Singapore-headquartered MetaOptics has lodged a preliminary offer document to list its shares on the Singapore Exchange’s (SGX) Catalist board.
Established in 2021, the group is a semiconductor optics company that pioneers in glass-based metalenses with artificial intelligence (AI)-enhanced imaging.
Its products include metalens camera modules, metalens manufacturing equipment and Internet of Things (IoT) devices such as infrared cameras, pico projectors and colour cameras.
According to its preliminary prospectus, the group has been incurring losses since its incorporation given that it is an “early-stage high-technology company”.
For the FY2022, FY2023 and FY2024, MetaOptics reported losses of $1.1 million, $1.2 million and $2.3 million respectively. The company reported revenues for just two years, FY2022 and FY2024 and $65,760 and $79,440 respectively only.
“The global metalens market is poised for exponential growth from 2024 to 2029, boasting a projected compound annual growth rate (CAGR) of approximately 74.8%. Building on this momentum, our group will leverage its core strengths to expand both our product portfolio and fabrication capabilities,” says Mark Thng, executive chairman and CEO of MetaOptics.
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“Central to our plan is the miniaturisation of devices and the integration of metalenses across a broad spectrum of smart device applications, including optical sensors, camera, AI/smart glasses, autonomous vehicles, and augmented reality/mixed‐reality displays, enabling slimmer, more intelligent, and energy-efficient solutions,” he adds.
The company will also expand into “key overseas markets” to meet the evolving demands of its clients. “At the same time, we will strengthen and diversify our supplier base, reinforcing existing partnerships and onboarding new suppliers who share our commitment to excellence. We are confident that these strategic actions will reinforce our position at the forefront of innovation and ensure long-term success,” Thng continues.
Upon listing, the group says it intends to use the proceeds from its IPO for product development, research & development and strategic partnerships. It will also look at expanding its business through organic growth, mergers and acquisitions (M&As), joint ventures and/or strategic partnerships. The proceeds will also be used for working capital and general corporate purposes.
