Matrix Gas & Renewables Limited, one of the fastest growing gas aggregators in India, has announced the successful completion of its pre-IPO fund raising through preferential allotment held on July 06, 2023.
In this round, the company raised funds from prominent investors such as Mr. Ashneer Grover, Mr. Gunwant Vaid, Chhattisgarh Investments Group and Singhvi Heritage LLP. The company is all set for its upcoming IPO of 56,00,000 equity shares.
Matrix Gas & Renewables Limited is strategically positioned to contribute significantly to India’s growing energy demand by providing reliable and competitively priced supply of natural gas from various sources. The company is backed by Mr. Anmol Singh Jaggi, founder of Gensol Engineering Limited, Solar Engineering, Jain specializing in procurement and construction (EPC) and operation and maintenance (O&M) services and BlueSmart, India’s leading EV ride-hailing service and EV charging superhub infrastructure operator with expertise.
The company has filed a draft red herring prospectus (DRHP) on the Emerge platform of the National Stock Exchange of India Limited (NSE Emerge) on July 15, 2023, proposing to raise funds through an IPO. The company will use the net proceeds from the fresh issue mainly to meet working capital requirements for imports of natural gas, RLNG (regasified liquefied natural gas) and LNG cargoes.
Matrix Gas has a proven track record in the gas aggregation business, having successfully managed gas volumes in excess of 85 mmscm (million standard cubic meters) till 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 recorded impressive financial growth over the years. In the financial year 2022-2023, the company will invest Rs. 490 crores turnover, resulting in Rs. 32 crores net profit was made. This strong financial performance reflects Matrix Gas’ commitment to operational excellence and customer satisfaction.
Anmol Singh Jaggi, Chairman and Managing Director, Matrix Gas & Renewables Limited and Chirag Kotecha, Whole Time Director, Matrix Gas & Renewables Limited, have a combined experience of over 33 years in the renewable energy and gas industry.