Matrix Gas & Renewables IPO Plan Matrix Gas & Renewables, a subsidiary of Gensol Group, is preparing to file for an initial public offering (IPO) in 2025, aiming to raise up to Rs 12 billion.
The company intends to leverage the thriving IPO market to finance its green hydrogen initiatives. Over the next three years, the company plans to develop 1,000 MW of green hydrogen projects, requiring a capital expenditure of Rs 35 billion. This investment will be funded through a combination of 70 percent debt and 30 percent equity, spread across several tranches.
In September 2024, a consortium of Gensol Engineering Limited and Matrix Gas and Renewables Limited was selected to create a green hydrogen valley in Pune, Maharashtra. Additionally, the company secured a contract for India’s inaugural bio-hydrogen project, demonstrating its commitment to innovative energy solutions.
In February 2024, Gensol Engineering successfully gathered Rs 9 billion in equity capital via convertible warrants issued preferentially, involving both global and domestic investors. This capital boost reflects strong investor confidence and supports the company’s expansion plans.
