Semiconductor chips manufacturer Polymatech Electronics is set to launch its initial public offering (IPO) and is looking to raise around ₹750 to ₹1000 Crore ($89.9 million to $119.9 million),based on a report of Moneycontrol on Thursday.
The report also said the price range is expected between ₹680 and ₹750 per share, while Polymatech also intends to utilize the IPO proceeds to acquire new machinery for its existing facility in Tamil Nadu. The company is expected to go public in April.
The company specializes in opto-semiconductors and produces 1 million chips per day at its main manufacturing site in Oragadam, Kancheepuram, Tamil Nadu.
In 2023, the semiconductor chip maker began mass-producing advanced semiconductor components for 5G and 6G applications in India. With its advanced semiconductor technology, the company is well-positioned to lead the creation of advanced solutions that could fuel the next generation of technology.
The company initially submitted a filing with the Securities and Exchange Board of India (SEBI) to commence its IPO process. The IPO will consist completely of a new share issue, with no offer-for-sale (OFS) component.
At the point of conversion, $1 = ₹83.40
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