Virtual Galaxy Infotech IPO Allotment Soon: Check Status And Latest GMP Here

The allotment of shares in the initial public offering (IPO) of Virtual Galaxy Infotech Ltd. is scheduled to be finalised today, on Thursday, May 15. The initial public offering of the Nagpur-based IT services and consulting firm was subscribed 231.45 times on day four of bidding.

It was subscribed 0.69 times on its first day on Friday, 4.52 times on its second day and 24.79 times on its third day. The four-day SME IPO received a tremendous response from the non-institutional investors on its final day of subscription.

Virtual Galaxy Infotech Ltd. launched its public offer on May 9 to raise Rs 93.29 crore from the primary market. The SME IPO was entirely a fresh issue of 65.70 lakh shares.

The IPO price band was fixed at Rs 142 per share.

The Qualified Institutional Buyers (QIBs) booked their quota 129.72 times. The Non-Institutional Investors’ (NIIs) category was subscribed 590.27 times, while the retail portion was booked 134.03 times.

Once the Virtual Galaxy Infotech IPO allotment is finalised, investors can check their status on the official websites of NSE or Maashitla Securities Private Limited, the registrar for the issue. Follow the step-by-step guide below to check the Virtual Galaxy IPO allotment status on these websites.

• Visit the Maashitla Securities Private Limited website here: https://maashitla.com/allotment-status/public-issues

• Select "Virtual Galaxy Infotech Limited" from the drop-down list on the Public Issues page.

• Select and enter your PAN, Application number, or Demat account number.

• Click on the "SUBMIT" button.

• Download or print the allotment status for your records.

• Visit the IPO allotment page on the NSE website here: https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

• Select 'Equity & SME IPO bid details'.

• Select the company symbol 'VGINFOTECH' in the dropdown list.

• Enter PAN details and Application Number.

• Click on the Submit button to verify your share allotment status.

The grey market premium on the Virtual Galaxy Infotech IPO was Rs 83 as of 12:59 p.m. on May 15. According to InvestorGain, shares of Virtual Galaxy Infotech are expected to make their market debut at Rs 225 on the NSE SME, marking a premium of 58.45% over the issue price.

As per the current GMP trends, the unlisted shares of Virtual Galaxy Infotech have been trading at their highest at a price of Rs 229 in the grey market on Wednesday. The grey market premium for the SME IPO soared from Rs 9 to Rs 75 on Day 2 of the subscription period, before closing on Rs 87 when the subscription period ended on Wednesday.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Following the finalisation of IPO allotment, the company will start initiating refunds and transfer of shares on May 16. Shares of Virtual Galaxy Infotechare scheduled to debut on the NSE SME (Emerge) on Monday, May 19.

Virtual Galaxy Infotech is an IT company engaged in offering solutions in cloud computing, web services and internet of things (IoT). It is headquartered in Nagpur. It provides solutions in big data, system integration, cloud computing, and web services. The company’s website says it has provided advanced technology to over 5,000 bank branches, manufacturing firms and businesses.

Use Of Proceeds

The proceeds from the IPO will be used for funding capital expenditure for setting up a development facility in Nagpur, repaying and prepaying borrowings, hiring manpower and general corporate purposes.