,705 million.
The offering will close at 12pm on Oct 28. The listing and trading of Nanofilm’s shares are expected to commence on a “Ready” basis at 9am on Oct 30.
Shi says, “Since our founding, we have come a long way, constantly developing our technology and building up our production capabilities and capacities. By leveraging our proprietary nanotechnology, we have achieved great success and we are now integrated within our customers’ product development and production supply chains and remain a trusted long-term partner to our customers.”
“As a home-grown company, we are pleased to be able to offer this opportunity to investors to participate in our future growth journey,” Shi adds.
Credit Suisse (Singapore) and Oversea-Chinese Banking Corporation Limited (OCBC) are the joint issue managers, with Citigroup Global Markets, Credit Suisse being the joint global coordinators for the offering.
Citigroup, Credit Suisse, CLSA Singapore and OCBC are the joint bookrunners and underwriters for the offering.
For the 1HFY2020 ended June, Nanofilms saw revenue of $77.8 million, registering a 41% growth y-o-y. Its adjusted EBITDA rose 63% y-o-y to $33.2 million for the same period.
See: Nanofilm Technologies seek to raise $470 mil in Singapore IPO
