Metasurface starts Catalist trading at S$0.54 after S$9.72 million placement
The precision engineering company plans to put S$6 million towards expansion, including machinery and software.
Metasurface Technologies began trading on the Singapore Exchange’s Catalist board at S$0.54 on Nov 4, matching its placement price. The Singapore-headquartered precision engineering company raised S$9.72 million before the dual primary listing.
At 9.01 am, the stock remained at S$0.54, with about 291,200 shares traded. The fundraising involved 18 million new shares priced at S$0.54 each. Metasurface has also traded on the Hong Kong Stock Exchange’s Growth Enterprise Market since July 2024.
The company plans to allocate its estimated S$7.28 million in net proceeds across expansion, quality control and working capital. Expansion is set to receive S$6 million, including spending on advanced machinery and software, while S$1 million is earmarked for quality control and S$280,000 for working capital.
Founder and chief executive Chua Chwee Lee’s deemed interest was expected to decline from 37.02 per cent to 33.02 per cent after the placement.
Established in 2000, Metasurface carries out precision machining and welding, mainly for semiconductor customers, alongside work for the aerospace and data-storage industries. Its production sites are in Singapore and Johor, Malaysia, and it operates about 70 computer numerical control machines.
