Matrix Geo Solutions came to market through an SME IPO that opened on 23 September 2025 and closed on 25 September 2025, and the shares listed on 30 September 2025 on NSE SME. The price band was ₹98 to ₹104 per share and one lot was 1200 shares, so the minimum application was ₹1,24,800. The issue size was ₹40.2 crore. The whole issue was fresh shares, so the money raised went to the company.
Maashitla Securities Pvt.Ltd was the registrar to the issue, and Narnolia Financial Services Ltd was the lead manager.
As of 26 September 2025.
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Founded in 2008, Matrix Geo Solutions Limited is a consultancy company dealing in innovative survey technologies, including photogrammetry, LiDAR, GIS, and remote sensing employing drones and satellite images. These technologies cater to the railways, roads, irrigation, mining, and power industries. The firm has executed more than 1,500 projects across 27 Indian states with varying geographies ranging from the Himalayas to cities.
Some of the most significant projects undertaken by the firm include India's first bullet train connecting Ahmedabad and Mumbai, the Hyperloop between Pune and Mumbai, and cutting-edge drone-based pipeline surveillance. Some of the firm's clients include government, public sector undertakings, and private enterprises such as Indian Railways, NHAI, NTPC, GAIL, L&T ECC, Adani Group, and Tata Projects. Matrix Geo Solutions provides photogrammetry (AT, DTM/DEM, 3D compilation, orthophoto), LiDAR, GIS/RS, application development, topographical surveys, and engineering services.
Their expertise also includes mining, water supply planning, satellite and aerial surveying, feasibility, design, and flood analysis. Services: Geospatial & GIS Services – Matrix Geo Solutions is experts in Geographic Information Systems (GIS), remote sensing, and spatial data analysis. They offer these services to enable urban planning, land-use management, and disaster response. LiDAR Mapping & 3D Modeling – Matrix Geo Solutions employs cutting-edge LiDAR technology for detailed mapping, terrain modeling, and 3D visualization, which are essential for infrastructure developments.
Photogrammetry & Aerial Surveying—Matrix Geo Solutions offers photogrammetric solutions, such as digital elevation models (DEM), digital terrain models (DTM), and orthoimage creation, through drone, aerial, and satellite imaging. Engineering & Infrastructure Development – Facilitating big-ticket projects, the organization provides feasibility reports, topographical surveys, and project planning services for highways, railways, and smart city development. Mining & Natural Resource Management – The company offers geological mapping, exploration for minerals, and environmental impact assessments, assisting industries in maximizing the extraction of resources.
Water Resource & Environmental Studies – Matrix Geo Solutions conducts water distribution planning, watershed management, and flood risk analysis to enable sustainable development. Software & Application Development – The firm creates tailored GIS-based applications for various sectors with the incorporation of AI and big data analytics for enhanced decision-making. As of July 31, 2025, there were 100 permanent employees on the Company's payroll.
As described in the offer document.
| Metric | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
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Mr. Rahul Jain, Mr. Amit Sharma, Ms. Meenal Jain, Ms. Harshada Kulkarni. Promoter holding 91.52% before the issue and 67.26% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Matrix Geo Solutions IPO was a ₹40.2 crore book-built issue, made up entirely of a fresh issue. It was priced at ₹98–₹104 per share with a lot size of 1,200 shares; the minimum retail application was 2,400 shares (₹2,49,600). The IPO was open from September 23 to September 25, 2025 and was subscribed 7.77x. Shares listed on NSE SME on September 30, 2025 at ₹103.90, in line with the issue price of ₹104. Maashitla Securities Pvt. Ltd. is the registrar.
Narnolia Financial Services Ltd. is the book running lead manager.
The price band of Matrix Geo Solutions IPO is ₹98 to ₹104 per share.
The lot size of Matrix Geo Solutions IPO is 1200 shares.
The minimum investment for Matrix Geo Solutions IPO is approximately ₹2,49,600 based on the upper price band.
The allotment date of Matrix Geo Solutions IPO is Sep 26, 2025.
Matrix Geo Solutions IPO's final recorded GMP before listing was ₹3 per share (a 3% premium over the ₹104 upper price band). The shares listed at ₹103.9. GMP is unofficial and does not forecast or guarantee the actual listing price.
You can check Matrix Geo Solutions IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Matrix Geo Solutions IPO allotment status on Rupix for quick and easy access.
₹98 to ₹104 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1200 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,24,800. After listing, SME shares also trade in lots rather than one share at a time.
₹1,24,800, for one lot of 1200 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 23 September 2025 and closed on 25 September 2025.
The basis of allotment was published on 26 September 2025 by Maashitla Securities Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 30 September 2025 on NSE SME.
The issue size was ₹40.2 crore. The fresh issue was 38,65,200 shares (aggregating up to ₹40.2 crore).