Singapore's Nanofilms to raise up to $375 mln, biggest IPO in years

Credit: REUTERS/EDGAR SU

Singapore's Nanofilms Technologies International launched an initial public offering (IPO) on Friday, which three sources with knowledge of the matter said could raise up to S$510 million ($375.4 million).

By Anshuman Daga

SINGAPORE, Oct 16 (Reuters) - Singapore's Nanofilms Technologies International launched an initial public offering (IPO) on Friday, which three sources with knowledge of the matter said could raise up to S$510 million ($375.4 million).

If successful, it will be the Singapore Exchange's biggest listing in recent years, excluding offerings from real estate investment trusts and business trusts.

The sources declined to be identified because they are not authorised to speak to the media.

A spokeswoman for Nanofilms, which makes coating materials for products including smartphones and televisions, declined to comment on the fundraising.

In the prospectus issued on Friday, Nanofilms said it had secured 13 cornerstone investors, who sources said would take up a little more than 50% of the offering.

Nanofilms said these included Aberdeen Standard Investments (Asia), Nikko Asset Management Asia and Malaysia's Employees Provident Fund Board. Subsidiaries of Singapore state investor Temasek Holdings are also among the cornerstone investors.

Citi, Credit Suisse and OCBC Bank are joint global coordinators and bookrunners with investment bank CLSA.

($1 = 1.3587 Singapore dollars)

(Reporting by Anshuman Daga Editing by David Goodman)

((anshuman.daga@tr.com;))

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