Polymatech Shares Explained: The 5:1 Split, Who Owns the Company and the Story Behind Its IPO Attempts

Ask a holder of Polymatech shares a simple question, such as how many shares the company has or who controls it, and the answers often differ. Part of the confusion comes from a 5:1 share split in November 2024 that changed the face value and multiplied the share count. Part comes from the company's first IPO attempt in 2023, which ended with the draft prospectus being returned by SEBI. And part comes from a group structure that now spans Singapore, the United States and Bahrain. This guide sets out the facts from the company's FY2024-25 annual report and dated news reports, so you know exactly what a Polymatech share represents before you buy or sell.

Key Takeaways

• Share split: Shareholders approved a 5:1 split on 30 November 2024, cutting the face value from ₹10 to ₹2 per share.

• Share count: The company had about 39.84 crore shares after the split, based on paid-up capital of ₹79.69 crore.

• Promoter control: Promoters Eswara Rao Nandam and Uma Nandam held 73.38 percent of the shares at 31 March 2025.

• First IPO attempt: A draft prospectus for about ₹750 crore filed in October 2023 was returned by SEBI.

• Listing still being explored: In July 2026 the company was reported to be in talks with bankers about listing in India and the US.

What the 5:1 split did to Polymatech shares

At its annual general meeting on 30 November 2024, Polymatech approved splitting each share of ₹10 face value into five shares of ₹2 each. A split does not change the value of the company or of any holding. It changes how that value is divided.

A simple example

A shareholder who owned 100 shares before the split owned 500 shares afterwards. Earnings per share, book value per share and the price per share all fell to about one fifth, while the total value of the holding stayed the same.

Why this matters when you compare numbers

Any figure published before the split, such as an old price, a per-share earnings number or a face value of ₹10, is not comparable with today's numbers. Always check whether a per-share figure is from before or after November 2024. The face value today is ₹2.

How many Polymatech shares are there?

The company's paid-up equity capital was ₹79.69 crore at 31 March 2025. At ₹2 per share, that works out to about 39.84 crore shares. The annual report records that no new shares were issued during FY2024-25.

Indicative price as on 30 October 2026, based on the We Grow Wealth quote. Unlisted shares are not traded on any stock exchange and are not regulated by SEBI. Prices are not guaranteed and may differ at the time of the deal.

For the latest quote and lot size, see the Polymatech unlisted share price page.

Who owns Polymatech?

Polymatech is a promoter-controlled company. At 31 March 2025, Managing Director Eswara Rao Nandam held 16,56,12,850 shares, or 41.57 percent. Uma Nandam held 12,67,46,065 shares, or 31.81 percent, down from 38.07 percent a year earlier. Together the promoters held 73.38 percent.

What promoter control means for minority holders

A 73 percent holding gives the promoters control of board decisions and most shareholder resolutions. Minority holders benefit when promoter and minority interests align, for example on a listing, but have limited influence over strategy, related-party dealings or the timing of any IPO.

The board

The annual report lists Eswara Rao Nandam as Managing Director since April 2023, with Uma Nandam and Vishaal Nandam as directors, an independent director and an additional director appointed in September 2025.

The group behind the shares

A Polymatech share is a share in the Indian parent, which owns a growing set of overseas businesses. At 31 March 2025 the group included Artificial Electronics Intelligent Materials Pte Ltd in Singapore as a subsidiary, with Nisene Technology Group in the United States and Atri Company W.L.L. in Bahrain as step-down subsidiaries.

Why consolidated and standalone numbers diverge

FY2024-25 was the first year the company prepared consolidated accounts. Consolidated revenue from operations was ₹1,902.90 crore with profit after tax of ₹375.59 crore, while the Indian parent's standalone revenue was ₹716.58 crore. The annual report explains that part of the revenue now comes through the overseas subsidiaries. For a shareholder, the consolidated figures describe the whole group you own a slice of.

The Singapore facility

In June 2026 the Singapore subsidiary opened a facility of about USD 25 million for LED chip-on-board packaging and memory-module assembly, which we reported on in our story on Polymatech's Singapore expansion.

The story behind Polymatech's IPO attempts

The 2023 filing

On 5 October 2023 Polymatech filed a draft prospectus with SEBI for an IPO of about ₹750 crore, all as fresh shares, with most of the money earmarked for machinery. The shares were to list on the NSE and BSE.

Why the filing was returned

The draft prospectus was later returned by SEBI. In a November 2024 interview, the company linked the return to an undisclosed shareholding of its merchant banker and said it planned to file again after consolidating its global operations.

Where the listing plan stands in 2026

In July 2026 the company was reported to be exploring a listing in India and the United States and to be in talks with merchant bankers, without a disclosed size. We found no fresh draft prospectus with SEBI as of 30 October 2026.

What this means if you hold or plan to buy

Valuation in plain terms

At ₹41 a share and about 39.84 crore shares, the group is valued at about ₹1,633 crore, or roughly 4.5 times FY25 consolidated earnings per share. A low multiple can reflect doubts about the durability of profits, the transparency of a newly built group structure and the uncertain timing of a listing.

Risks to keep in view

Liquidity is limited until a listing happens, and a listing has been planned before without completing. Promoter control is high. FY2025-26 accounts were not yet available when this article was written, so the latest audited picture is a year old.

Lock-in if the company lists

If Polymatech completes an IPO, shares held before the issue are locked in for 6 months from the date of IPO allotment under SEBI rules, so pre-IPO holders cannot sell on listing day. Our guide to pre-IPO shares in India explains how the lock-in and the transfer process work.

Questions to ask before you trade Polymatech shares

Three questions cover most of what matters here. Is the per-share figure you are looking at from before or after the November 2024 split? Are you valuing the whole consolidated group or only the Indian parent? And what has changed since the last audited accounts, especially on the listing plan? Our earlier analysis of the Polymatech share price, business and financials covers the products and markets in more depth.

Frequently Asked Questions

What is the face value of Polymatech shares?

The face value is ₹2 per share. It was ₹10 until shareholders approved a 5:1 split on 30 November 2024.

How many shares does Polymatech have?

About 39.84 crore shares, based on paid-up equity capital of ₹79.69 crore at ₹2 per share at 31 March 2025.

Who owns Polymatech Electronics?

Promoters Eswara Rao Nandam (41.57 percent) and Uma Nandam (31.81 percent) held 73.38 percent at 31 March 2025.

Why was Polymatech's IPO not completed?

Its October 2023 draft prospectus for about ₹750 crore was returned by SEBI. The company later linked this to an undisclosed shareholding of its merchant banker.

Is Polymatech planning an IPO in 2026?

In July 2026 it was reported to be exploring a listing in India and the US, in talks with bankers. No fresh draft prospectus had been filed with SEBI as of 30 October 2026.

What happened to my Polymatech shares after the split?

Each ₹10 share became five ₹2 shares. Your number of shares rose fivefold and the price per share fell to about one fifth, so the value of your holding did not change.

Disclaimer: This content is for information and education only and is not investment advice or a recommendation to buy, sell or hold any security. Unlisted shares are not traded on any stock exchange and are not regulated by SEBI; investors do not get exchange or SEBI investor-protection or dispute-resolution mechanisms. Prices shown are indicative, are negotiated privately, may differ across platforms and are not guaranteed. Unlisted shares can be hard to sell and you may lose part or all of your investment. An expected IPO may be delayed or may not happen; if the company lists, pre-IPO shares are locked in for 6 months from the date of IPO allotment. Tax treatment is as per law on the date of publication and may change. We Grow Wealth earns a margin on the difference between its buy and sell prices. Please consult a qualified adviser before investing.