iPhone | iPad
Android
Huawei
KT APPDOWNLOAD
Simmtronics to go for IPO by June
Simmtronics, the world’s third-largest tablet PC maker after Apple and Samsung, plans to launch an initial public offering, or IPO, and list the company on the National Stock Exchange in Mumbai, its top official said.
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.
More news from Local Business
The latest branch is the second branch of the company at Sahara Centre and one of the eight branches opened in the UAE this year, the exchange house said in a statement
Local business9 months ago
Events to be staged at the DWTC, comprising diverse sectors including construction, energy, technology, beauty, food, healthcare, environment and automotive, will mark the emirate’s post-pandemic economic recovery
Local business9 months ago
Dubai FDI supports expansion by Amazon Web Services with upcoming data centres in the UAE
Local business9 months ago
Some banks are now permitting their customers to purchase Bitcoin and other crypto currencies after conducting due diligence tests on payments
Local business9 months ago
The percentage of using the digital transformation platform has grown to 96 per cent compared to the first half of last year, when the percentage of use did not exceed 76 per cent
Local business9 months ago