Matrix Gas & Renewables, India's Matrix Gas & Renewables, aims to raise $143 mln through an IPO

Chirag Kotecha, the CEO of India's Matrix Gas & Renewables, said that the company aims to raise between 10 and 12 billion rupees (119-143 million dollars) through an initial public offering to fund green hydrogen projects.

Kotecha, who spoke at the Renewable Energy India Expo, said that Matrix Gas & Renewables (a unit of Gensol Group) plans to go public next year.

Indian companies are rushing to become public in the face of a booming equity market, which has seen multiple records set in recent months. As of September 30, nearly 250 companies had raised more than $9 Billion this year, which is already higher than the total amount raised by 2023.

Kotecha stated that Matrix Gas aims to develop 1,000 Megawatts of green hydrogen projects within the next three-year period.

The company is planning a capital outlay of 35 billion rupees, which it hopes to fund via a mixture of debt and equity in multiple tranches. Reporting by Sethuraman NR from New Delhi, and Nishit N in Bengaluru. Editing by Sonia Cheema & Vijay Kishore

(source: Reuters)