NTU spinout Nanofilm Technologies has seemingly filed a draft prospectus with a view of listing on the domestic Singapore Stock Exchange.

Nanofilm Technologies International, a Singapore-based nanotechnology spinout of Nanyang Technological University, has filed for a S$510m ($375m) initial public offering, Reuters reported on Friday.

The company is seeking to issue 77.2 million new shares on the Singapore Stock Exchange (SGX), which would make it the first domestic unicorn to trade on the market. SGX has become a hub for real estate investment trusts over the past decade.

Founded in 1999, Nanofilm focuses on advanced materials, industrial equipment and nanofabrication for a broad range of clients such as camera makers Canon and Nikon, software producer Microsoft and telecommunications equipment manufacturer Huawei.

Shi Xu founded the spinout when he was an associate professor in NTU’s School of Electrical and Electronic Engineering. Today, he serves as executive chairman of the company and is expected to sell 27 million shares in the offering.

Proceeds from the offering would go towards R&D and engineering activities and the development of new machinery, as well as the building and upgrading of production facilities.

A total of 13 cornerstone investors have signed up to the offering, though only Temasek, Aberdeen Standard Investments (Asia) and Nikko Asset Management Asia were identified by Reuters.

Two affiliated vehicles of Temasek – Vanda 1 Investments and Orchid 2 Investments – own notes in Nanofilm that will be converted prior to the listing. It is unclear when Vanda and Orchid acquired the notes and Nanofilm does not appear to have revealed any funding.

Citi, Credit Suisse and OCBC Bank are the joint global coordinators and bookrunners together with CLSA.