Polymatech Electronics, India’s first opto-semiconductor chips manufacturer, has filed draft documents with SEBI to raise ₹750 crore through an initial public offering (IPO). The IPO comprises fresh issue of equity shares of face value of  ₹10 each, to be raised through the book-building route. There will be no offer-for-sale (OFS) component. 

According to the draft filings, the company will use ₹566 crore towards purchase of new machinery to enhance its existing facility at Oragadam near Kancheepuram in Tamil Nadu. The remainder will be used for general corporate purposes. 

Headquartered in Chennai, Polymatech Electronics Ltd was formed in 2007 as a foreign company, owned and promoted by foreign shareholders. It was later acquired by Eswara Rao Nandam and Uma Nandam through share purchase agreements executed and amended in 2016 and 2017, respectively. Eswara Rao Nandam, Uma Nandam, and Vishaal Nandam are its current promoters. Eswara Rao and Uma together hold 80.64 per cent stake in the company.

Opto-semiconductor chips 

In 2019, Polymatech commenced its journey of designing and producing opto-semiconductor chips and luminaries, using European and Japanese technologies. Its solutions are used in diverse industries for large-area lighting at commercial places. It has developed and completed trials for products in medical applications, data transmission, specialised lighting for photosynthesis, aqua lighting and sanitisation, among others. 

The company designs, develops, tests and manufactures opto-semiconductor chips at its facility in Oragadam. It has purchased a facility in Krishnagiri, Tamil Nadu, for a second plant.

Revenue from operations jumped to ₹649 crore in FY23, from ₹126 crore in FY22. Profit-after-tax stood at ₹168 crore in the previous fiscal, as against ₹34 crore in FY22. 

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