International SIM card provider Matrix Cellular (International) Services has received Securities and Exchange Board of India’s (SEBI) approval to float an initial public offer (IPO). The company had filed its draft red herring prospectus (DRHP) with SEBI through its lead merchant banker IIFL Holding Limited on June 26, 2015.

According to the DRHP, the IPO comprises an offer for sale of 15,172,540 equity shares from its promoters and existing shareholders. The company’s 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 plan to offer 12.6 million shares. Matrix Cellular has proposed to list its shares both on the Bombay stock exchange (BSE) and the national stock exchange (NSE).

The company provides country specific SIM card, offers voice, data and SMS services under the brand name ‘Matrix’ to travellers outbound from India.