IPO Details
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About Polymatech Electronics Ltd IPO
The Polymatech Electronics Ltd IPO consists entirely of a fresh issue with no offer for sale. The IPO is a 100% book-built offer with the size pegged at ₹750 crore.
Objectives of Polymatech Electronics Ltd IPO
The company plans to use the proceeds received from the IPO to:
- Purchase new machinery towards enhancing its existing facility at Oragadam, Kancheepuram, Tamil Nadu
- General corporate purposes
Polymatech Electronics Ltd IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | Up to ₹750 crore |
Offer for Sale | NA |
EPS in ₹ for FY 23 | 26.02 |
Industry Outlook
The global opto-semiconductor industry is expected to reach USD 59224 Mn (₹4.87 lakh crores) by 2028 from USD 43780 Mn (₹ 3.32 lakh crores) in 2022, growing at a CAGR of 5.2% from 2022 to 2028. The Indian market of opto-semiconductor is expected to reach USD 5351 Mn (₹ 0.44 lakh crores) by 2028 from USD 2344 Mn (₹ 0.18 lakh crores) in 2022, growing at a CAGR of 15% from 2022 to 2028.
Company Information
Polymatech Electronics Ltd is India’s first opto-semiconductor chips manufacturer. It began opto-semiconductor chip production in 2019 by using the latest European and Japanese technologies to provide quality products to meet international standards.
The company is involved in the designing, fabricating, manufacturing, packaging and assembly of opto-semiconductor chips in house which are sold directly to its customers as well as used in its luminaries assembly.
Strengths of Polymatech Electronics Ltd IPO
India’s First Opto-Semiconductor Chips Manufacturer
Polymatech is India's first opto-semiconductor chips manufacturer. As per the report of CARE Edge, there are no peers of Polymatech with similar product profiles in India. In the Fiscal 2019-20, the company sold its products to Fortune 1000 Companies listed on the NYSE (New York Stock Exchange).
Poised to Capture Growth of Opto-semiconductor Market
Being the first Indian manufacturer and supported with the impetus of the Indian government’s Make in India campaign and the ongoing China+1 policy of the global buyers, the company is poised to capture growth in the opto-semiconductor market.
Strong Focus on R&D with a State-of-the-Art Infrastructure
All the company's products are developed in-house by its R&D team. The R&D team focuses on product designing, tools designing, electronic circuit designing, prototype designing, etc. The company's R&D team independently develops opto-semiconductor chip designs and converts such designs into deliverable products by improving the designs, recommending suitable raw materials and testing of trial products.
Risks of Polymatech Electronics Ltd IPO
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Any disruption, slowdown or shutdown in the manufacturing or research and development operations could adversely affect the company’s business, financial condition, cash flows and results of operations.
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The company is dependent on and derives a substantial portion of its revenue from a few customers. In the Fiscal 2023, Fiscal 2022 and Fiscal 2021, the top five customers accounted for 61.99%, 65.78% and 72.70%, respectively, of its restated revenue from operations. Cancellation by its top customers or delay or reduction in their orders could have a material adverse effect on its business, results of operations and financial condition.
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The company is highly dependent upon the technical knowhow, experience and skill of its Board of Directors and its key managerial personnel. If it’s unable to attract or retain such qualified personnel, this could adversely affect its business, results of operations and financial condition.
All Financial Information about Polymatech Electronics Private Ltd
Particulars (in Rs. crore)
Particulars (in Rs. crore)
IPO Registrar and Book Running Lead Manager
Link Intime India Pvt Ltd is the registrar of Polymatech Electronics Ltd. The book running lead manager of this IPO is Khambatta Securities Ltd.
Business Model
Polymatech Electronics Ltd deals in manufacturing opto-semiconductor chips. Its products are divided into two categories:
- Fully packaged opto-semiconductor chips in the form of COB, HTCC, MLCC, LTCC, etc.
- Luminaries
The company is focused on providing superior-quality semiconductor chips and luminaries that consume less energy, generate less heat, and are still more efficient to help the world meet its sustainability goals. Its customers include multinational corporations, some of which are Fortune 1000 companies.
Company Growth Trajectory
Polymatech’s presence in product segments with growing demand, continuous focus on R&D, focus on cost management, global customer base, and continuous focus on efficiency and productivity have enabled it to deliver consistent and strong financial performance.
Its revenue from operations have increased at a CAGR of 143.39% from ₹45.0137 crore in Fiscal 2021 to ₹649.02 crore in Fiscal 2023.
Market Position
Polymatech Electronics Ltd is India’s first opto-semiconductor chips manufacturer whose customers include multinational corporations. Its luminaries are installed at various factories including Shin-Etsu, Vishay Precision Group, AMRL Hitech City, ASPEN Infra (formerly Suzlon Infrastructure Ltd), Mori Mura, etc.
Polymatech Electronics Ltd Profit and Loss
| Parameter | FY 23 | FY 22 | FY 21 |
|---|---|---|---|
Total Income (in ₹ crore) | 651.6229 | 128.0768 | 47.1858 |
Profit Before Tax (in ₹ crore) | 166.6451 | 35.0392 | 7.2486 |
Profit / (Loss) After Tax (in ₹ crore) | 167.7662 | 34.2681 | 6.2883 |
EBITDA (in ₹ crore) | 188.0184 | 42.0757 | 12.5594 |
EPS in ₹ | 26.02 | 5.40 | 0.99 |
Polymatech Electronics Ltd Cash Flow Statement
| Parameter | FY 23 | FY 22 | FY 21 |
|---|---|---|---|
Profit Before Tax (in ₹ crore) | 166.6451 | 35.0392 | 7.2486 |
Net Cash (used in) / Generated from Operating Activities (in ₹ crore) | 46.2154 | (1.334) | 30.9253 |
Net Cash (used in) / Generated from Investing Activities (in ₹ crore) | (80.3652) | (9.874) | (31.8510) |
Net Cash (used in) / Generated from Financing Activities (in ₹ crore) | 75.4608 | 11.232 | 0.9254 |
Cash and Cash Equivalents at the Closing of the Year (in ₹ crore) | 41.341 | 0.03 | 0.006 |
How to Check Allotment Status of Polymatech Electronics Ltd?
You can check the allotment status of the Polymatech Electronics Ltd on the BSE website and on the registrar's website. Follow these steps to check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt
- Select the Issue Name from the drop-down.
- Enter your application number or PAN number
- Check the box that says “I’m not a Robot” and click on “Search” to know the allotment status
To check status on the registrar’s website:
- Visit the website of Link Intime Private Ltd
- Choose ‘Public Issues’ from Investor Services dropdown
- Choose the name of the company from ‘Select Company’ dropdown
- Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
- Click on Submit to check the status
How To Apply for Polymatech Electronics Ltd IPO?
Here are the steps to apply for Polymatech Electronics Ltd IPO:
Step 1: Log in to your Kotak Securities Demat account Log in to your Demat account to access IPO investments. Next, select the current IPO section.
Step 2: Specify IPO details Enter the number of lots and the price you wish to apply for.
Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
Step 4: Mandate Notification Your UPI app will receive a mandate notification to block funds.
Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Polymatech Electronics Private IPO FAQs
What is the IPO of Polymatech Electronics Ltd IPO?
The IPO of Polymatech Electronics Ltd consists of a fresh issue with the total issue size pegged at ₹750 crore. There is no offer for sale in this IPO.
When will the IPO of Polymatech Electronics Ltd go live?
The exact dates of the IPO are not known yet. However, it’s expected to go live soon.
