Virtual Galaxy Infotech Limited, one of the leading hybrid SaaS and enterprise software companies serving the BFSI sector, on Friday announced that it has received in-principle approval for its IPO from NSE Emerge. The company filed a Draft Red Herring Prospectus (DRHP) with NSE Emerge in October 2024. It is in the process of filing RHP with updated information and is expected to be listed on the platform very soon.

 

The Nagpur-headquartered company is set to expand its global operations with Africa being is priority market. With its presence in Tanzania and Malawi, VGIL further plans to strengthen its operations in African market. The IPO comprises a fresh issuance of 66,60,000 Equity Shares each with a face value of Rs 10, through the book-building route.

 

Smart Horizon Capital Advisors Private Limited is the sole Book Running Lead Manager to the offer, and Maashitla Securities Private Limited is the Registrar. As per the DRHP, VGIL intends to utilise Rs 34.27 crore of the total IPO proceeds towards capital expenditure for setting up additional development facility in Nagpur, Rs 3 crore for repayment/prepayment of certain borrowings availed by the company, Rs 5.05 crore for procuring GPU, server and storage system at data centre, Rs 18.90 crore for funding expenditure related to enhancement, maintenance and upgrading existing products and Rs 14.06 crore for funding business development and marketing activities. The remaining capital will be used for general corporate purposes.