Grey market signals
According to market observers, the IPO is quoting a grey market premium (GMP) of 16% over the upper end of the price band, indicating positive listing expectations.
IPO structure
The issue comprises 38.65 lakh equity shares, of which 18.2 lakh shares are reserved for qualified institutional buyers (QIBs), 5.5 lakh shares for non-institutional investors (NIIs), and 12.8 lakh shares for retail investors. The company raised Rs 11.34 crore from anchor investors on September 22.
Business profile
Matrix Geo Solutions is a geospatial consultancy specializing in advanced survey technologies, including photogrammetry, LiDAR, GIS, and remote sensing.
The company has executed more than 1,500 projects across 27 states in India. Its portfolio includes high-profile assignments such as the Ahmedabad–Mumbai bullet train, Pune–Mumbai Hyperloop feasibility, and drone-based pipeline monitoring.
Financials
Revenue surged 61% year-on-year to Rs 22.2 crore in FY25, compared to Rs 13.8 crore in FY24. Profit after tax rose 75% to Rs 5.9 crore in FY25, up from Rs 3.4 crore a year earlier.
Use of proceeds
The company plans to deploy Rs 6.5 crore for new drones, Rs 8 crore for survey equipment and technologies, Rs 2.7 crore for capital expenditure, and Rs 15.5 crore for working capital needs. The rest will be used for general corporate purposes.
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