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Business News/ Markets / Ipo/  Matrix Gas and Renewables files for IPO, to be listed on NSE Emerge
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Matrix Gas and Renewables files for IPO, to be listed on NSE Emerge

The IPO comprises fresh issue of 56 lakh equity shares with no offer-for sale (OFS) component

ReutersPremium
Reuters

Matrix Gas and Renewables Ltd said it has filed draft papers for an initial public offering (IPO).

The IPO comprises fresh issue of 56 lakh equity shares with no offer-for sale (OFS) component, according to the company’s draft red herring prospectus (DRHP) filed on Saturday with NSE Emerge.

Post the successful completion of the IPO, the company will be listed on NSE Emerge, a platform for small and medium enterprises (SMEs).

The gas aggregator plans to use the proceeds from the issue primarily towards meeting the working capital requirements for sourcing natural gas, RLNG (regasified liquefied natural gas), and importing LNG (liquefied natural gas) cargoes.

Matrix Gas & Renewables Limited is backed by Anmol Singh Jaggi, founder of Gensol Engineering Ltd.

In the fiscal year 2022-23, Matrix Gas  registered a turnover of 490 crore, resulting in a net profit after taxes of 32 crore.

Earlier this month, the company raised funds from institutional investors, including BharatPe founder Ashneer Grover, Gunavanth Vaid of 4Gcapital venture, Chhattisgarh Investments Group, and Singhvi Heritage LLP, in a pre-IPO round.

The IPO will be subject to regulatory approvals, market conditions, and other considerations.

The company provides efficient and reliable gas supply chain solutions. 

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Published: 17 Jul 2023, 08:28 PM IST
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