The current grey market premium (GMP) for the initial public offering (IPO) of Virtual Galaxy Infotech is suggesting solid gains of up to Rs 80,000 for the investors, who will receive the allotment of shares. This is because the current GMP for the issue stands at Rs 78-80 per share for a lot size of 1,000 equity shares. It translates into a potential Rs 78,000-80,000 profit for the investors.
The IPO of Virtual Galaxy Infotech closed for bidding today, after four-day bidding, that is Wednesday, May 14, 2025. The company had launched a Rs 93.29 crore issue on Friday, May 09, which was entirely a fresh share sale of up to 65,70,000 equity shares. The company sold its shares for Rs 142 apiece.
Incorporated in September 1997, Virtual Galaxy Infotech is an IT services and consulting firm based in Nagpur, Maharashtra, India. It delivers innovative software products and services across multiple sectors, including banking and finance, ERP, e-government, web services, cloud computing, big data, IoT, and system integration.
Retail investors could only apply for a single lot or 1,000 equity shares amounting to Rs 1.42 lakh, while non-retail bidders needed to apply for at least two lots or 2,000 equity shares amounting to Rs 2.84 lakh. Shares of the company shall be listed on NSE Emerge platform.
The issue saw robust bidding from the investors fetching bids for more than 227 times as of 3.30 pm on Wednesday. The portion for qualified institutional bidders (QIBs) was booked 129.72 times, while the allocation for non-institutional investors (NIIs) was booked 589.29 times. Retail portion was booked 227.02 times as of the same time.
Before its IPO, Virtual Galaxy raised a total of Rs 26.13 crore from anchor investors by allotting them 18.40 lakh shares at Rs 142 apiece. The current market capitalization of the company stands at Rs 353 crore. For the year ended on March 31, 2024, the company reported a net profit of Rs 16.54 crore, with revenue of Rs 63.58 crore.
Smart Horizon Capital Advisors is the book-running lead manager of the Virtual Galaxy Infotech IPO, while Maashitla Securities is the registrar for the issue. The market maker for Virtual Galaxy Infotech IPO is Alacrity Securities. Allotment shall be announced on Thursday, May 15 and the company is likely to list on Monday, May 19.
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