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Sat, Oct 24 2020-5: 50 am
Singapore
NANOFILM Technologies, the spin-off of Nanyang Technological University (NTU), presented its final prospectus on Friday, offering 77.2 million shares at S $ 2.59 each for placement in its initial public offering (IPO).
Including the sale of 104.3 million key shares, the company will collect gross proceeds of S $ 470.1 million. However, only S $ 190.9 million of this revenue will go to the company.
Nanofilm founder and CEO Shi Xu will receive a payday of S $ 157.7 million after the sale of some 60.9 million shares in his name. Meanwhile, CEO Lee Liang Huang and company executive Wei Hao will sell 10 million and 6.3 million shares, respectively.
The shares, which will be traded on the motherboard, comprise around 73.4 million shares in the international offering and 3.9 million shares in the Singapore public offering, representing approximately 11.7 percent of capital. Nanofilm’s expanded company post-IPO of 658.4 million shares.
Based on its placement price, Nanofilm’s market capitalization will be approximately S $ 1.7 billion after placement. The public offering opened at 6 p.m. on October 23 and will close at noon on Wednesday.
A Reuters report cited two sources with knowledge of the matter that Nanofilm’s bookmaking portion of the IPO has been subscribed about 19 times.
This is because the Nanofilm listing will be one of the largest non-Reit (real estate investment trust) motherboard listings in recent years here. This would also be the first motherboard list since March.
Cornerstone investors agreed to subscribe for some 104.3 million shares worth around S $ 270 million, representing more than 50 percent of the offering. Approximately 77.2 million of these shares will be new shares issued by the company, while Dr. Shi will sell the remaining 27 million shares.
The company’s 13 core investors include Temasek Holdings’ indirect wholly owned subsidiary Venezio Investments, certain funds advised by Capital Research and Management Company, the Employees Provident Fund Board, Aberdeen Standard Investments (Asia), AIA Investment Management and Lion Global Investors.
The net proceeds owed to the company will be used for capital expenditures in development, construction of new machinery, purchase of new machinery, research and development and engineering.
The proceeds will also go towards the construction, rehabilitation and renovation of new and existing production facilities, and for general corporate and working capital purposes.
Nanofilm’s core business units are advanced materials, nanofabrication and industrial equipment with operations in Singapore, China, Japan and Vietnam.
The company provides solutions to some 300 clients in various industries, including mobile phones, cars, and cameras. Some key clients include Fuji Xerox, Nikon, Canon, Microsoft, and Huawei.
Dr. Shi said in a press release, “As a local company, we are pleased to offer this opportunity for investors to participate in our future growth journey. We are also encouraged by the support and vote of confidence from our cornerstone investors. as we continue to expand and strengthen our presence on the global platform. “
Citi, CLSA, Credit Suisse and OCBC Bank are joint book brokers and underwriters in Nanofilm’s IPO.
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