Matrix Gas and Renewables Ltd., a gas aggregator in India, has filed a Draft Red Herring Prospectus (DRHP) with the EMERGE Platform of the National Stock Exchange of India Ltd to raise funds through an Initial Public Offering (IPO). The company intends to use the proceeds for working capital requirements.
Mumbai: Matrix Gas and Renewables Ltd., a gas aggregator operating in India, has officially filed its Draft Red Herring Prospectus (DRHP) with the EMERGE Platform of the National Stock Exchange of India Ltd (NSE) for an upcoming Initial Public Offering (IPO). This move follows a round of fundraising through preferential allotment.
The company plans to utilize the net proceeds generated from the fresh issue of shares primarily to meet its working capital needs. These funds will specifically support the sourcing of natural gas, regasified liquefied natural gas (rLNG), and the import of LNG cargoes.
The IPO represents a significant step for Matrix Gas and Renewables as it seeks to expand its operations and capitalize on the growing demand for natural gas in India. The EMERGE platform of the NSE is designed to facilitate the listing of small and medium-sized enterprises (SMEs), providing them with access to capital markets.
