matrix gas ipo: Matrix Gas files draft papers with NSE Emerge for IPO

Gas aggregator Matrix Gas and Renewables has filed draft papers with NSE Emerge to raise funds through an IPO.

The company has also completed its pre-IPO fundraising through preferential allotment, which saw participation from renowned investors including Ashneer Grover, Gunavanth Vaid of Chhattisgarh Investments Group, and Singhvi Heritage LLP among others.

The IPO comprises fresh equity issues of up to 56 lakh equity shares.

The company said that it is strategically positioned to contribute significantly to India’s growing energy demand by providing a reliable and competitively priced supply of natural gas from diverse sources.

It is backed by Gensol Engineering’s Anmol Singh Jaggi as well as BluSmart.

The company proposes to utilise the net proceeds from the fresh issue towards meeting the working capital requirements for sourcing natural gas, rLNG (regasified liquefied natural gas), and importing LNG cargoes.

Matrix Gas has a proven track record in the gas aggregation business, having successfully managed gas volumes of more than 85 mscm (million standard cubic meters) up to March 2023.The company has provided efficient and reliable gas supply chain solutions to customers across Gujarat, Maharashtra, Rajasthan, Haryana, Punjab, Himachal Pradesh, Uttarakhand and Uttar Pradesh.

In FY23, the company achieved a turnover of Rs 490 crore, resulting in a net profit after tax of Rs 32 crore. The IPO will be subject to regulatory approvals, market conditions, and other considerations.

Beeline Capital Advisors is acting as the book-running lead manager to the issue, while Link Intime India is the registrar.

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