Singapore IPO of Nanofilm heavily oversubscribed -sources

Credit: REUTERS/EDGAR SU

The bookbuild of Singapore's Nanofilm Technologies International's up to S$510 million ($375 million) initial public offering (IPO) has been subscribed about 19 times, two sources with knowledge of the matter said on Friday.

By Anshuman Daga

SINGAPORE, Oct 23 (Reuters) - The bookbuild of Singapore's Nanofilm Technologies International's up to S$510 million ($375 million) initial public offering (IPO) has been subscribed about 19 times, two sources with knowledge of the matter said on Friday.

Demand for the bookbuild portion came in at about S$4.4 billion versus the S$230 million worth of shares being offered, said one of the sources who declined to be named as the information is not public.

A spokeswoman for Nanofilm, which makes coating materials for smartphones, televisions and smartwatches among others, declined to comment.

The IPO is set to be the largest on the Singapore Exchange in recent years, excluding those from real estate investment trusts for which the exchange has become a global hub over the past decade.

Nanofilm said last week it had secured 13 cornerstone investors, including subsidiaries of state investor Temasek Holdings, marking a rare move by Temasek firms to invest in local IPOs recently. Cornerstone investors are taking up just over 50% of Nanofilm's total offering. L4N2H72GM

($1 = 1.3582 Singapore dollars)

(Reporting by Anshuman Daga; Editing by Jason Neely and Emelia Sithole-Matarise)

((anshuman.daga@tr.com))

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