This premium suggests that the stock is expected to list at around 70% higher than its issue price, making it one of the biggest listings in recent times.
However, while the grey market premium is a strong indicator of listing performance, it is important to note that it is unofficial and can fluctuate rapidly depending on market sentiment and broader market trends. Investors are advised to remain cautious and keep an eye on any developments in the secondary market.
The IPO proceeds are intended for capital expenditure towards setting up an additional development facility in Nagpur, repayment/prepayment of certain borrowings, investment in procuring GPU, server & storage systems at a data centre, enhancement and maintenance of existing products through manpower hiring, business development and marketing activities, and general corporate purposes.
Virtual Galaxy Infotech, a technology-driven company specializing in digital solutions and software services, attracted significant investor interest during its IPO subscription period.
The IPO was subscribed over 200 times, driven by robust non-institutional interest. The QIB and retail segments were also subscribed over 100 times. The issue was priced at Rs 142 per share.Virtual Galaxy Infotech, established in 1997 and based in Nagpur, specializes in IT services and consulting. The company offers a range of software products and services across various sectors, including banking and finance, ERP, e-governance, web services, cloud computing, big data, IoT, and system integrationThe company’s strong fundamentals, coupled with a rapidly growing digital services industry, have been the key drivers of its popularity among investors. Its strong client base, innovative product offerings, and robust growth trajectory have further fueled positive market sentiment.
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