India's Matrix Gas & Renewables aims to raise up to $143 mln in IPO (updated)

Gensol Engineering

03/10/2024 14:37

(Adds fund raise details throughout, IPO background in
paragraph 3)
    By Sethuraman N R
       Oct 3 (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.

 (Reporting by Sethuraman NR in New Delhi and Nishit Navin in
Bengaluru; Editing by Sonia Cheema and Vijay Kishore)
 ((ashish.chandra@thomsonreuters.com; +91 7982114624;))