Singapore’s Nanofilm Technologies International proposed an initial public offering (IPO) yesterday which three sources with knowledge of the matter said could raise up to $510 million.
If successful, it will be the Singapore Exchange’s biggest listing in recent years, excluding offerings from real estate investment trusts and business trusts.
The sources declined to be identified because they are not authorised to speak to the media.
A spokesman for Nanofilm, which makes coating materials for products including smartphones and televisions, declined to comment on the fundraising.
Mr Mohamed Nasser Ismail, SGX’s equity capital markets chief, said in an e-mail: “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.”
In the prospectus issued on Friday, Nanofilm said it had secured 13 cornerstone investors, who sources said would take up a little more than 50 per cent of the offering. The firm said these included Aberdeen Standard Investments (Asia), Nikko Asset Management Asia and Malaysia’s Employees Provident Fund Board. Subsidiaries of Singapore investment company Temasek Holdings are also among the cornerstone investors.
Citi, Credit Suisse and OCBC Bank are joint global coordinators and bookrunners with investment bank CLSA.
REUTERS