Matrix Geo Solutions IPO Opens Today: Key Details, Financials, Anchor Allocation, Strengths and Risks

New Delhi, September 23, 2025 – Matrix Geo Solutions Ltd has launched its first Initial Public Offering (IPO) for subscription today. SME IPO is open from 23–25 September 2025 and will list on 30 September 2025 on NSE Emerge.

Established in 2008, Matrix Geo Solutions conducts drone-based geospatial surveys, mapping, surveillance, and advisory services. Matrix also operates the Drone Academy of India, a Remote Pilot Training Organisation that the DGCA has approved. As of March 2025, it had 97 employees, 20 drones, and 34 survey solutions owned.

Key Details of the IPO

Matrix Geo Solutions IPO has been priced in the range of ₹98 to ₹104 per share, and the total issue size is ₹40 crore. Investors can bid in lots of 1,200 shares for ₹1,24,800 at the upper price band. The issue also includes a fresh issue of 38,65,200 shares, and a market maker portion of 2,13,600 shares, bringing the post-issue equity to 1,45,81,832 shares.

Anchor Investor Allocation

On 22nd September, 2025, Matrix Geo Solutions Limited reserved 10,90,800 shares to anchor investors at the higher price band of ₹104 per share, raising approximately ₹11.34 crore.

The allotment to the anchor investors was as follows:

• Aarth AIF Growth Fund: 3,38,400 shares (31.02% of anchor portion)
• Shine Star Build Cap Pvt Ltd: 2,40,000 shares (22.00%)
• Saint Capital Fund: 1,23,600 shares (11.33%)
• Holani Venture Capital Fund-I: 97,200 shares (8.91%)
• J4S Venture Fund-I: 97,200 shares (8.91%)
• Meru Investment Fund PCC – Cell 1: 97,200 shares (8.91%)
• Nexus Equity Growth Fund – SCH-1: 97,200 shares (8.91%)

Successful allotment of anchor reflects robust institutional confidence in the company before its initial public offering.

Financial Performance (Restated)

Matrix Geo Solutions Limited has presented healthy financials in the last three years, showing consistent revenue and profitability growth. The revenue of the company from operations improved from ₹665.98 lakh in FY23 to ₹2,209.42 lakh in FY25, whereas the profit after tax (PAT) went up from ₹109.20 lakh to ₹586.02 lakh in the same duration.

Company net worth grew substantially to ₹2,190.86 lakh in FY25, underpinned by a growth in earnings per share (EPS) from ₹1.09 in FY23 to ₹5.65 in FY25. Borrowings remained relatively stable, shifting marginally from ₹163.98 lakh in FY23 to ₹168.12 lakh in FY25, reflecting a judicious use of leverage. Such financials reflect Matrix Geo Solutions’ strong growth path going into its future IPO. The company has shown robust growth with a CAGR of 87% revenue and more than 436% increase in PAT during the previous three years.

Key Strengths (from RHP)

• Specialised Service Offering: Strong leadership position in Drone-as-a-Service (DaaS) and Geospatial & Remote Sensing Services.
• Diverse Client Base: Cross-industry clients including Railways, Roadways, Irrigation, Renewable Energy, Mining, Agriculture, and Urban Planning.
• Technology Focus: Utilises cutting-edge LiDAR, GIS, 3D mapping, photogrammetry, and RPTO-certified training programs.
• High Growth Sector: International geospatial market expected to expand from USD 626 bn in 2024 to USD 2,155 bn by 2034.
• DGCA-Approved Drone School: Trained 30 drone pilots through Jan 2025, providing a training revenue stream.

Key Risks (from RHP)

• Concentration of Revenue: Exclusive reliance on Drone-as-a-Service (71.5% of FY25 revenues).
• Dependence on Clients: The five largest clients accounted for 59.4% of FY25 revenues.
• Regulatory Vulnerability: Training business under the control of DGCA licensing and regulation.
• Seasonality: Drone operations under monsoon restrictions affect year-round utilisation.
• Working Capital Intensive: High receivables days of government clients, necessitating large working capital.
• Legal & Compliance Risks: Earlier delays in GST/TDS returns; small pending litigations.

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