Polymatech Electronics files DRHP to raise up to Rs 750 crore via IPO
Polymatech Electronics, India’s first opto-semiconductor chip manufacturer, has filed its draft red herring prospectus (DRHP) with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
According to the draft papers, the company’s offering comprises a fresh issue of equity shares (face value Rs 10 each), aggregating to an issue size of up to Rs 750 crore, through book building route. There will be no offer-for-sale component.
Polymatech Electronics proposes to utilise its net proceeds from the issue to purchase new machinery to enhance its existing facility at Oragadam, Kancheepuram, Tamil Nadu.
Headquartered in Chennai, Polymatech commenced its journey of designing and producing opto-semiconductor chips in 2019, using the latest European and Japanese technologies.
The company is led by Eswara Rao Nandam, Managing Director and an alum of BITS Pilani, with more than three decades of experience in the manufacturing and assembling sectors in electronic components, automobile components, personal electronics and robotics.
The company designs, develops, tests and manufactures its opto-semiconductor chips in-house at its state-of-the-art facility located at Oragadam, Kancheepuram, Tamil Nadu.
