Metasurface raises S$9.72 million in Singapore dual listing

By Olivia Hart

Metasurface Technologies Holdings Limited raised about S$9.72 million on November 4, completing a dual primary listing on the Singapore Exchange's Catalist board. It placed 18 million shares at S$0.54 each under stock code MET, according to its post-listing SGX announcement. Its Hong Kong Stock Exchange GEM listing dates to July 2024.

What did investors put behind the placement?

The placement was fully subscribed and allocated to 335 placees, Metasurface said in its SGX filing. 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 anchors represented about 77.6 percent of the placement shares. Metasurface opened at S$0.54 and closed its first Singapore session at S$0.56, up about 3.7 percent, according to its post-listing announcement. Based on 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. According to Metasurface's announcement, UOB Kay Hian served as sponsor, issue manager and placement agent. The deal drew concentrated anchor demand at launch, but one trading session cannot establish lasting liquidity.

Where will the S$7.28 million go?

Metasurface expects net proceeds of about S$7.28 million after listing expenses. It plans to allocate the money as follows:

• S$6 million to business expansion, including advanced machinery and software.
• S$1 million to quality-control capabilities.
• S$280,000 to working capital.

The S$6 million expansion allocation represents more than four-fifths of expected net proceeds. Metasurface provides precision machining and welding services, primarily for semiconductor customers, and also serves aerospace and data-storage sectors.

The company operates production facilities in Singapore and Johor, Malaysia, and has about 70 computer numerical control machines. The allocation concentrates on capacity and process control, but the filing gives no procurement timetable or projected return.

What do the operating figures show?

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. Based on those reported figures, net margin narrowed from about 35 percent to 14 percent.

Metasurface attributed the profit decline partly to the prior comparison period including a one-off remeasurement gain of S$6.4 million. That item makes the headline year-on-year decline an imperfect measure of recurring performance, though it does not remove the lower reported profit.

Semiconductor customers accounted for about 95 percent of group revenue in the first half of 2026. Metasurface said it was seeking to diversify its customer base. The announcement did not disclose a target customer or sector mix, or separate revenue contributions from aerospace and data storage.

Metasurface reported purchase orders of S$46.3 million as of June 30 and expects to fulfill them by March 31, 2027. The order book was about 1.7 times first-half revenue, but the announcement did not disclose customer concentration, cancellation terms or margins.

Purchase orders do not equal recognized revenue. Fulfillment, rather than order intake, will determine whether the backlog supports the expansion plan.

What does the dual listing actually change?

The listing gives Metasurface access to investors in Singapore and Hong Kong while the company expands production in Singapore and Johor, Malaysia. The announcement did not quantify how much trading or capital-raising may shift between the two venues. A second market offers broader access but does not itself resolve the company's 95 percent semiconductor concentration or weaker profit.

A related Metasurface announcement said the company celebrated the SGX Catalist listing of associate company MetaOptics Limited, though the source gave no transaction or financial details for that company. The next test is whether Metasurface converts the S$46.3 million order book by March 31, 2027 while adding capacity and improving profit. Until then, the dual listing broadens investor access but does not yet demonstrate a more diversified or higher-margin business.