Matrix Cellular (International) Services files for an Initial Public Offering with SEBI

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Matrix Cellular (International) Services files for an Initial Public Offering with SEBI

June 24, 2015

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Matrix Cellular (International) Services, the international SIM-Card provider, has filed draft red herring prospectus for an initial public offering (IPO) with the Securities and Exchange Board of India. The offer for sale will be for 15.17 million equity shares from promoters and existing shareholders. IIFL Holdings and Religare Capital Markets are the book running lead managers for the issue, while Link Intime is the registrar.

As per the DRHP, the promoters - Gagan Deep Singh Dugal, Manjit Singh Dugal and Urvashi Kaur - have proposed to offer 2.56 million shares while Aleta and AAJV Investment Trust would offer 12.6 million shares.

Matrix Cellular provides both pre-paid and postpaid SIM cards under brand name ‘Matrix’ to outbound travellers from India. As of December 31, 2014, it provided postpaid services to 32 destination countries, and pre-paid services to eight destination countries.