Matrix Gas and Renewables Limited, one of the fastest growing gas aggregator in India, announced the successful completion of its Pre-IPO fundraising through preferential allotment held on July 06, 2023. In this round, the company has raised funds  from renowned investors such as Mr. Ashneer Grover, Mr. Gunavanth Vaid, Chhattisgarh Investments Group, and Singhvi Heritage LLP amongst others. The Company sets the stage for its upcoming initial public offering (IPO) of upto 56,00,000 equity shares.

Matrix Overview and IPO Plans

Matrix Gas & Renewables Limited is strategically positioned. It aims to contribute significantly to India’s growing energy demand. It does so by providing a reliable and competitively priced supply of natural gas. The natural gas comes from diverse sources. Mr. Anmol Singh Jaggi, founder of Gensol Engineering Ltd., specializing in solar engineering, procurement, and construction (EPC) and operation & maintenance (O&M) services, as well as BluSmart, India’s pioneering EV ride-hailing service and EV charging superhub infrastructure operator, backs the company.

Matrix IPO Proposal and Financial Performance

The company filed DRHP with EMERGE Platform of NSE EMERGE on July 15, 2023. The purpose is to raise funds through an IPO. The net proceeds from the fresh issue will be utilized for specific goals. The main focus is meeting the working capital requirements. The company intends to source natural gas, rLNG (regasified liquefied natural gas), and import LNG cargoes.

Matrix Gas has a strong track record. They manage over 85 mmscm of gas up to March 31, 2023. The company offers gas supply chain solutions to customers in several Indian states: Gujarat, Maharashtra, Rajasthan, Haryana, Punjab, Himachal Pradesh, Uttarakhand, and Uttar Pradesh. Their solutions are efficient and reliable.

Matrix has registered an impressive financial growth over the years. In the fiscal year 2022-2023, the company achieved a turnover of INR 490 Crores. Resulting in a net profit after taxes of INR 32 Crores. This strong financial performance reflects Matrix Gas’s commitment to operational excellence and customer satisfaction.

Anmol Singh Jaggi, Chairman and Managing Director, Matrix Gas and Renewables Limited and Chirag Kotecha, Whole-time Director, Matrix Gas and Renewables Limited have a combined experience of over 33 years in the Renewable Energy and Gas Industry.

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

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