Virtual Galaxy Infotech Shares List at Rs 180 With Over 26% Premium on NSE SME

The shares of Virtual Galaxy Infotech are listed at a 26.6% premium on Monday at Rs 180 per share and the IPO was oversubscribed 231 times.

Virtual Galaxy Infotech IPO: Details

While the IPO was oversubscribed by 231 times, the company received bids for 1,01,69,89,000 shares against the ask of 43,94,000 shares.

The company aims to raise funds worth Rs 93.29 crore through its SME IPO. The issue is entirely book-built and made entirely of a fresh issue of 65.7 lakh shares, with no offer-for-sale (OFS) component.

Where Will The Funds Go?

The proceeds from the issue will be used for different purposes. This includes the use of Rs 34.26 crore to set up additional development facility in Nagpur and repayment or prepayment of borrowings, Rs 3 crore to repay or prepay some of its outstanding borrowings as well as capital expenditure towards IT upgradation.

This sum also includes the usage of Rs 5.05 crore to procure GPUs, server and storage systems at the data centre.

The expenditure on manpower hiring will be Rs 18.90 crore and from this amount money will also be allotted to maintenance and upgrading existing products.

The firm will also allot Rs 14.06 crore to fund business development and marketing activities along with Rs 18.02 crore towards its general corporate purposes.

Virtual Galaxy Infotech IPO: Price Band

The Virtual Galaxy Infotech IPO has fixed the price band of the issue at Rs 135 to Rs 142 per share.

Virtual Galaxy Infotech IPO: Lot Size

The Virtual Galaxy Infotech IPO has a lot size or a minimum bid quantity of 1,000 shares to apply for the issue.

Also Read: Who Is Subodh Kumar Goel? From Exposing Harshad Mehta, Ketan Parikh Scams To Facing ED Heat