MUMBAI, 5 OCTOBER, 2023 (AMN): Semiconductor chip maker Polymatech Electronics on Thursday said it has filed preliminary papers with capital markets regulator Sebi to raise Rs 750 crore through an initial public offering (IPO).
The maiden public issue is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component, according to a company statement. The Chennai-based company will utilize proceeds to the tune of Rs 566 crore to purchase new machinery to boost its existing facility in Tamil Nadu.Besides, a portion of the funds will be used for general corporate purposes.
Polymatech Electronics was formed in 2007 as a foreign company, owned and promoted by foreign shareholders. Later, the company was acquired by Eswara Rao Nandam and Uma Nandam, current promoters, through share purchase agreements executed and amended in 2016 and 2017, respectively.
In 2019, the firm commenced its journey of designing and producing opto-semiconductor chips in 2019, using the latest European and Japanese technologies. Its solutions are used in diverse industries for large-area lighting at commercial places. Also, it has developed and completed trials for products in medical applications, data transmission, specialised lighting for photosynthesis, aqua lighting and sanitisation, among others.
According to an industry report published by CARE Advisory Research and Training Ltd (CARE Edge), global opto-semiconductor market was estimated at Rs 2.73 lakh crore in 2018 and has grown at a CAGR (compound annual growth rate) of 4 per cent to Rs 3.32 lakh crore in 2022. Further, this industry is expected to reach Rs 4.87 lakh crore by 2028, growing at a CAGR of 5.4 per cent from 2022 to 2028.Ends
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