Matrix Geo IPO Opens: Rs 40 Cr Share Sale

New Delhi, Sep 22 (PTI) Matrix Geo Solutions, a drone-based geospatial & engineering consultancy company, on Monday said it has fixed a price band of Rs 98-104 per share for its Rs 40 crore IPO.

The company's maiden share sale will open for subscription on September 23 and conclude on September 25.

The SME initial public offering (IPO) is entirely a fresh issue of 38.65 lakh equity shares.

"The price band for the issue is Rs 98-104, and the minimum lot size is 1,200 shares per lot with a minimum bid of 2,400 shares," the company said.

At the upper end, the company will raise Rs 40.19 crore through the public issue.

Established in 2008, Matrix Geo Solutions is a consultancy firm specializing in advanced survey technologies, such as photogrammetry, LiDAR, GIS, and remote sensing using drones and satellite imagery.

These technologies serve the railways, roads, irrigation, mining, and power sectors.

The company provides geospatial insights that enable smarter decision-making and sustainable development across industries.

Proceeds from the issue will be utilised towards the purchase of new drones, acquisition of survey equipment and advanced technologies, funding the capital expenditure requirements of the company, and meeting its working capital needs.

The balance will be utilised for general corporate purposes, the company said.

"The funds raised will allow us to enhance our technological capabilities and strengthen our leadership in the geospatial sector," Rahul Jain, Managing Director of Matrix Geo said.

The company reported total income of Rs 22.19 crore for the fiscal ended March 31, 2025, against Rs 13.77 crore in FY 2023-24. Profit after tax stood at Rs 5.86 crore against Rs 3.35 crore in FY24.

The company shares are proposed to be listed on the NSE's SME platform.

Narnolia Financial Services is the sole book running lead manager while Nexgen Financial Solutions is the registrar for the IPO.