Polymatech Electronics Ltd, a producer of opto-semiconductor chips and luminaries, is preparing to raise Rs 750 crore ($10.03 million) through an initial public offering (IPO). The funds will be used to purchase new machinery for the company's site in Tamil Nadu, according to the information disclosed on Thursday.
Khambatta Securities, a renowned financial services firm, has been chosen to handle the transaction. The IPO is expected to facilitate Polymatech's continued growth and its plans to expand its production capabilities.
The company utilizes advanced European and Japanese technologies in its production processes. These cutting-edge techniques have been instrumental in positioning Polymatech as a trusted supplier to Fortune 1000 multinational corporations and other prominent companies such as Shin-Etsu in Japan, Vishay Precision Group (NYSE:VPG), and Stanley.
In addition to the existing site in Tamil Nadu, Polymatech has announced plans to open a second plant in Krishnagiri. This move is seen as a strategic step towards increasing the company's production capacity and meeting the growing demand for its products.
For the fiscal year 2023, Polymatech reported impressive financials: revenue of Rs 649.02 crore ($8.68 million), net profit of Rs 167.77 crore ($2.24 million), and an EBITDA margin of 29%. The strong performance underscores the company's robust business model and its ability to generate significant returns amidst a competitive market landscape.
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