When NanoFilm Technologies International went public last October, it was Singapore’s biggest IPO in 2020, and its biggest non-REIT listing in three years. With a market value of more than $1.7 billion at its IPO price of $2.59, the company, which can trace its roots to the laboratories of Nanyang Technological University, was also the first local “unicorn” to cross $1 billion in its market value.

Cornerstone investors included big names such as AIA Investment Management, Aberdeen Standard Investments (Asia), Credit Suisse, and JPMorgan Asset Management (Singapore), as well as several asset management subsidiaries of Temasek Holdings. Collectively, the company raised more than $500 million from both institutional and retail investors, giving it the extra capital to fund its growth.

Evidently, the allocation these investors received at IPO was not enough. On Dec 30, notable fund manager Capital Group bought 171,100 NanoFilm shares at $4.38, bringing its deemed stake up to 39.5 million shares, or 6%, from 5.98% previously.

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