The curious case of Polymatech ( Upcoming IPO )
1. Company plans to do an IPO and raise a few thousand crores at a valuation of a billion dollars
2. But the company has less than 20 employees and guess what the employees cost of this billion dollar company is?
1. Company plans to do an IPO and raise a few thousand crores at a valuation of a billion dollars
2. But the company has less than 20 employees and guess what the employees cost of this billion dollar company is?
3. Employee cost is only 1.5 cr.
4. The electricity expense for the company is only 52 lacs.
5. Also they did a pre-ipo a few months back at Rs 350. Now the price in unlisted markets is around 900 when I last checked a few days back.
4. The electricity expense for the company is only 52 lacs.
5. Also they did a pre-ipo a few months back at Rs 350. Now the price in unlisted markets is around 900 when I last checked a few days back.
6. Btw when I saw the pre-ipo presentation the company claimed to do a 300% growth YoY for 3 years 😂.
7. When we tried to look deeper, we found out that company has not even filed any GST returns. Only after lot of investors pointed this out they have not started filing GST.
7. When we tried to look deeper, we found out that company has not even filed any GST returns. Only after lot of investors pointed this out they have not started filing GST.
8. They have a so called Superman Japanese person on the board, who has written many books and worked with best of the semiconductor companies in the world as per presentation. But guess what?
This japanese guy hidenobu hitotsumatsu is a ghost.
This japanese guy hidenobu hitotsumatsu is a ghost.
9. Cant find any books written by him as claimed. Also instead of finding anything in the japanese media. This is what is found. He was a director at another indian company😂😂😂. Its a listed company Datasoft Application software.
10. Guess who is the director of DataSoft Application software? Same promoter- Eswara Rao Nandam
11. Guess whats the market cap of DataSoft? 85 lacs . Yes you saw that right. Its not even 1 cr markey cap company.
11. Guess whats the market cap of DataSoft? 85 lacs . Yes you saw that right. Its not even 1 cr markey cap company.
12.The company says, with a capex of 120 cr they will be doing and EBIDTA of 170 cr. Wow I so wish if this was true, I would put all my money here. But if it was true they would never need any funds or an IPO.
13.Also while all big companies and groups like Tata , Dixon are claiming the government subsidies for semiconductors, Polymatech decided not to go for the subsidies.
14.May be cuz you need to have a real business to claim subsidies. They said because they wanted to fast track
14.May be cuz you need to have a real business to claim subsidies. They said because they wanted to fast track
15.Also all the technology was made by the promoter and his kid. So guess what the RnD expenses of this billion dollar company are? Zero. Yess 0 RnD expense.
16.But make no mistake, I can be wrong and this can actually be an amazing company and my due diligence is shitty.
16.But make no mistake, I can be wrong and this can actually be an amazing company and my due diligence is shitty.
17.But my view is that Polymatech is a Fully Fraud Company, I wont put my hard money here. I can be wrong, I have been wrong in the past as well when I thought Taylormade Renewables is a pump and dump story, only to figure out the real story a few days later.
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