Metasurface shares open flat at S$0.54 on SGX Catalist debut
The precision engineering firm’s placement is fully subscribed as at the close of applications on Monday
[SINGAPORE] Shares of precision engineering-services provider Metasurface Technologies opened flat at S$0.54 on its trading debut on the Singapore Exchange’s (SGX) Catalist board on Wednesday (Nov 4).
As at 9.01 am, shares of Metasurface were trading at S$0.54, with some 291,200 units changing hands. At 9.54 am, shares had risen slightly to trade at S$0.545.
The Singapore-headquartered company raised S$9.72 million through the placement of 18 million new shares at S$0.54 apiece, ahead of its dual primary listing.
The placement was fully subscribed as at the close of applications on Monday, with shares allocated to 335 placees.
Five anchor investors – Lion Global Investors, Asdew Acquisitions, Manulife Investment Management (Singapore), Amova Asset Management Asia and ICH Synergrowth Fund – collectively subscribed for nearly 14 million shares, worth about S$7.5 million.
This represents about 77.6 per cent of the total placement shares.
Based on the placement price and the enlarged share capital of 166.6 million shares, Metasurface had an estimated post-placement market capitalisation of S$90 million.
Metasurface has been listed on the Hong Kong Stock Exchange’s Growth Enterprise Market since July 2024.
Founded in 2000, the company provides precision machining and welding services, primarily to the semiconductor industry, as well as the aerospace and data-storage sectors.
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It operates production facilities in Singapore and Johor, Malaysia, and has about 70 computer numerical control machines.
The group is led by founder and CEO Chua Chwee Lee, whose deemed interest in the company was expected to fall to 33.02 per cent following the placement, from 37.02 per cent previously.
Metasurface plans to use the estimated net proceeds of S$7.28 million to fund business expansion, strengthen quality control and support general working capital needs.
Of this, S$6 million will go towards business expansion, including the acquisition of advanced machinery and software. Another S$1 million has been earmarked for quality control, with the remaining S$280,000 allocated to working capital.
The company intends to recommend dividends of up to 30 per cent of its net profit attributable to shareholders for each of the financial years ending December 2026 and December 2027, subject to conditions outlined in its offer document.
For the six months ended June 2026, Metasurface’s revenue rose 8.9 per cent year on year to S$27 million from S$24.8 million.
Net profit, however, fell 57.7 per cent to S$3.7 million from S$8.8 million, partly due to a one-off S$6.4 million remeasurement gain recorded in the year-ago period.
The group is seeking to diversify beyond the semiconductor industry, which accounted for about 95 per cent of its revenue in the first half of 2026.
UOB Kay Hian is the sponsor, issue manager and placement agent for the listing.
