Will it be visible in Matlab? Please suggest me for this. I want to open that images in Matlab?? Should I try to convert it to other format??
I never used Matlab but here is the exhaustive list: link
DNG is not in any way suited for hyperspectral images. I also suspect that the .raw files which you talk about have spectrum information and not just tristimulus information.
Added: I may guess that you talk about the photographs of a spectrum. In this case you may use DcRaw which exports perfectly unedited images to TIFF files (among others) and also supports almost any consumer camera ever produced.
Here is a command line which will probably fullfill your needs: dcraw -4 -T -h -o 0 file.raw