Software solutions provider Virtual Galaxy Infotech has raised Rs 26.1 crore from 15 institutional investors on May 8, a day before the issue is scheduled to open on May 9.
The offer will close for public subscription on May 14.
The Maharashtra-based IT services and consulting firm targets to raise Rs 93.29 crore via initial public offering which consists of solely fresh issue of 65.7 lakh shares. The price band for the offer has been fixed at Rs 135-142 per share.
The Board of directors has finalised allocation of 18.4 lakh shares to anchor investors at a price of Rs 142 per share, the company said in its filing to exchanges.
Radiant Global Fund, India Equity Fund, Chanakya Opportunities Fund, Zeal Global Opportunity Fund, Zeta Global Fund, Strategic Sixth Sense Capital Fund, and Silver Stride India Global Fund among 15 institutional investors participated in the anchor book.
Virtual Galaxy Infotech plans to spend IPO proceeds for setting up additional development facility in Nagpur, Maharashtra, and repaying debt. Its total secured borrowings were Rs 16.3 crore as of December 2024.
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Further, the IPO funds will be utilised for procuring GPU, server & storage system at data centre; enhancement, maintenance and upgrading existing products through manpower hiring; and business development and marketing activities.
Smart Horizon Capital Advisors is acting as the sole merchant banker for Virtual Galaxy Infotech IPO.
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