Metasurface Technologies, an engineering precision service based in Singapore, announced on November 4th that it will launch a $97.2 million share offering before its primary listing on the SGX Catalyst market. The company plans to raise funds through this issuance, inviting retail and institutional investors to participate in the bidding process that closes at noon on November 2nd.

UBS Kay Hian serves as the sponsor, manager of the initial public offering (IPO), and agent for this transaction. After the bid, founder and CEO of Metasurface, Chua Chwee Lee, will retain a stake of 33.02% of the company, increasing from 37.02% prior to the IPO.

The market capitalization of the company is expected around $90 million based on information provided in the registered documentation dated October 28th. Income has grown over the past six months, with annual growth rates of 8.9% compared to S$27 million from the same period in the previous year. However, net profits have decreased by 57.7%, mainly due to unrecoverable tax liability recorded during the first half of 2025 when Metasurface classified its investment in MetaOptics as financial assets. No such increase was reported in the first half of 2026 either. Additionally, Metasurface Technologies highlighted the risks associated with their dependence on the semiconductor sector and concentrated customer base.

This industry accounted for approximately 95% of sales in the first quarter of 2026, with its major clients representing a significant portion of its sales. The company operates production facilities in Singapore and Johor, Malaysia, and employs around 70 numerical computers. Despite these developments, MetaSurface Technologies aims to expand its capabilities and improve its offerings to meet evolving customer needs. MetaSurface Technologies’ strategic instruction on listing dual primary shares on the SGX Catalyst list represents an important step forward in its journey towards greater visibility and wider access to a larger investor market. Continuing through the complex changes in global markets, this stock shipment serves as a crucial milestone toward achieving long-term objectives.