Polymatech Eyes ₹10,000 Cr IPO Amid Global Expansion Push
Overview
Polymatech Electronics is preparing to file draft papers for a ₹10,000 crore IPO this year to fund global capacity expansion and transition into a broader electronics products company. The firm also seeks $250 million in pre-IPO funding, attracting substantial investor interest as it broadens its product portfolio.
Polymatech Electronics Prepares for Major IPO
Polymatech Electronics is gearing up to file draft papers this calendar year for a substantial ₹10,000 crore Initial Public Offering (IPO). This significant capital raise is earmarked to fuel the company's ambitious capacity expansion plans, both domestically and internationally, and to support its strategic pivot from a semiconductor chip manufacturer to a broader electronics products company.
IPO Plans and Valuation
The company seeks to achieve a valuation of approximately ₹1 lakh crore on a one-year forward basis, positioning the IPO size around the ₹10,000 crore mark. Polymatech is currently in the process of finalizing merchant bankers to manage the offering.
Pre-IPO Funding Surge
Parallel to its IPO ambitions, Polymatech is also pursuing around $250 million in pre-IPO funding. Company officials report receiving interest up to $1 billion from global investors for this round, with term sheets from US, Estonian, Singaporean, and domestic investors nearing finalization.
Strategic Shift to Product Manufacturing
This move marks a significant evolution for Polymatech, which has traditionally focused on the complete lifecycle of opto-semiconductor chips, particularly for medical electronics applications. Last week, the company entered medical device manufacturing with its proprietary near-infrared LED platform-based vein finder devices, having secured necessary certifications. This strategic shift is described not as diversification but as forward integration.
Global Footprint and Future Investments
Founded in 2018 with a modest ₹14 crore investment, Polymatech projects a turnover of ₹2,000 crore for FY25. Its operational footprint spans advanced semiconductor packaging in India and Singapore, testing in the US, PCB manufacturing in Estonia, and ingot/wafer production in France. The company is also investing ₹1,143 crore in a new advanced semiconductor unit in Chhattisgarh, focusing on Gallium Nitride (GaN) chips crucial for 5G/6G networks. Expansion invitations have also been received from locations like Austin or Dallas under the 'Build America, Buy America' scheme.
