Buying Nanofilm Technologies International (NTI) (SGX:MZH) at ~60 cents actually isn’t as crazy as it might look today—there is actually a coherent investment thesis and a good story behind it. Nanofilm – the IPO story NTI listed on 30 October 2020, raising S$510 million in its IPO. Shares were priced at S$2.59 each, and both the public and institutional tranche were more than 20x oversubscribed, putting the company at an initial valuation of $1.7 billion. Nanofilm IPO was marketed as high-tech, high-growth story, and the stock rose above $6 within the first year of IPO. Valuations started to look lofty, even by tech unicorn standards. Unfortunately, the company’s performance did not keep up with the share price. While there was revenue growth, margins kept getting squeezed and the reality so far was one of uneven execution and volatile profitability. The stock then fell as low as $0.52 over the next 4 years ,which put the market cap at a low of just around $340 million,...