NTU’s nanofilm spin-off could elevate as much as S$510m in IPO

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NTU's nanofilm spin-off may raise up to S$510m in IPO


Sat, Oct 17, 2020 – 5:50 AM

Singapore

NANYANG Technological College’s (NTU) spin-off firm Nanofilm Applied sciences is heading for a mainboard itemizing on the Singapore Alternate with Temasek Holdings as a considerable shareholder.

A Reuters report cited three sources with data of the matter that the preliminary public providing (IPO) might elevate as much as S$510 million, making it one of many largest non-Reit mainboard listings lately right here. This is able to even be the primary mainboard itemizing since March.

On Friday, Nanofilm lodged its preliminary prospectus. The corporate, which specialises in superior supplies and nanoproducts, was based in 1999 by govt chairman Shi Xu when he was an affiliate professor at NTU’s College of Electrical and Digital Engineering.

A number of events have dedicated to go onboard as cornerstone buyers together with oblique wholly-owned Temasek subsidiary Venezio Investments, Nikko Asset Administration Asia and JPMorgan Asset Administration (Singapore) amongst others.

They’ve every entered into separate cornerstone agreements with the corporate or Dr Shi to subscribe for or buy an mixture of round 104 million cornerstone shares on the provide value.

About 77.2 million of those shares can be new shares issued by the corporate whereas the remaining 27 million shares can be offered by Dr Shi.

Temasek may even turn into a considerable shareholder within the firm following the completion of the providing and the sale of cornerstone shares.

This comes as Temasek’s associates Vanda 1 Investments and Orchid 2 Investments, that are managed by Heliconia, holds convertible notes within the firm. The notes can be transformed to shares previous to the itemizing.

Web proceeds from the issuance of recent cornerstone shares can be used for the the event and constructing of recent equipment in addition to analysis and growth and engineering with a view to enter new end-industries and look into new areas in present markets.

Proceeds may even be used for building, refurbishment and renovation of recent and present manufacturing services; and common company and dealing capital functions.

Nanofilm’s core enterprise models are superior supplies, nanofabrication and industrial gear with operations in Singapore, China, Japan and Vietnam.

The corporate now offers distinctive options to some 300 clients throughout varied industries together with cell phone, car and digicam. Some key clients embody Fuji Xerox, Nikon, Canon, Microsoft and Huawei.

For the primary half of 2020, Nanofilm’s internet revenue stood at S$18.5 million, up 62.3 per cent from S$11.4 million a yr in the past. Income for the half yr climbed 40.9 per cent to S$77.8 million.

For the fiscal yr 2019 ended Dec 31, internet revenue rose 22.2 per cent to S$35.8 million from S$29.3 million in 2018. Income additionally was additionally up 16.4 per cent to S$142.9 million.

The corporate at present doesn’t have a dividend coverage, and intends to utilise and/or re-invest any income generated within the monetary yr ending Dec 31.

Aside from the interim dividend of 1.9 Singapore cents per share paid out on July 2, it doesn’t intend to pay out additional dividends for FY2020.

The board, nonetheless, intends to advocate and distribute dividends of no less than 20 per cent of internet revenue after tax (excluding distinctive gadgets) generated in FY2021 to reward shareholders for taking part within the group’s development.

The final mainboard itemizing in Singapore this yr was the IPO of United Hampshire US Reit in March, which raised US$394 million.

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