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Matrix Gas and Renewables Ltd has announced the completion of its pre-IPO fundraising through preferential allotment held on July 06, 2023. It has also 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.
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 the pre-IPO round.
The company has filed Draft Red Herring Prospectus (DRHP) with EMERGE Platform of National Stock Exchange of India Limited (NSE EMERGE) on July 15, 2023 proposing to raise funds through Initial Public Offering (IPO). The company proposes to utilize the net proceeds from the fresh issue primarily towards meeting the working capital requirements for sourcing natural gas, rLNG (regasified liquefied natural gas), and importing LNG cargoes.
The IPO will be subject to regulatory approvals, market conditions, and other considerations.
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.
In the fiscal year 2022-23, Matrix Gas has reportedly registered a turnover of INR 490 crore, resulting in a net profit after taxes of INR 32 crore.
Beeline Capital Advisors is acting as the book-running lead manager to the issue, while Link Intime India is the registrar.