The initial public offering of Virtual Galaxy Infotech has attracted strong interest from investors, subscribing 22.74 times on third day of bidding, data from NSE showed on May 13, with the public issue set to close on May 14.
Investors have bid 10.75 crore equity shares against the offer size of 47.3 lakh shares via 72,066 applications, latest subscription data showed.
Non-institutional and retail investors were at the forefront to support the IPO subscription, buying 38.3 times and 30.94 times their allotted quotas, respectively. The part set aside for qualified institutional buyers too was fully-subscribed at 3.3 times.
The software solutions provider targets to mop up Rs 93.29 crore via maiden public issue which consists of entirely fresh issue of 65.7 lakh shares. The price band for the offer is Rs 135-142 per share.
The company has already raised Rs 26.13 crore by allotting 18.4 lakh shares to 15 institutional investors via anchor book.
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The Maharashtra-based IT services and consulting firm intends to spend IPO proceeds mainly for setting up additional development facility in Nagpur; enhancement, maintenance and upgrading existing products through manpower hiring, business development and marketing activities. The remainder funds will be utilised for repayment of debt, procuring GPU, server & storage system at data centre and general corporate purposes.
The SaaS product focused company provides IT services for the BFSI, ERP, and E-Governance domains.
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