Landmark Singapore IPO Turns Professor Into Multimillionaire
- Nanofilm founder’s wealth jumps to $916 million after listing
- It started as a tech startup spun off from local university
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Shi Xu moved to Singapore in the early 1990s, hoping for financial stability and job security. Now the former academic and his wife are multimillionaires after their nanotechnology company debuted in the city-state.
Nanofilm Technologies International Ltd., which provides solutions for smartphones and other electronics, opened at S$2.77 ($2.03) from its initial public offering price of S$2.59 a share and rose as much as 17% before closing up 12%. Shi’s fortune, mainly made up of the 53% Nanofilm stake he holds with his wife, has surged to $916 million, according to the Bloomberg Billionaires Index. The company declined to comment on the couple’s wealth.