National, July 17, 2023: 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 Gas & Renewables Limited 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. The company is backed by 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.
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.
Matrix Gas has a proven track record in the gas aggregation business, having successfully managed gas volumes of more than 85 mmscm (million standard cubic meters) upto March 31, 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.
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.