Software solutions provider Virtual Galaxy Infotech's initial public offering was undersubscribed on the first day of bidding, May 9. The public issue will remain open till May 14.
The IPO was subscribed 63 percent with investors buying 30.01 lakh shares compared to the offer size of 47.3 lakh shares, the subscription data on the NSE showed.
Investors have put in these 30.01 lakh bids via 568 applications including the maximum 552 bids from retail investors alone.
The Maharashtra-based IT services and consulting firm aims to Rs 93.29 crore via maiden public issue which comprises of solely fresh issue of 65.7 lakh shares.
The price band for the offer is Rs 135-142 per share.
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On May 8, a day before the issue opening for public subscription, Virtual Galaxy Infotech has already raised Rs 26.1 crore by allotting 18.4 lakh shares to anchor investors at a price of Rs 142 per share.
Chanakya Opportunities Fund, Silver Stride India Global Fund, India Equity Fund, Zeal Global Opportunity Fund, Radiant Global Fund, Strategic Sixth Sense Capital Fund, and Zeta Global Fund were among 15 institutional investors invested in the company via anchor book.
The company intends to utilise IPO proceeds for setting up additional development facility in Nagpur; procuring GPU, server & storage system at data centre; enhancement, maintenance and upgrading existing products through manpower hiring; and business development and marketing activities. It will also reduce its debt by using IPO funds.
The merchant banker handling the Virtual Galaxy Infotech IPO is Smart Horizon Capital Advisors.
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