Singapore-headquartered precision engineering company Metasurface Technologies Holdings completed a dual primary listing on the Singapore Exchange’s Catalist board on November 4, adding a Singapore trading venue to its existing Hong Kong listing.
The company began trading on SGX under the stock code MET after placing 18 million new shares at S$0.54 each. The transaction raised gross proceeds of about S$9.72 million, according to the company’s post-listing announcement filed with SGX.
Metasurface has been listed on the GEM board of the Hong Kong Stock Exchange since July 2024. Its Singapore listing gives the semiconductor supply-chain company access to investors in both markets while it expands production in Singapore and Johor, Malaysia.
Placement and market debut
The placement was fully subscribed and allocated to 335 placees. Five anchor investors – Lion Global Investors, Asdew Acquisitions, Manulife Investment Management Singapore, Amova Asset Management Asia and ICH Synergrowth Fund – subscribed for about 13.96 million shares worth approximately S$7.54 million.
The anchor commitments represented about 77.6 percent of the placement shares. Metasurface opened at the S$0.54 placement price and closed its first Singapore trading session at S$0.56, up about 3.7 percent. Based on the company’s enlarged share capital of approximately 166.6 million shares, the closing price implied a market capitalization of roughly S$93.3 million.
The Business Times separately reported the fully subscribed placement, debut price and allocation to anchor investors.
UOB Kay Hian served as sponsor, issue manager and placement agent for the Catalist listing.
Proceeds target equipment and capacity
Metasurface expects net proceeds of about S$7.28 million after listing expenses. It plans to allocate S$6 million to business expansion, including additional advanced machinery and software, S$1 million to quality-control capabilities and S$280,000 to working capital.
The company provides precision machining and welding services, primarily for semiconductor customers, and also serves the aerospace and data-storage sectors. It operates production facilities in Singapore and Johor and has about 70 computer numerical control machines.
For the six months ended June 2026, Metasurface reported revenue of S$27 million, up 8.9 percent from S$24.8 million a year earlier. Net profit fell 57.7 percent to S$3.7 million from S$8.8 million, partly because the comparison period included a one-off remeasurement gain of S$6.4 million.
The semiconductor sector accounted for about 95 percent of group revenue in the first half of 2026. Metasurface said it is seeking to diversify its customer base and has purchase orders of S$46.3 million as of June 30 that it expects to fulfill by March 31, 2027.