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


Gaurav Tyagi

29 reads

Gaurav Tyagi

29 reads

The latest success story from the stable of Anmol and Puneet Singh Jaggi, Matrix Gas was all to go public on the SME bourses. However, the company’s business has exploded over the past year, causing it to scrap its listing plans and tap the private markets instead.

March 05, 2024


Key Takeaways

  • Matrix Gas filed for an SME IPO in July 2023 to raise $10 million but has now scrapped those plans
  • Instead, the company has fulfilled its capital requirements by securing a total funding of $48 million in what started out as a pre-IPO fundraise
  • Its popularity with private market investors stems from its successful pivot to gas aggregation in 2021, which saw a surge in the company’s revenues
  • Expected to clock revenues of Rs 800 crore In FY24, it is also entering the green hydrogen space with a little help from its sibling, Gensol Engineering

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.

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