The Singapore Exchange’s first “unicorn” IPO has been met with strong demand from both institutional and retail investors alike

At close of subscription application on Oct 28, the offer, as a whole, was 23.3 times covered.

The institutional tranche was 22.9 times covered – attracting $4.6 billion for $190 million worth of shares allocated.

The subscription rate for the retail tranche of 3.86 million shares was even higher, at 30.6 times.

With a total of 658.4 million shares, the company’s market value at the IPO price of $2.59 will be just over $1.7 billion.

This issue was buttressed by cornerstone investors such as Nikko Asset Management Asia, Aberdeen Standard Investments, Avanda Investment Management, JPMorgan Asset Management, Credit Suisse, and various Temasek Holdings fund management subsidiaries and Malaysia’s Employees Provident Fund Board.

Nanofilm provides coating services and technologies for the consumer electronics, communications and automotive industries.

With gross proceeds of some $470.1 million raised, Nanofilm's IPO is one of the largest mainboard, non-REIT primary issue in recent years.

“As the first nanotechnology solutions provider to list in Singapore, this is a strong vote of confidence for our Group and a recognition of our established track record and growth plans,” says Shi Xu, the company’s executive chairman.

“We would like to take this opportunity to thank our investors for their support, as we strive to bring the business to new heights and continue to redraw the boundaries of material science.”

The company was spun off from Nanyang Technological University, where Shi was a tenured professor.

For 1HFY2020 ended June 30, revenue was up 40.9% y-o-y to $77.8 million. Earnings in the same period increased by a faster pace of 62.3% y-o-y to $18.5 million.

Trading will begin at 9 am on Oct 30. For the first time since the outbreak of the pandemic, SGX will host a physical ceremony.