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Nanofilm makes strong trading debut, market cap hits nearly $2 billion

The Edge Singapore
The Edge Singapore • 2 min read
Nanofilm makes strong trading debut, market cap hits nearly $2 billion
Nanofilm opened at $2.77 and reached as high as $3.02
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Nanofilm Technologies International, the most warmly-anticipated IPO on the SGX this year, jumped on its trading debut earlier this morning. - the first physical listing ceremony since the outbreak of the pandemic.

See also: Nanofilm's IPO more than 23 times subscribed

It opened at $2.77 and by the lunch break, Nanofilm shares traded at $3.01, up 16.2% from its offer price of $2.59.

It reached $3.02 at one point, valuing the company at just a shade below $2 billion.

Thus far, nearly 88.8 million shares had changed hands.

Nanofilm’s IPO raised some $470 million and its offer was more than 23 times subscribed.

“We are pleased with this IPO, and while Nanofilm is the first deep-tech company in many years to list on SGX’s Mainboard, I firmly believe we will not be the last,” says Shi Xu, executive chairman of Nanofilm.

“With SGX’s right strategy and strong leadership shown clearly in this IPO process, SGX will be the listing hub for many deep-tech companies to come,” he adds.

“It is an impressive achievement for Nanofilm Technologies to attain tech unicorn status and SGX is proud to provide a listing platform for international investors to participate in its growth,” says Chew Sutat, SGX’s head of global sales and origination.

“Singapore’s strong reputation and ecosystem as an Asian technology hub has attracted many aspiring tech companies to set up their base here. The robust subscription for Nanofilm Technologies IPO demonstrates the market’s confidence in its business and prospects, as well as investors’ appetite for such deep tech companies,” he adds.

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