Polymatech Electronics has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise as much as Rs 750 crore through an initial public offering (IPO).
The 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. The company has appointed Khambatta Securities as the sole book-running lead manager for the issue. Equity shares of the company will be listed on the NSE and BSE.
Polymatech Electronics was formed in 2007 as a foreign company, owned and promoted by foreign shareholders. It is India’s first Semiconductor chips manufacturer. It supports a blooming environment of customers with the un-matchable industry’s process of Japanese technologies.
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