Virtual Galaxy Infotech IPO: Public Issue Subscribed Over 42 Times on Final Day - Check Latest GMP

The Initial Public Offering (IPO) of Virtual Galaxy Infotech has drawn a stellar response from investors, with the issue receiving over 42 times subscription by the close of bidding on Tuesday.

GMP Today

The strong response was also reflected in the Grey Market Premium (GMP), where the company's shares are commanding an unofficial markup of Rs 75–Rs 80 — roughly 53% higher than the upper end of the IPO price band — suggesting robust expectations for the company’s market debut.

Virtual Galaxy Infotech IPO GMP: Check Latest Grey Market Premium Price, Subscription Status And Other Details | Republic World

IPO Subscription

Non-institutional investors (NIIs) emerged as the frontrunners in the subscription drive, bidding for the shares 84 times their allotted quota. Retail investors also showed strong interest, with their segment subscribed 41 times. In contrast, the portion set aside for Qualified Institutional Buyers (QIBs) saw relatively muted participation, receiving 3.40 times subscription. The public issue, which opened on Friday, May 9, is set to conclude today, May 14.

IPO Structure and Timeline

The Rs 93.29 crore IPO is an entirely fresh issue comprising 6.57 million equity shares, with no offer-for-sale (OFS) component. The price band was set at Rs 135–Rs 142 per share, with investors required to bid in lots of 1,000 shares, implying a minimum investment of Rs 1,42,000.

The share allotment is expected by Thursday, May 15, with demat credit likely on Friday, May 16. The stock is scheduled to debut on the NSE SME platform on Monday, May 19.

Maashitla Securities is serving as the registrar, while Smart Horizon Capital Advisors is the sole book-running lead manager for the issue.

Use of Proceeds

Virtual Galaxy has laid out a clear roadmap for deploying the IPO proceeds. A significant portion will be used to establish a new development facility in Nagpur, Maharashtra. Funds will also be earmarked for partial repayment of borrowings, as well as the procurement of GPUs, servers, and data storage infrastructure to strengthen its data centre operations.

In addition, the company will invest in product development, workforce expansion, marketing, and other general corporate purposes to support its next phase of growth.

About Virtual Galaxy Infotech

Virtual Galaxy Infotech is a SaaS-focused technology company offering customised software solutions across banking, ERP, and e-governance verticals. The firm provides end-to-end services, including application development, deployment, and long-term maintenance, and is positioning itself as a key digital enabler for public and private sector clients.