Gas aggregator Matrix Gas and Renewables Ltd has filed draft papers to raise funds through an initial public offering (IPO).
Post the successful completion of the IPO, the company will be listed on NSE Emerge, a platform for small and medium enterprises (SMEs).
The IPO comprises fresh issue of 56 lakh equity shares with no offer-for sale (OFS) component, according to the draft red herring prospectus (DRHP) filed on Saturday with NSE Emerge.
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 (liquefied natural gas) cargoes.
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 a pre-IPO round.
Matrix Gas is engaged in the business of Natural Gas Aggregation -- sourcing & marketing of natural gas. In the fiscal year 2022-2023, the company achieved a turnover of Rs 490 crore and a net profit after tax of Rs 32 crore.