VGIL stock makes stellar debut on NSE Emerge

 

 

 

Virtual Galaxy Infotech Limited (VGIL), one of the leading Hybrid SaaS and Enterprise Software companies serving the BFSI sector, on Monday made a spectacular debut on the NSE Emerge exchange. The company was listed at Rs 180, at a premium of 26.76 per cent over the fixed price band of Rs 142. Last week, the IPO received an overwhelming response from the investors as the Qualified Institutional Buyer (QIB) portion of the issue was subscribed 129.72 times, the NII quota was subscribed 590.27 times and the Retail Individual Investors (RII) quota was subscribed 134.01 times, bringing the overall subscription to 231.44 times till the final day of bidding on May 14, garnering record bids worth over Rs 14,440 crore.

 

The company has allotted 18,40,000 equity shares for the Anchor investors, 3,36,000 equity shares for the market maker, 9,50,000 equity shares allocated for the NII portion, 12,44,000 equity shares for QIBs, and the Retail (RII) portion accounts for 22,00,000 equity shares. The Nagpur-headquartered company aims to raise Rs 93.29 crore from the issue and 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 & 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. VGIL offers a diverse portfolio of software products, including E-Banker, a core banking system designed for banks, societies, and non-banking financial companies (NBFCs), IBS-ERP, a comprehensive ERP software designed to unify core business functions, including finance, HR, manufacturing, services, supply chain and procurement, into a single, integrated system, E-APMC, a web-based application designed to meet the diverse needs of Agricultural Produce Market Committees (APMCs), E-Autopsy, a web-based end-to-end solution specially designed for post mortem departments and V-Pay, which serves as a comprehensive platform for all types of digital payment transactions. Founded in 1997 by first-generation technocrats Avinash Narayanrao Shende and Sachin Purushottam Pande, VGIL has been delivering secure core banking solutions within a seamlessly integrated banking and financial ecosystem. For more information, visit: https://www.vgipl.com/