IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Nanofilm Technologies International / Equity Capital Markets

Nanofilm Technologies International (NANO SP)

<div><p><a href="https://www.smartkarma.com/entities/nanofilm-technologies-international" target="_blank" data-smartkarma-citation="entities:29700:1" rel="noopener">Nanofilm Technologies International (NTI SP)</a> designs, manufactures, and assembles its proprietary coating equipment (and auxiliary equipment and spare parts), and develops and provides its surface solutions and advanced materials in-house. At the proposed IPO price of S$2.59 per share, Nanofilm will have a market cap of S$1.7 billion ($1.3 billion). Nanofilm will raise proceeds of S$470 million ($346 million) with primary/secondary spilt of 42.5%/57.5%. Thirteen cornerstone investors will subscriber for 104.3 million of the offer shares.  </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/nanofilm-technologies-ipo-initiation-layer-by-layer" target="_blank" rel="noopener">our initiation note</a>, we highlighted that Nanofilm is an attractive growth story underpinned by proprietary technology, growing addressable markets, high customer stickiness, attractive margin profile and strong cash conversion. Our valuation analysis suggests that the IPO valuation is attractive. </p></div></div></div>

Nanofilm Technologies International (NTI SP) designs, manufactures, and assembles its proprietary coating equipment (and auxiliary equipment and spare parts), and develops and provides its surface solutions and advanced materials in-house. At the proposed IPO price of S$2.59 per share, Nanofilm will have a market cap of S$1.7 billion ($1.3 billion). Nanofilm will raise proceeds of S$470 million ($346 million) with primary/secondary spilt of 42.5%/57.5%. Thirteen cornerstone investors will subscriber for 104.3 million of the offer shares.  In our initiation note, we highlighted that Nanofilm is an attractive growth story underpinned by proprietary technology, growing addressable markets, high customer stickiness, attractive margin profile and strong cash conversion. Our valuation analysis suggests that the IPO valuation is attractive. 

Nanofilm Technologies IPO: Valuation Insights

<p><a href="https://www.smartkarma.com/entities/nanofilm-technologies-international" target="_blank" data-smartkarma-citation="entities:29700:1" rel="noopener">Nanofilm Technologies International (NTI SP)</a> designs, manufactures, and assembles its proprietary coating equipment (and auxiliary equipment and spare parts), and develops and provides its surface solutions and advanced materials in-house. Nanofilm is looking to raise S$470 million ($346 million) through an SGX IPO. It will be the first IPO on SGX’s main board since <a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874:1" rel="noopener">United Hampshire US REIT (UHUS SP)</a> IPO in March. </p><div class="content-highlight"><p>The IPO proceeds will be used for capex for new equipment, R&amp;D, maintenance capex and working capital. Overall, Nanofilm is an attractive growth story underpinned by proprietary technology, growing addressable markets, high customer stickiness, attractive margin profile and strong cash conversion, in our view.  </p></div>

Nanofilm Technologies International (NTI SP) designs, manufactures, and assembles its proprietary coating equipment (and auxiliary equipment and spare parts), and develops and provides its surface solutions and advanced materials in-house. Nanofilm is looking to raise S$470 million ($346 million) through an SGX IPO. It will be the first IPO on SGX’s main board since United Hampshire US REIT (UHUS SP) IPO in March. The IPO proceeds will be used for capex for new equipment, R&amp;D, maintenance capex and working capital. Overall, Nanofilm is an attractive growth story underpinned by proprietary technology, growing addressable markets, high customer stickiness, attractive margin profile and strong cash conversion, in our view.  

Nanofilm Technologies IPO Initiation: Layer by Layer

United States

Cabot Corporation has businesses in chemicals, performance materials, and specialty fluids.  The Company manufactures and sells carbon black, fumed silica, plastics, ink jet colorants, tantalum, niobium, and germanium.  Cabot's specialty fluids business produces and markets cesium formate as a drilling and completion fluid for use in oil and gas well operations.

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Cabot Corp (CBT US)

Nanofilm Technologies IPO: Valuation Insights

Nanofilm will raise proceeds of S$470 million ($346 million) with primary/secondary spilt of 42.5%/57.5%. Our valuation analysis suggests that the...

Arun George

Nanofilm Technologies IPO Initiation: Layer by Layer

Nanofilm is an attractive growth story underpinned by proprietary technology, growing addressable markets, high customer stickiness, attractive...

Arun George

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