[India], Aug 7 (NewsVoir): Powerful Technologies Ltd., a leading manufacturer of consumer electronics products like LED TV sets and Mobile Power Banks, is gearing up to hit the capital market with initial public offer (IPO).
Listing is proposed at NSE Emerge, the SME platform of the stock exchange. The company, which has its manufacturing facilities in Noida, plans to use proceeds from the IPO to mainly meet its working capital requirement.
The promoters of the company are Nitin Chhabra, Karuna Chhabra and Aditya Gupta which was setup in February 2015. It initially sold Mobile Power products under brand name 'Powereye' and 'Lappymaster'. The company is now an authorised licensee/approved manufacturer for manufacturing and selling Polaroid brand LED TVs and LED Monitors and Kodak brand Power Banks. Both are American popular brands.
"Since our company has consistently generated profits from the beginning and have a huge potential due to the brand we are carrying and the industry we are into, we hope for a positive response to our IPO from investors. Proceeds from the IPO will help finance our expansion plans," said Gupta.
Powerful Technologies generated gross revenue of over Rs. 62 crore from operations in 2017-18. The company has consistently generated profit from inception. Its profit before tax (PBT) margin stood at 9.93 per cent in 2017-18.
Aditya Gupta, 35, managing director of the company was earlier co-promoted Pioneer Computronix Pvt. Ltd., which ventured into IT and telecommunication products and reached a turnover of over Rs. 100 crore in 2016-17 and is continuously growing.
Karuna Chhabra, 37, is a promoter and non-executive director of Powerful Technologies. She has a long experience in handling HR and administrative matters. Nitin Chhabra, 40, a promoter and executive director of the company, is a chartered accountant by qualification. He has been the driving force behind the growth of the business of the group. (NewsVoir)