Polymatech Elect to raise Rs750cr 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. Besides, a portion of the funds will be used for general corporate purposes. Polymatech Electronics was formed in 2007 as a foreign company, owned and promoted by foreign shareholders.