India’s first opto-semiconductor chips manufacturer, Polymatech Electronics, has filed documents with SEBI to raise ₹750 crore through an initial public offering (IPO).
The IPO consists of a fresh issue of equity shares with a face value of ₹10 each and will use the book-building route with no offer-for-sale (OFS) component.
It intends to allocate ₹566 crore to purchase new machinery for enhancing its facility in Oragadam, Tamil Nadu & use the remaining funds for general corporate purposes.
Polymatech, incorporated in 2007 & headquartered in Chennai, was a foreign company that Eswara Rao Nandam and Uma Nandam later acquired through share purchase agreements.
It initiated designing and producing opto-semiconductor chips and luminaries using European and Japanese technologies in 2019.
It offers lighting solutions for commercial spaces and diversifies into sectors like medical, data transmission, and specialized lighting.
They design and manufacture opto-semiconductor chips in Oragadam and have acquired a second facility in Krishnagiri, Tamil Nadu.
Revenue stands at ₹649 crore in FY23 (PY:₹126 crore)
PAT stands at ₹168 crore in FY 2023(PY:₹34 crore)
