Matrix Cellular Initiates Talks With SEBI To Float Initial Public Offering

Matrix Cellular, an eminent international SIM card provider, has initiated talks with SEBI to kick off initial public offering.


Matrix is known for offering voice calls, SMS services, data and country specific SIM cards to people flying outside India for business and leisure purposes. The company released a DRHP (Draft Red Herring Prospectus) which stated that it had come up with an offer to sell 15,172,540 equity shares from its existing shareholders and promoters.

Also read: Matrix Cellular To Offer free calls to India from UK and USA

The promoters of Matrix Cellular — Gagan Deep Singh Dugal, Urvashi Kaur, and Manjit Singh Dugal have proposed to sell their holding of 25.64 lakh shares, while AAJV Investment Trust and Aleta intend to offer 1.26 crore shares. Religare Capital Markets and IIFL Holdings are managing this offer. SEBI has approved IPO offers from 20 companies so far in 2015 while 7 have drawn lots to raise funds.

Matrix yearns to get listed on a national level stock exchange to attract investors and raise funds.

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