NSE SME IPO of Matrix Geo Solutions subscribed 20%

The initial public offer (IPO) of Matrix Geo Solutions received bids for 5,54,400 shares as against 27,74,400 shares on offer, as per NSE data as of 17:00 hours on Tuesday (23 September 2025). The issue was subscribed 0.20 times.

The issue opened for bidding on Tuesday (23 September 2025) and it will close on Thursday (25 September 2025). The price band of the IPO is fixed between Rs 98 to 104 per share. The minimum order quantity is 1,200 equity shares. The equity shares will list on NSE's SME platform.

The IPO comprises fresh issue of 43,40,000 equity shares. The promoter and promoter shareholding will dilute to 67.26% from 91.52% Pre-IPO.

About 2,13,600 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 36,51,600 equity shares. The issue and the net issue will constitute 26.51% and 25.04% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds for purchase of new drones, purchase of survey equipment and technologies, capital expenditure, funding the working capital requirement and for general corporate purposes.

Ahead of the IPO, Matrix Geo Solutions on Monday, 22 September 2025, raised Rs 11.34 crore from anchor investors. The board allotted 10.90 lakh shares at Rs 104 per share to 7 anchor investor.

Matrix Geo Solutions is a consultancy specializing in advanced survey technologies like photogrammetry, LiDAR, GIS, and remote sensing using drones and satellites. Their services support sectors such as railways, roads, irrigation, mining, and power. With over 1,500 projects completed across 27 Indian states, the company has worked in varied terrains'from the Himalayas to urban areas. Key projects include India's first bullet train between Ahmedabad and Mumbai, the Pune-Mumbai Hyperloop, and drone-based pipeline monitoring. Their clients include government agencies, public sector units, and private firms like Indian Railways, NHAI, NTPC, GAIL, L&T ECC, Adani Group, and Tata Projects.

Matrix Geo Solutions offers photogrammetry, LiDAR, GIS/remote sensing, application development, topographical surveys, and engineering services, with expertise in mining, water planning, satellite and aerial surveys, feasibility studies, and flood analysis. As of 31 July 2025, the company had a total of 100 employees on payroll and 1 employee on a contract basis.

The company recorded revenue from operations of Rs 22.09 crore and net profit of Rs 5.86 crore for the period ended 31 March 2025.

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