India’s first opto‑semiconductor chip manufacturer, Polymatech Electronics, has begun preparing for a public listing and aims to file draft papers in 2026 for an IPO of about INR 10,000 crore, according to a report. Earlier, Polymatech Electronics IPO DRHP was filed in October 2023 for a smaller INR 750‑crore offer, but postponed the plan amid changing priorities.
Polymatech Electronics IPO: Fresh Draft In The Works
Polymatech is finalising merchant bankers and expects to file the DRHP within this calendar year, an executive said, adding that proceeds will be channelled into capacity expansion in India and overseas as the firm broadens beyond semiconductors into electronics products. “The DRHP will be prepared very shortly and filed within this calendar year… the IPO size would be around INR 10,000 crore,” said managing director and CEO Eswara Rao Nandam while indicating a one‑year‑forward valuation aspiration of about INR 1 lakh crore. The company is also pursuing a pre‑IPO round of roughly USD 250 million.
Polymatech IPO: Earlier Plans
When Polymatech first approached the market regulator in October 2023, the DRHP outlined a pure fresh issue of up to INR 750 crore, with no offer‑for‑sale component; the bulk of the proceeds was earmarked for machinery at its Oragadam, Kancheepuram facility. The company later indicated it would refile with updated financials as it recalibrated the fundraising plan, according to exchange‑bound draft disclosures and subsequent media interviews.
Manufacturing Footprint and Growth Markers
The firm expects to close FY25 with around INR 2,000 crore in turnover, and is expanding a multi‑country footprint spanning packaging in India and Singapore, testing in the US, a PCB plant in Estonia, ingot and wafer capability in Grenoble, and final product assembly in Bahrain. These details, shared in the same interview, underscore the company’s push to integrate deeper into the global supply chain.
In India, Polymatech is also building an INR 1,143‑crore gallium nitride (GaN) semiconductor unit at Nava Raipur, Chhattisgarh, where the foundation stone was laid in April 2025. State officials said the facility targets next‑generation telecom and power applications, with production ramp‑up aimed over the next few years. “This facility will create high‑value jobs and foster technical expertise,” Chief Minister Vishnu Deo Sai said at the ceremony.
Outlook
Polymatech styles itself as the country’s first opto‑semiconductor chip maker, having started in‑house chip design and production in 2019 at its Oragadam campus. Its 2023 draft documents and related coverage noted plans for a second plant at Krishnagiri, Tamil Nadu, alongside product lines spanning lighting to medical and data‑transmission applications. While the expanded IPO target signals confidence, the timetable, size and structure will depend on market conditions and regulatory review.
Polymatech IPO: At a Glance
- IPO size targeted: about INR 10,000 crore; DRHP expected to be filed in 2026.
- Pre‑IPO plan: USD 250 million; strong global investor interest cited by management.
- Earlier attempt: Oct 2023 DRHP for INR 750 crore; pure fresh issue, later deferred.
- FY25 revenue guidepost: around INR 2,000 crore, according to company comments.
- India capex: INR 1,143‑crore GaN unit at Nava Raipur; foundation stone laid April 2025.
- Core site: Oragadam, Tamil Nadu; second plant planned at Krishnagiri.
Bottom Line: Polymatech’s fresh push towards the public markets—at a scale far larger than its 2023 draft—highlights the capital intensity of semiconductor manufacturing and the company’s ambition to scale rapidly across product lines and geographies.
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