India’s SME IPO market continues to attract investor interest, with niche companies leveraging capital markets for growth. Matrix Geo Solutions Ltd, a geospatial technology and survey solutions company, is opening its IPO on September 23, 2025, offering investors a chance to participate in a fast-growing technology-driven business catering to infrastructure, mining, and water resource sectors.
About Matrix Geo Solutions Ltd.
Established in 2008, Matrix Geo Solutions Limited specialises in advanced survey technologies, including photogrammetry, LiDAR, GIS, and remote sensing using drones and satellite imagery. Its services are used across railways, roads, irrigation, mining, and power sectors.
The company has completed over 1,500 projects across 27 Indian states, including high-profile projects such as the Ahmedabad-Mumbai bullet train, Pune-Mumbai Hyperloop, and innovative drone-based pipeline monitoring.
Clients: Government agencies, public sector organisations, and private enterprises such as Indian Railways, NHAI, NTPC, GAIL, L&T ECC, Adani Group, and Tata Projects.
Key Services:
- Geospatial & GIS Services: Remote sensing, spatial data analysis, urban planning support
- LiDAR Mapping & 3D Modelling: High-resolution mapping and terrain modelling
- Photogrammetry & Aerial Surveying: DEM, DTM, orthophoto generation via drones, aerial, and satellite imagery
- Engineering & Infrastructure Development: Feasibility studies, topographical surveys, and project planning
- Mining & Natural Resource Management: Geological mapping, mineral exploration, environmental impact assessments
- Water Resource & Environmental Studies: Watershed management, flood risk analysis, water distribution planning
- Software & Application Development: Customised GIS applications integrating AI and big data analytics
Employees: 100 permanent employees as of July 31, 2025
Competitive Strengths:
- End-to-end in-house technology solutions
- Strong client relationships and repeat business
- Experienced and qualified management team
Matrix Geo Solutions IPO Details
The Matrix Geo Solutions IPO is a book-building issue of ₹40.20 crore, entirely a fresh issue of 0.39 crore shares. The IPO will list on NSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 23, 2025 |
| IPO Close Date | Sep 25, 2025 |
| Tentative Allotment | Sep 26, 2025 |
| Initiation of Refunds | Sep 29, 2025 |
| Credit of Shares to Demat | Sep 29, 2025 |
| Tentative Listing Date | Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 25, 2025 |
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Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹98 – ₹104 per share |
| Lot Size | 1,200 shares |
| Total Issue Size | 38,65,200 shares (₹40.20 Cr) |
| Reserved for Market Maker | 2,13,600 shares (₹2.22 Cr) |
| Net Offered to Public | 36,51,600 shares (₹37.98 Cr) |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 1,07,16,632 shares |
| Shareholding Post-Issue | 1,45,81,832 shares |
Investor Category Reservation:
| Category | Shares Offered |
| Market Maker | 2,13,600 (5.53%) |
| QIB | 18,21,600 (47.13%) |
| NII (HNI) | 5,50,800 (14.25%) |
| Retail | 12,79,200 (33.10%) |
| Total | 38,65,200 (100%) |
Anchor Investors Details:
| Bid Date | Shares Offered | Anchor Portion (₹ Cr) | Lock-in 50% | Lock-in Remaining |
| Sep 22, 2025 | 10,90,800 | 11.34 | Oct 26, 2025 | Dec 25, 2025 |
Book Running Lead Manager: Narnolia Financial Services Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Market Maker: Prabhat Financial Services Ltd.
Matrix Geo Solutions IPO Lot Size
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares.
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,400 | ₹2,49,600 |
| Retail (Max) | 2 | 2,400 | ₹2,49,600 |
| S-HNI (Min) | 3 | 3,600 | ₹3,74,400 |
| S-HNI (Max) | 8 | 9,600 | ₹9,98,400 |
| B-HNI (Min) | 9 | 10,800 | ₹11,23,200 |
Promoter Holding:
- Promoters: Rahul Jain, Amit Sharma, Meenal Jain, Harshada Kulkarni
- Pre-IPO: 91.52%
- Post-IPO: 67.26%
Matrix Geo Solutions Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 30.71 | 16.66 | 14.53 |
| Total Income | 22.19 | 13.77 | 8.91 |
| Profit After Tax | 5.86 | 3.35 | 1.09 |
| EBITDA | 8.19 | 4.88 | 1.84 |
| Net Worth | 21.91 | 11.38 | 8.03 |
| Reserves & Surplus | 11.19 | 11.37 | 8.02 |
| Total Borrowing | 1.68 | 1.62 | 1.64 |
Key Performance Indicators (FY2025):
| KPI | Values |
| Market Capitalisation | ₹151.65 Cr |
| ROE | 35.21% |
| ROCE | 33.69% |
| Debt/Equity | 0.14 |
| RoNW | 35.21% |
| PAT Margin | 26.52% |
| EBITDA Margin | 37.08% |
| Price to Book Value | 5.09 |
| EPS Pre-IPO (₹) | 5.47 |
| EPS Post-IPO (₹) | 4.02 |
| P/E Pre-IPO (x) | 19.02 |
| P/E Post-IPO (x) | 25.88 |
Objects of the Issue
| S.No | Objects | Expected Amount (₹ Cr) |
| 1 | Purchase of new drones | 6.47 |
| 2 | Purchase of survey equipment & technologies | 8.02 |
| 3 | Capital expenditure | 2.72 |
| 4 | Funding the working capital requirement | 15.50 |
| 5 | General corporate purposes | Balance |
Matrix Geo Solutions Ltd.: Peer Comparison
Matrix Geo Solutions Ltd. operates in the geospatial and surveying solutions space alongside peers like Genesys International Corporation Ltd. While Matrix Geo Solutions focuses on LiDAR, GIS, and drone-based mapping for infrastructure and mining projects, Genesys International provides broader geospatial and mapping services. Investors can compare both companies to evaluate opportunities in India’s growing geospatial sector.
Conclusion
Matrix Geo Solutions Ltd. presents a compelling investment opportunity in the growing geospatial and survey technology segment. Its strong project portfolio, repeat client base, and specialised expertise in photogrammetry, LiDAR, and GIS services position it well for future growth. However, investors should consider risks related to project execution timelines, technology adoption, and competition in the geospatial services sector.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
