Virtual Galaxy Infotech Makes NSE SME Debut with 26% Premium, Falls Short of GMP Expectations

Virtual Galaxy Infotech commenced trading on the NSE SME platform today, listing at ₹180 per share—marking a 26.7% premium over its issue price of ₹142. Despite this strong debut, the listing price was notably below the grey market premium (GMP) expectations, which had anticipated a price of ₹252 per share, reflecting a 77.46% premium.

The company’s ₹93.29 crore IPO, entirely a fresh issue of 6.57 million shares, received an overwhelming response, being oversubscribed 231.45 times. Non-institutional investors led the demand with a 590.27 times subscription, followed by retail investors at 134.03 times and qualified institutional buyers at 129.72 times.

Proceeds from the IPO are earmarked for various initiatives, including establishing a new development facility in Nagpur, Maharashtra, repaying certain borrowings, procuring advanced IT infrastructure, enhancing existing products through manpower hiring, and bolstering business development and marketing activities.

Established in September 1997, Virtual Galaxy Infotech is an IT services and consulting firm based in Nagpur. The company specializes in SaaS products, offering core banking software solutions, ERP implementations, customized software development, and IT services tailored for the BFSI, ERP, and e-governance sectors.