Software solutions provider Virtual Galaxy Infotech's initial public offering has received decent response from investors on the second day of bidding, subscribing 4.17 times on May 12. This was much better than 0.63 times subscription recorded on day 1, i.e. May 9.
The company aims to raise Rs 93.29 crore via maiden public issue of 65.7 lakh shares at a price of Rs 142 per share, the upper end of price band of Rs 135-142 per share.
Investors have bid 1.97 crore equity shares compared to the offer size of 47.3 lakh shares via 13,239 applications, the subscription data on the NSE showed.
The book-building public issue will close on May 14.
On May 8, a day before the issue opening, the IT services and consulting firm raised Rs 26.13 crore by allotting 18.4 lakh shares to anchor investors at a price of Rs 142 per share. Zeal Global Opportunity Fund, Zeta Global Fund, Vikasa India, India Equity Fund, Silver Stride India Global Fund, and Strategic Sixth Sense Capital Fund were amongst 15 anchor investors participated in the anchor book.
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Virtual Galaxy Infotech will utilise IPO proceeds for setting up additional development facility in Nagpur, Maharashtra; procuring GPU, server & storage system at data centre; and enhancement, maintenance and upgrading existing products through manpower hiring. Further, the funds will also be used for repaying debt, business development and marketing activities, and general corporate purposes.
Smart Horizon Capital Advisors is the sole book running lead manager for Virtual Galaxy Infotech IPO.
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