Media reports had suggested the trip would begin as soon as Sunday and last two days
The 21-year old firm, based in New Delhi, which is known to develop, manufacture, sells and supports memory module, motherboard, tablet PC, low-cost PC and computer parts, will launch the IPO by June.
“We are in process to complete the formalities to list the company by June next year,” Indrajit Sabharwal, managing director of Simmtronics, told Khaleej Times on the sidelines of Gitex Shopper 2013.
Simmtronics Semiconductor was established in 1992 and today it has operations in 14 countries across the globe. It has four manufacturing facilities — three in India and one in Singapore — and also has a tablet-assembling unit in Dubai. The company also has sales and subsidiary offices in Algeria, France, Mauritius, Macedonia, Nepal, Singapore, Sri Lanka, Thailand, the UK, the US, Vietnam and the UAE.
To a question about the IPO size and amount to be raised, Sabharwal said it is yet to be decided.
“We are still working to finalise the details and I’m unable to disclose anything more at this point of time,” he said.
Simmtronics, which is known to launch breakthrough solutions for budget-conscious consumers, is confident to achieve $1 billion revenues during next four years.
“We are doing well and exploring new markets for our products, so we are confident of achieving a $1 billion revenue target by 2017,” he said.
He said the company generated $140 million revenue during financial year 2012-13 that ends in March. “We will be achieving $180 million revenue in present fiscal as the company remained well on track during the first half of 2013-14.”
Sabharwal said Simmtronics produces approximately 4.8 million tablets annually in its manufacturing facilities and its tablets sales stand firm at 2.4 million units per annum.
He said India is the biggest growth market for the company and it sells approximately 1.5 million tablets annually in the country, where demand is on the rise.
About the Middle East market, he said the region is very important for the company because of growing demand for its products.
“The region contributes significantly to our business and we generate about one-third of revenue from Middle East. If the strong demand persists, we may consider setting up one manufacturing facility for tablets in Dubai,” Sabharwal said, and adding that the company already has one tablet-assembling unit in Dubai Airport Freezone.
In reply to a question, he said Simmtronics has laid down solid foundation for its products and feel no competition threat from leading international players. “Our products are competitive and offering value for money to customers with quality and durability,” Sabharwal concluded.
Media reports had suggested the trip would begin as soon as Sunday and last two days
Visitors can enjoy movies with family favourites, including ‘The Jungle Book’, ‘Jumanji’ and ‘Zootopia’ to match the wild theme every evening from 8pm
Sheikh Mohamed conveyed his congratulations to all eight honourees, recognising their inspiring efforts and significant contributions in service to society
His father thanked everyone who participated in the search mission despite the challenges posed by flooding in various parts of the emirate
It will be humid by night and Sunday morning with a probability of mist formation over some coastal and internal areas
Nearly 6,000 volunteers linked to a single support group are working tirelessly across the country to help those affected
Real estate developer MAG pledges to cover all the costs of necessary repairs for affected residents
The substantial increase in charges left many residents financially burdened, as they strive to retrieve their stranded vehicles