Virtual Galaxy Infotech shares list at 26% premium at ₹180 per share

Virtual Galaxy Infotech shares are listed at a 26.6% premium on Monday at ₹180 apiece. The IPO was oversubscribed 231 times. The company received bids for 1,01,69,89,000 shares against the ask of 43,94,000 shares

Virtual Galaxy Infotech aims to raise ₹93.29 crore through its SME IPO. The issue is 100% book-built and made up entirely of a fresh issuance of 65.7 lakh shares, with no offer-for-sale (OFS) component.

Since there was no offer for sale component in the IPO, entire proceeds from the issue will be used for various purposes. ₹34.26 crore to set up additional development facility in Nagpur Repayment or prepayment of borrowings. ₹3 crore to repay or prepay some of its outstanding borrowings Capital expenditure towards IT upgradation. ₹5.05 crore to procure GPUs, server & storage systems at the data centre. Expenditure on manpower hiring at ₹18.90 crore to fund manpower hiring for maintenance and upgrading existing products. Business expansion at ₹14.06 crore to fund business development and marketing activities General corporate purposes of ₹18.02 crore towards its general corporate purposes.

The company had fixed the price band of the issue at ₹135 to ₹142 per share. The lot size, or the minimum bid quantity to apply for the issue, is 1,000 shares. This equates to a minimum investment amount of over ₹1.42 lakh for retail investors (if bids are placed at the upper end of the price band) and ₹2.84 lakh for high networth investors (HNIs) as they need to bid for a minimum of 2 lots.

Virtual Galaxy Infotech, founded in 1997 in Nagpur, is a SaaS-focused company providing core banking software, ERP implementation, customised software development, and IT services across BFSI, ERP, and E-Governance domains. The company is led by Avinash Narayanrao Shende and Sachin Purushottam Pande. Its flagship product, E-Banker, serves banks, NBFCs, and cooperative societies through both on-premises and SaaS delivery models. The company offers end-to-end services, including consultation, solution design, implementation, and maintenance through license and subscription-based models