Singapore’s Nanofilm Technologies IPO oversubscribed

A logo of the Singapore Stock Exchange (SGX) is pictured outside its premises in the financial district of Singapore April 23, 2014. REUTERS/Edgar Su/Files

The bookbuild portion of Singapore’s Nanofilm Technologies International’s up to S$510 million ($375 million) initial public offering (IPO) has been subscribed about 19 times, two sources with knowledge of the matter said on Friday.

Demand for the bookbuild segment came in at about S$4.4 billion versus the S$230 million worth of shares being offered, said one of the sources who declined to be named as the information is not public.

“This is a total blow out. We had to stop taking orders early,” said another source.

The IPO is set to be the largest on the Singapore Exchange in recent years, excluding those from real estate investment trusts for which the exchange has become a global hub over the past decade.

Nanofilm, which is set to have a market value of about S$1.7 billion, is expected to list on Oct 30.

A spokeswoman for Nanofilm, which makes coating materials for smartphones, televisions and smartwatches among others, declined to comment on subscription levels.

Nanofilm said last week it had secured 13 cornerstone investors, including subsidiaries of state investor Temasek Holdings, marking a rare move by Temasek firms to invest in local IPOs recently. Cornerstone investors are taking up just over 50% of Nanofilm‘s total offering.

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.

Citi, Credit Suisse and OCBC Bank are joint global coordinators and bookrunners on the IPO with investment bank CLSA.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.