Polymatech Electronics files draft papers with Sebi to mobilize Rs 750-cr via IPO

New Delhi: Semiconductor chip maker Polymatech Electronics on Thursday said it has filed preliminary papers with capital markets regulator Sebi to raise Rs 750 crore through an initial public offering (IPO). The maiden public issue is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component, according to a company statement.

The Chennai-based company will utilize proceeds to the tune of Rs 566 crore to purchase new machinery to boost its existing facility in Tamil Nadu.