Matrix Geo Solutions IPO Subscribed 0.39 Times on Day 2 (Midday) as Retail Participation Leads Early Response

Mumbai, 24 September 2025: The initial public offering (IPO) of Matrix Geo Solutions Ltd, which opened on 23 September and closes on 25 September, has recorded a subscription of 0.39 times as of 1:34 PM on Day 2. Early bidding shows retail investors taking the lead, while participation from non-institutional and qualified institutional investors remains limited.

Matrix Geo Solutions Ltd, headquartered in New Delhi, operates in the geospatial and surveying solutions sector, providing services to clients across infrastructure, urban planning, and environmental monitoring domains. Matrix Geo Solutions IPO is intended to raise up to ₹40 crore at the upper price band of ₹104 per share, aiming to support business expansion and strengthen service capabilities.

Matrix Geo Solutions IPO Retail Segment Registers 0.76x Subscription, Driving Early Momentum

Individual investors have shown the highest activity in the IPO, with 12,79,200 shares offered and 9,74,400 shares bid for, amounting to 0.76 times subscription. The total application count in the retail segment stands at 406, reflecting a moderate response as investors assessed the price range of ₹98–₹104 per share. This early traction in the retail segment underscores interest in the IPO within the individual investor community, while other categories have yet to match this level of engagement.

Non-Institutional Investors Lag With 0.05x Subscription Amid Limited Bidding

Non-institutional investors (NII) have shown limited engagement, subscribing to 0.05 times of the 5,50,800 shares offered, with only 28,800 shares bid for across 46 applications. The breakdown indicates that bids above ₹10 lakh accounted for 1,08,000 shares (0.29x), whereas bids below ₹10 lakh amounted to 1,34,400 shares (0.73x). The subdued participation in the NII segment contrasts with the retail response, suggesting that institutional appetite may develop only as the final day approaches.

Matrix Geo Solutions IPO is Qualified Institutional Buyers Yet to Participate, Anchor Allocation Fully Subscribed

The qualified institutional buyers (QIB) category, excluding anchor investors, has not recorded any bids as of the latest update, leaving the 7,30,800 shares in this segment unsubscribed. However, the anchor investor portion of the IPO saw complete allocation, with 10,90,800 shares fully subscribed at ₹104 per share, generating ₹11.34 crore in anchor allocations. Market makers also received full allocation, with 2,13,600 shares subscribed, corresponding to ₹2.22 crore.

Early retail uptake in the Matrix Geo Solutions IPO highlights a preference for smaller-lot participation, while limited engagement from non-institutional and institutional categories may influence subscription dynamics in the final day. Investors tracking the IPO can observe participation trends across segments as the issue progresses.

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