India's Matrix Gas & Renewables raises USD 42m ahead of IPO

Matrix Gas and Renewables Ltd, an Indian company engaged in the natural gas and green hydrogen sectors, said on Tuesday that it successfully raised INR 3.5 billion (USD 42.3m/EUR 38.9m) in a capital hike that precedes a planned initial public offering (IPO).

The company, which is promoted by the founders of the Gensol Group, intends to use the money to expand the market share of its gas aggregation business, acquire City Gas Distribution (CGD) assets, and finance its ongoing capital expenditure plan.

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In addition, Matrix plans to expedite the construction and commissioning of green hydrogen production facilities on an Engineering, Procurement and Construction (EPC) and Build-Own-Operate (BOO) basis. It also intends to build an electrolyser factory in consortium with Gensol Engineering Ltd.

"This fundraising is not just for business acceleration but also for strengthening our commitment, to contribute significantly to meet India's growing energy needs for natural gas as the transition fuel and hydrogen as the upcoming fuel. As a part of our growth strategy, the company will make substantial investments in new initiatives, and the infusion of equity will help us to accelerate our plans,” commented Anmol Singh Jaggi, Matrix’s chairman and managing director.

The pre-IPO round attracted participation from key investors such as Gunavanth Vaid of 4GCapital Venture, Sarda Group, Sunil Kumar Singhvi of Singhvi Heritage LLP, Blue Lotus Fund, NAV Capital Emerging Fund and Matrix’s promoters.

(INR 10 = USD 0.121/EUR 0.111)