Polymatech Electronics Limited Gears up for IPO

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Polymatech Electronics Limited India pioneering opto-semiconductor manufacturer, is considering the possibility of launching its IPO in April

Polymatech Electronics Limited

Created at 21 Mar 2024 07:44

Polymatech, the first Indian manufacturer of opto-semiconductor chips, is reportedly gearing up for its IPO debut in April of this year. Sources familiar with the matter disclosed that the expected issue size ranges between Rs 750-1,000 crore, with a price band anticipated to fall between Rs 680-750 per share. The company had submitted draft documents to the Securities and Exchange Board of India in October 2023, outlining its intention to raise Rs 750 crore through an IPO. The IPO will consist entirely of fresh share issuances, with no offer-for-sale component, as stated in the Draft Red Herring Prospectus (DRHP). The proceeds from the IPO are slated for the acquisition of new machinery for its existing facility in Tamil Nadu. Polymatech currently operates a unit in Tamil Nadu's Oragadam, boasting a chip production capacity of 300 MPA and aiming for enhanced efficiency and economies of scale. Additionally, the company is in the process of establishing a second plant in Krishnagiri, Tamil Nadu, acquired through a "Built to Suit" (BTS) property arrangement. In FY23, Polymatech recorded revenues of Rs 649.02 crore, a significant increase from Rs 125.87 crore in the previous year, with a net profit of Rs 167.77 crore compared to Rs 34.27 crore previously. The EBITDA margin for the year stood at 29 percent, down from 33.43 percent in the previous fiscal year. Utilizing advanced European and Japanese technologies, Polymatech commenced production in 2019, focusing on delivering high-quality chips meeting global standards. The company primarily manufactures products in two categories: opto-semiconductor chips and luminaries. Headquartered in Chennai, Polymatech Electronics is led by its promoters Eswara Rao Nandam, Uma Nandam, and Vishaal Nandam. The company is engaged in the design, development, testing, and manufacturing of opto-semiconductor chips at its Oragadam facility.

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