India’s Matrix Gas & Renewables aims to raise up to $143 million in IPO
India’s Matrix Gas & Renewables plans to raise 10-12 billion rupees ($119-$143 million) through an IPO next year to fund its green hydrogen projects, according to CEO Chirag Kotecha. A subsidiary of Gensol Group, Matrix aims to develop 1,000 megawatts of green hydrogen projects within three years, with a total capital expenditure of 35 billion rupees.
(Reuters) – India’s Matrix Gas & Renewables aims to raise 10 billion to 12 billion rupees ($119-$143 million) via initial public offering as the company looks to take advantage of the country’s hot IPO market to fund its green hydrogen projects, CEO Chirag Kotecha said on Thursday.
Matrix Gas & Renewables, which is a unit of Gensol Group, plans to file for its IPO next year, Kotecha told Reuters on the sidelines of the Renewable Energy India Expo.
Indian companies have been rushing to go public amid a red-hot equity market that has hit multiple record highs in recent months. Nearly 250 companies have raised more than $9 billion this year as of September end, already exceeding the amount raised in the entire 2023.
Matrix Gas is targeting to develop 1,000 megawatts of green hydrogen projects in the next three years, Kotecha said.
The company plans a capital expenditure of 35 billion rupees which it aims to raise via a mix of 70% debt and 30% equity in multiple tranches.
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