Matrix Geo Solutions Ltd IPOMGSL

The IPO opens on 23 Sept 2025 & closes on 25 Sept 2025.

Matrix Geo Solutions Limited was incorporated as private limited company in the name and style of 'Matrix Geo Solutions Private Limited' dated July 14, 2008, issued by Registrar of Companies, National Capital of Delhi and Haryana. Further, Company has converted from private limited company to public limited company as 'Matrix Geo Solutions Limited effective from August 7, 2024. The Company is primarily engaged in the services of Survey & Mapping, wherein they are a leading geospatial and engineering consultancy organisation. It focus on Drone-as-a-Service (DaaS) and Geospatial & Remote Sensing Services. Through Drone as a service, it offer high-resolution drone-based aerial surveys for various applications, including mapping, surveillance, and infrastructure inspection. The services include the creation of detailed orthophotos, 3D models, digital elevation models, and precise topographical maps. Additionally, it offer geo-referenced video solutions for progress monitoring, surveillance, and incident management across various industries. In addition to drone services, Company offer extensive consultancy in geospatial data analysis, to use remote sensing technologies like LiDAR, satellite imagery, and drone surveys to provide clients with actionable insights for their projects. It assist the clients in Railways, Roadways, Water, Irrigation, Renewable Energy, Agriculture, Mining, Urban & Rural Planning projects and provide comprehensive reports to guide business decisions. Further, web-based platform offers customers real-time access to project data, simplifying monitoring and decision-making processes. After due completion of the course, the RPTO generates a Remote Pilot Certificate (RPC) from DGCA's Digital Sky Platform for a particular Class & Category of Drone. The RPC is valid for a maximum period of 10 years under the Drone Rules. As on January 31, 2025, Company has trained 30 drone pilots in India for which Remote Pilot Certificate has been issued by the Company. The Company is planning an IPO of 38,65,200 equity shares of FV of Rs 10/- each thru' fresh issue.

Matrix Geo Solutions Ltd IPO will close on 25 Sept 2025.

<ul><li>Effective market anticipation.</li><li>Favorable Government policies.</li><li>Cordial relations with our clients.</li><li>Emerging segment in India.</li><li>Quality Deliverables.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Rahul Jain</td> <td>4899895</td> <td>45.72</td> <td>4899895</td> <td>33.6</td> </tr> <tr> <td>2</td> <td>Amit Sharma</td> <td>4899895</td> <td>45.72</td> <td>4899895</td> <td>33.6</td> </tr> <tr> <td>3</td> <td>Meenal Jain</td> <td>2002</td> <td>0.02</td> <td>2002</td> <td>---</td> </tr> <tr> <td>4</td> <td>Harshada Kulkarni</td> <td>2002</td> <td>0.02</td> <td>2002</td> <td>---</td> </tr> <tr> <td>5</td> <td>Manjiri Kulkarni</td> <td>2002</td> <td>0.02</td> <td>2002</td> <td>---</td> </tr> <tr> <td>6</td> <td>Priti Bala Jain</td> <td>2002</td> <td>0.02</td> <td>2002</td> <td>---</td> </tr> </tbody> </table>

<ul><li>Our major revenue is sourced from Geospatial & Consultancy Services. Our inability or failure to manage and attract more clients under these services could adversely affect our business.</li><li>Our contingent liabilities as stated in our Restated Financial Statements could adversely affect our financial conditions.</li><li>Our training business, (training through drones) is highly regulated and subject to change, we have a DGCA license subject to certain conditions. If we fail to comply with the applicable regulations, rules prescribed by Government of India as well as condition on which DGCA license has issued, our business, financial condition may have a material adverse effect on our business & operations.</li><li>Our business operations rely on the continuous updating of technologies and survey equipment. To stay competitive in the market, it is essential for our company to regularly upgrade our technologies.</li><li>The restated financial statements have been provided by peer reviewed chartered accountants who are not statutory auditors of our Company.</li><li>We depend on a limited number of customers for a significant portion of our revenues. The loss of a major customer or significant reduction in demand from any of our major customers may adversely affect our business, financial condition, results of operations and prospects.</li><li>We outsource certain services to external providers and depend on third-party suppliers to deliver services to our customers during periods of increased demand. Any dispute with one or more of them may adversely affect our business operations.</li><li>Our top four states contribute our major revenue for the period ended September 30, 2024, and the year ended 31st March 2024, 2023, 2022. Any loss of business from one or more of these states may adversely affect our revenues and profitability.</li><li>Significant security breaches in our software, data and network infrastructure and fraud could adversely impact our business.</li><li>Any unauthorized access or intrusion into our software or systems, as well as any form of cyber-attack, could significantly harm our business and have a negative impact on our financial condition and operating results.</li><li>Our drones are not operational during the monsoon season, due to the increased risk of damage to our equipment and potential safety hazards. As a result, extended monsoons can directly impact our revenue from operations.</li><li>There are outstanding legal proceedings involving our Company as well as our promoter and directors. Any adverse outcome on such proceedings may affect our business, financial condition and reputation.</li><li>We had negative cash flows from operating, investing and financing activities as per the restated financial statements in the past and may continue to have negative cash flows in the future.</li><li>Our Company requires significant amount of working capital for a continuing growth. Our inability to meet our working capital requirements may adversely affect our results of operations.</li><li>Our Company may incur penalties or liabilities for delays in filings with certain provisions of the GST Act, Income Tax Act, and other applicable laws in the last 5 Years.</li><li>Our Company may incur penalties or liabilities for non-compliances with certain provisions of the Companies Act and other applicable laws in the last three (3) Years.</li><li>Our Company does not own the premises through which we conduct our business operations.</li><li>Our business growth depends on a large extent to the success of our customers. If there is any downturn in the industries in which our customers operate, it may have an adverse effect on our business, financial condition and results of operations.</li><li>Our majority revenue from operation is generated from government sector and is largely dependent on the projects that are initiated by government department. If there are unfavourable changes in the policies of the central or state government, our business and financial performance would be adversely affected.</li><li>If the drone industry does not experience significant growth, or if our services lack in any manner, then we will not be able to achieve our anticipated level of growth.</li><li>Our Inability to protect our intellectual property or any claim that we infringe on the intellectual property rights of others could erode our competitive advantage and could have a material adverse effect on us.</li><li>Our Group Companies have incurred losses during the last three financial years.</li><li>Our Promoters and management team play a key role in day-to-day business operations and we heavily rely on their knowledge and experience in operating our business. Their involvement is essential to our business's success as they have been instrumental in shaping our growth. Further, our inability to retain our management team, KMPs and SMPs may have an adverse effect on our operations.</li><li>Our promoter and member of promoter group jointly will continue to have majority control over our Company will may allow them to determine the outcome of matters submitted to shareholders for approval.</li><li>Our marketing and advertising activities may not be successful in increasing the popularity of our Company among customers. If our marketing or advertising initiatives are not effective, this may affect the popularity of our Company.</li><li>Some of our company's Board of Directors do not have experience of listed companies.</li><li>Our Company has entered into certain related party transactions at arm length price in the past and may continue to do so in the future.</li><li>We require certain approvals and licenses in the ordinary course of business and the failure to successfully obtain/renew such registrations would adversely affect our operations, results of operations and financial condition.</li><li>Our insurance coverage in connection with our business may not be adequate and may adversely affect our operations and profitability.</li><li>The average cost of acquisition of Equity Shares by our Promoters could be lower than the Issue Price.</li><li>We have issued Equity Shares during the last one year at a price that may be below the Issue Price.</li><li>Fluctuation of Interest rate may adversely affect the Company's business.</li><li>The object of the issue is to purchase new drones, survey equipment and technologies, and any failure to complete the planned investments or purchases or delays in implementation could hinder our operational efficiency.</li><li>Our company's ability to secure contracts under Geospatial and consultancy services through tender bids is subject to competition, pricing strategies, and client requirements, with no guarantee of success. Failure to win key tenders could limit business opportunities and hinder growth prospects.</li><li>Our Company's operation and growth is dependent upon successful implementation of our business strategies.</li><li>If we fail to maintain an effective system of internal controls, we may not be able to successfully manage or accurately report our financial risk.</li><li>Certain Agreements, deeds or licenses and certificates may be in the previous name of the company, we have to update the name of our company in all the statutory approvals and certificates due to the conversion of our Company.</li><li>Certain key performance indicators for certain listed industry peers included in this Draft Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.</li><li>Our Merchant banker have given certain observations regarding the Secretarial due diligence.</li><li>The results of operations and cash flows could be adversely affected if the Company are unable to collect the dues and receivables from the clients.</li><li>This Draft Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Infomerics Analytics and Research Private Limited, which we have commissioned and paid for purposes of confirming our understanding of the industry exclusively in connection with the Offer</li><li>Our funding requirements and proposed deployment of the Net Proceeds have not been appraised by a bank or a financial institution and if there are any delays or cost overruns, we may have to incur additional cost to fund the objects of the Issue because of which our business, financial condition and results of operations may be adversely affected.</li><li>Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.</li><li>We have not identified any alternate source of funding and hence any failure or delay on our part to mobilize the required resources or any shortfall in the issue proceeds may delay the implementation schedule.</li><li>Our ability to pay dividends in the future may be affected by any material adverse effect on our future earnings, financial condition or cash flows.</li><li>The requirements of being a listed company may strain our resources.</li><li>Our Company's future funding requirements, in the form of further issue of capital or other securities and/or loans that might be availed by us, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they are raised.</li><li>Our major revenue is sourced from Geospatial & Consultancy Services. Our inability or failure to manage and attract more clients under these services could adversely affect our business.</li><li>Our contingent liabilities as stated in our Restated Financial Statements could adversely affect our financial conditions.</li><li>Our training business, (training through drones) is highly regulated and subject to change, we have a DGCA license subject to certain conditions. If we fail to comply with the applicable regulations, rules prescribed by Government of India as well as condition on which DGCA license has issued, our business, financial condition may have a material adverse effect on our business & operations.</li><li>Our drones are not operational during the monsoon season, due to the increased risk of damage to our equipment and potential safety hazards. As a result, extended monsoons can directly impact our revenue from operations.</li><li>Elevated trade receivable days, contextualized to the nature of the Company's business operations.</li><li>Our business operations rely on the continuous updating of technologies and survey equipment. To stay competitive in the market, it is essential for our company to regularly upgrade our technologies.</li><li>The restated financial statements have been provided by peer reviewed chartered accountants who are not statutory auditors of our Company.</li><li>We depend on a limited number of customers for a significant portion of our revenues. The loss of a major customer or significant reduction in demand from any of our major customers may adversely affect our business, financial condition, results of operations and prospects.</li><li>We outsource certain services to external providers and depend on third-party suppliers to deliver services to our customers during periods of increased demand. Any dispute with one or more of them may adversely affect our business operations.</li><li>Our top four states contribute our major revenue for the year ended 31st March 2025, 2024, 2023. Any loss of business from one or more of these states may adversely affect our revenues and profitability</li><li>Significant security breaches in our software, data and network infrastructure and fraud could adversely impact our business.</li><li>Any unauthorized access or intrusion into our software or systems, as well as any form of cyber-attack, could significantly harm our business and have a negative impact on our financial condition and operating results.</li><li>There are outstanding legal proceedings involving our Company as well as our promoter and directors. Any adverse outcome on such proceedings may affect our business, financial condition and reputation.</li><li>We had negative cash flows from operating, investing and financing activities as per the restated financial statements in the past and may continue to have negative cash flows in the future.</li><li>Restrictions on the Import of unmanned aerial vehicles (UAVs) and Components May Indirectly Impact Our Supply Chain and Adversely Affect Our Operational Efficiency and Growth Prospects.</li><li>Our Company requires significant amount of working capital for a continuing growth. Our inability to meet our working capital requirements may adversely affect our results of operations.</li><li>Our Company may incur penalties or liabilities for delays in filings with certain provisions of the GST Act, Income Tax Act, and other applicable laws in the last 5 Years.</li><li>Our business is dependent on our ability to attract, hire, train and retain qualified personnel. High attrition rates or failure to attract and retain key talent could adversely impact our operations and growth prospects.</li><li>Our Company may incur penalties or liabilities for non-compliances with certain provisions of the Companies Act and other applicable laws in the last three (3) Years.</li><li>Our Company does not own the premises through which we conduct our business operations.</li><li>Our business growth depends on a large extent to the success of our customers. If there is any downturn in the industries in which our customers operate, it may have an adverse effect on our business, financial condition and results of operations.</li><li>Our majority revenue from operation is generated from government sector and is largely dependent on the projects that are initiated by government department. If there are unfavourable changes in the policies of the central or state government, our business and financial performance would be adversely affected.</li><li>If the drone industry does not experience significant growth, or if our services lack in any manner, then we will not be able to achieve our anticipated level of growth.</li><li>Our Inability to protect our intellectual property or any claim that we infringe on the intellectual property rights of others could erode our competitive advantage and could have a material adverse effect on us.</li><li>Our Group Companies have incurred losses during the last three financial years.</li><li>Our Promoters and management team play a key role in day-to-day business operations and we heavily rely on their knowledge and experience in operating our business. Their involvement is essential to our business's success as they have been instrumental in shaping our growth. Further, our inability to retain our management team, KMPs and SMPs may have an adverse effect on our operations.</li><li>Our promoter and member of promoter group jointly will continue to have majority control over our Company will may allow them to determine the outcome of matters submitted to shareholders for approval.</li><li>Our marketing and advertising activities may not be successful in increasing the popularity of our Company among customers. If our marketing or advertising initiatives are not effective, this may affect the popularity of our Company.</li><li>Some of our company's Board of Directors do not have experience of listed companies.</li><li>Our Company has entered into certain related party transactions at arm length price in the past and may continue to do so in the future.</li><li>We require certain approvals and licenses in the ordinary course of business and the failure to successfully obtain/renew such registrations would adversely affect our operations, results of operations and financial condition.</li><li>Our insurance coverage in connection with our business may not be adequate and may adversely affect our operations and profitability.</li><li>The average cost of acquisition of Equity Shares by our Promoters could be lower than the Issue Price.</li><li>We have issued Equity Shares during the last one year at a price that may be below the Issue Price.</li><li>Fluctuation of Interest rate may adversely affect the Company's business.</li><li>The object of the issue is to purchase new drones, survey equipment and technologies, and any failure to complete the planned investments or purchases or delays in implementation could hinder our operational efficiency.</li><li>Our company's ability to secure contracts under Geospatial and consultancy services through tender bids is subject to competition, pricing strategies, and client requirements, with no guarantee of success. Failure to win key tenders could limit business opportunities and hinder growth prospects.</li><li>Our Company's operation and growth is dependent upon successful implementation of our business strategies.</li><li>If we fail to maintain an effective system of internal controls, we may not be able to successfully manage or accurately report our financial risk.</li><li>Certain Agreements, deeds or licenses and certificates may be in the previous name of the company, we have to update the name of our company in all the statutory approvals and certificates due to the conversion of our Company.</li><li>Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.</li><li>Our Merchant banker have given certain observations regarding the Secretarial due diligence.</li><li>The results of operations and cash flows could be adversely affected if the Company are unable to collect the dues and receivables from the clients.</li><li>This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Infomerics Analytics and Research Private Limited, which we have commissioned and paid for purposes of confirming our understanding of the industry exclusively in connection with the Offer</li><li>Our funding requirements and proposed deployment of the Net Proceeds have not been appraised by a bank or a financial institution and if there are any delays or cost overruns, we may have to incur additional cost to fund the objects of the Issue because of which our business, financial condition and results of operations may be adversely affected.</li><li>Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.</li><li>We have not identified any alternate source of funding and hence any failure or delay on our part to mobilize the required resources or any shortfall in the issue proceeds may delay the implementation schedule.</li><li>Our ability to pay dividends in the future may be affected by any material adverse effect on our future earnings, financial condition or cash flows.</li><li>The requirements of being a listed company may strain our resources.</li><li>Our Company's future funding requirements, in the form of further issue of capital or other securities and/or loans that might be availed by us, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they are raised.</li></ul>

The Issue type of Matrix Geo Solutions Ltd is Book Building - SME.

The minimum application for shares of Matrix Geo Solutions Ltd is 2400.

The total shares issue of Matrix Geo Solutions Ltd is 3865200.

Initial public offering up to 38,65,200 equity shares of Rs. 10/- each ("Equity Shares") of Matrix GEO Solutions Limited ("MGSL" or the "Company") for cash at a price of Rs. 104/- per equity share (the "Issue Price"), aggregating to Rs. 40.20 crores ("the Issue"). Out of the issue, 2,13,600 equity shares aggregating to Rs. 22.21 crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 36,51,600 equity shares of face value of Rs. 10/- each at an issue price of Rs. 104/- per equity share aggregating to Rs. 37.98 crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 26.51% and 25.04%, respectively of the post issue paid up equity share capital of the company.