In a move that underscores the burgeoning potential of India’s semiconductor industry, Polymatech Electronics Ltd, the nation’s maiden semiconductor chip manufacturer, has taken a bold step towards its Initial Public Offering (IPO). The company has submitted its draft papers to the Securities Exchange Board of India, aiming to raise a substantial ₹750 crore exclusively through fresh issuance.
What to know? Polymatech’s journey began in 2019, and in a short span, the company has harnessed advanced European and Japanese technologies to craft high-calibre chips that resonate with global benchmarks. They bifurcate their product range into two distinct categories: opto-semiconductor chips and luminaries.
The significance of this IPO is further accentuated by the company’s intent to channel ₹565.73 crore from the proceeds towards procuring state-of-the-art machinery for its existing Tamil Nadu-based facility. This facility, nestled in Oragadam, boasts a robust capacity of 300 MPA chips, ensuring both efficiency and economies of scale.
Polymatech Electronic’s finances and order book
Polymatech’s financial health paints an optimistic picture. The company witnessed its revenue catapult to ₹649.02 crore in FY23 from a mere ₹125.87 crore the previous year. Their net profit also saw a commendable surge, reaching ₹167.77 crore.
The company’s clientele is nothing short of impressive, encompassing Fortune 1000 multinational giants. Their lighting systems illuminate renowned venues such as the Coimbatore airport and the Sawai Mansingh Stadium.
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Polymatech’s foray into opto-semiconductor chips has been transformative. Their innovative solutions cater to a plethora of industries, from commercial lighting to niche areas like medical applications and aqua lighting.
With a second plant in the pipeline in Krishnagiri, Tamil Nadu, Polymatech’s IPO isn’t just a financial move; it’s a testament to India’s growing prowess in the semiconductor domain.
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