Matrix Gas & Renewables, a subsidiary of Gensol Group, is preparing to raise Rs 10-12 billion ($119-$143 million) through an initial public offering (IPO) next year, according to CEO Chirag Kotecha. The funds will support the company’s ambitious plans to develop 1,000 MW of green hydrogen projects over the next three years.
With India’s equity market seeing a surge in IPOs, Matrix Gas aims to capitalize on favourable market conditions. The company plans to allocate Rs 35 billion for capital expenditure, funded through a mix of 70% debt and 30% equity, raised in multiple tranches.