IPO plans of Jaggi firms may unravel after Sebi order

Gensol Engineering Ltd founder and managing director Anmol Singh Jaggi intends to contest the regulatory order barring him from directorships and participating in the stock market, even as plans to take his companies Matrix Gas and Renewables Ltd and Blu-Smart public come unstuck.

- T. Surendar & Varun Sood

On Wednesday evening, the embattled entrepreneur told investors in Matrix Gas that the Securities and Exchange Board of India (Sebi) order was "one-sided", which he intends to contest, an investor who attended the meeting said. Jaggi has also put on hold taking Matrix Gas public later this year, while Blu-Smart, which planned to go public in the second half of next year, faces an uncertain road.

The meeting was called by investors who had put ₹155 crore in Matrix Gas in a round ahead of the planned initial public offering (IPO). In July 2023, the investors paid a premium of ₹122 for a share of ₹10 face value. The same month, the company filed its draft prospectus with the National Stock Exchange to list on its Emerge exchange meant for small and medium enterprises. With 5.6 million shares on offer, the IPO could have been worth at least ₹750 crore.

Matrix Gas did not respond to questions.