Matrix Gas scraps IPO plan, raises fresh funding of Rs 300 crore

In July 2023, natural gas aggregation and renewable energy company Matrix Gas and Renewables Limited filed its draft red herring prospectus (DRHP)—a precursor to going public.

The listing would have been especially significant for Matrix co-founders Anmol and Puneet Singh Jaggi, as it would be their second time taking a company public. Previously, the Jaggi brothers, who are better known for their electric cab company BluSmart, had taken Gensol Engineering public on the SME bourses in 2019. 

A holding company for their EV leasing, manufacturing, and solar businesses, Gensol took the better part of eight years before the Jaggis deemed it ready for the public markets. In contrast, Matrix is only around four years old. However, given the wild success of its sibling’s IPO—Gensol has seen its share price rise from just Rs 59 in December 2021 to just shy of Rs 1,000 today—big things were expected from Matrix’s listing.

The plan was to raise nearly Rs 75-80 crore from public market investors via a fresh issue of 5.6 million shares on the SME exchange, NSE Emerge. The proceeds were meant to fund Matrix’s existing working capital requirements for its growing energy business. Despite raising a $1 million pre-IPO round last June, however, The CapTable has exclusively learned that Matrix has scrapped its plans to go public altogether. This was confirmed by company promoter and MD Anmol Jaggi over the course of a phone call late last month.