Matrix Geo Solutions IPO
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Schedule of Matrix Geo Solutions
| Issue open date | 23 Sep 2025 |
| Issue close date | 25 Sep 2025 |
| UPI mandate deadline | 25 Sep 2025 (5 PM) |
| Allotment finalization | 26 Sep 2025 |
| Refund initiation | 29 Sep 2025 |
| Share credit | 29 Sep 2025 |
| Listing date | 30 Sep 2025 |
| Mandate end date | 10 Oct 2025 |
| Lock-in end date for anchor investors (50%) | 26 Oct 2025 |
| Lock-in end date for anchor investors (remaining) | 25 Dec 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Matrix Geo Solutions
Matrix Geo Solutions is a comprehensive geospatial and consulting services provider established in 2008, specialising in Drone-as-a-Service (DaaS) and Geospatial & Remote Sensing Services. The company offers high-resolution drone-based aerial surveys, mapping, surveillance, and infrastructure inspection services. Through advanced technologies like LiDAR, satellite imagery, and drone surveys, it provides actionable insights for Railways, Roadways, Water, Irrigation, Renewable Energy, Agriculture, Mining, and Urban & Rural Planning projects. The company operates as a DGCA-authorised Remote Pilot Training Organisation (RPTO) through its “Drone Academy of India” and has certified 30 drone pilots as of January 2025, serving clients across multiple sectors with 97 permanent employees.
Financials of Matrix Geo Solutions
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹ 40.20 crores |
| Fresh Issue | ₹ 40.20 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Purchase of new drones | 6.47 (16.09%) |
| Purchase of survey equipment and technologies | 8.02 (20%) |
| Capital expenditure | 2.72 (6.76%) |
| Working capital requirements | 15.50 (38.55%) |
| General corporate purposes | (18.6%) |
Strengths
- DGCA-authorised Remote Pilot Training Organisation with certified training programs
- Comprehensive service portfolio from drone surveys to geospatial consulting and training
- Advanced technology stack including LiDAR, satellite imagery and drone-based solutions
- Strong financial performance with consistent revenue growth and improving profitability margins
Risks
- High dependence on limited number of customers with top 10 customers contributing 83.79% of revenue
- Drone operations suspended during monsoon seasons impacting revenue generation capabilities
- Heavy reliance on third-party suppliers with top 5 suppliers contributing 89.99% of purchase
- Highly regulated business requiring compliance with DGCA and other regulatory requirements
Allotment Status for Matrix Geo Solutions
To check your allotment status – click here.
Subscription Figures for Matrix Geo Solutions
As per media reports (Link), the Grey Market Premium (GMP) of Matrix Geo Solutions is reported at ₹13 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 5:00 PM on September 23, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 7.30 | 0 | 0.00x |
| NII | 5.50 | 0.81 | 0.15x |
| Retail | 12.79 | 4.75 | 0.37x |
| Total | 25.60 | 5.56 | 0.22x |