Ahmedabad-based Matrix Gas and Renewables Limited – a leading gas aggregator in India – has successfully concluded its pre-IPO fundraising campaign. The company has also filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge platform. According to the draft papers, Matrix Gas IPO aims to issue up to 5,600,000 equity shares.
On 6 July 2023, the company conducted a preferential allotment, raising substantial funds from renowned investors including Mr. Ashneer Grover, Mr. Gunavanth Vaid, Chhattisgarh Investments Group, and Singhvi Heritage LLP. Taking the pre-IPO allotment price of INR 132 per share as a base, Matrix Gas IPO is likely to raise at least INR 73.92 crore.
Matrix Gas & Renewables’ Contribution to India’s Energy Demand
Matrix Gas & Renewables is strategically positioned to address India’s growing energy demand by providing a reliable and competitively priced supply of natural gas from diverse sources. The company enjoys the support of Mr. Anmol Singh Jaggi, the founder of Gensol Engineering Ltd., a prominent firm specializing in solar engineering, procurement, construction (EPC), and operation & maintenance (O&M) services. Additionally, Matrix Gas benefits from its association with BluSmart, India’s pioneering EV ride-hailing service and EV charging superhub infrastructure operator.
Matrix Gas sources natural gas on a medium to long term basis by providing reliable and efficient solutions to Indian downstream customers. This is being achieved by providing flexibility to customers by addressing their requirements for natural gas ranging from daily, weekly, fortnightly, monthly to yearly and beyond supply terms, flexibility in take or pay and credit support requirement.
It distributes natural gas through mainly common carrier pipeline networks operated by GAIL India Ltd. (GAIL), Gujarat State Petronet Ltd., (GSPL), GSPL India Gasnet Ltd. (GIGL), Pipeline Infrastructure Ltd. (PIL) and Reliance Gas Pipelines Ltd. (RGPL). It has developed Gas aggregation business with volumes of more than 85 mmscm till 31 March 2023.
Matrix Gas IPO – DRHP Filed with NSE EMERGE Platform
Matrix Gas has also filed its DRHP with the EMERGE Platform of the National Stock Exchange of India Limited (NSE EMERGE). The filing marks a significant step towards the company’s objective of raising funds through an IPO. The primary purpose of the upcoming IPO is to generate capital for meeting the working capital requirements of sourcing natural gas, rLNG (regasified liquefied natural gas), and importing LNG cargoes.
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Matrix Gas’s Impressive Track Record in Gas Aggregation
Matrix Gas has a remarkable track record in the gas aggregation business, successfully managing gas volumes exceeding 85 million standard cubic meters (mmscm) as of March 31, 2023. The company has consistently delivered efficient and reliable gas supply chain solutions to customers across various states, including Gujarat, Maharashtra, Rajasthan, Haryana, Punjab, Himachal Pradesh, Uttarakhand, and Uttar Pradesh.
Strong Financial Performance Reflecting Operational Excellence
Over the years, Matrix Gas has demonstrated impressive financial growth. In the fiscal year 2022-2023, the company achieved a turnover of INR 490 Crores, resulting in a net profit of INR 32 Crores after taxes. This outstanding financial performance underscores Matrix Gas’s unwavering commitment to operational excellence and customer satisfaction.
Experienced Leadership to Pave Way for Matrix Gas IPO
Matrix Gas and Renewables Limited is led by industry veterans with a combined experience of over 33 years in the Renewable Energy and Gas Industry. Anmol Singh Jaggi, Chairman and Managing Director, along with Chirag Kotecha, Whole-time Director, bring their expertise and insights to propel the company towards greater success. This rich experience is likely to be helpful in Matrix Gas IPO.
Matrix Gas IPO – Conclusion
Matrix Gas IPO is subject to regulatory approvals, market conditions, and other relevant considerations. As Matrix Gas concludes its Pre-IPO fundraising and files the DRHP, it positions itself as a frontrunner in India’s gas industry, poised to make significant contributions to the nation’s energy landscape.
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