Virtual Galaxy Infotech Limited, one of the leading Hybrid SaaS and Enterprise Software companies serving the BFSI sector, announced that its initial public offering (IPO) will open for subscription on Friday, May 09, 2025. The anchor portion will be opened on Thursday, May 08, 2025, and the issue will conclude on Wednesday, May 14, 2025. The company intends to raise ₹93.29 crore from the offering and aims to be listed on the NSE Emerge platform.
The price band for the issue has been fixed at ₹135-142 per share, and the lot size will be 1,000 equity shares. The company has raised ₹21.44 crore in a pre-IPO funding round in July 2024, from the marquee investors. Smart Horizon Capital Advisors Private Limited is the Book Running Lead Manager, and Maashitla Securities Private Limited is the Registrar to the offer.
The IPO will comprise a fresh issue of 65.7 Lakh Equity Shares with a face value of ₹10/- through the book-building route. As many as 18,40,000 equity shares have been reserved 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.
According to RHP, VGIL intends to utilise ₹34.27 crore of the total IPO proceeds towards capital expenditure for setting up additional development facility in Nagpur, ₹3.00 crore for repayment/prepayment of certain borrowings availed by the company, ₹5.05 crore for procuring GPU, server & storage system at data centre, ₹18.90 crore for funding expenditure related to enhancement, maintenance and upgrading existing products and ₹14.06 crore for funding business development and marketing activities. The remaining capital will be used for general corporate purposes.
The Nagpur-headquartered SaaS product-focused company provides core banking software solutions, IT solutions, ERP implementation and customized software solutions development, and IT services for the BFSI, ERP, and E-Governance domains. The company is primarily involved in the development, customization, installation, and implementation of software applications, along with comprehensive post-implementation support, monitoring, and maintenance services for the delivered solutions.
VGIL's clientele includes commercial banks, state cooperative banks, urban cooperative banks, district central cooperative banks, cooperative societies, NBFCs, and Savings and Credit Cooperative Societies (SACCOs).
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. With over 26 years of experience and a dedicated team of around 329 employees, the company provides advanced software services to commercial banks, state cooperative banks, urban cooperative banks, district central cooperative banks, cooperative societies, NBFCs, and Savings and Credit Cooperative Societies (SACCOS). Currently, VGIL serves clients across more than 15 states in India and has expanded its reach to the international market such as in Tanzania and Malawi in Africa.
The company has registered a revenue of ₹101.24 crore with a profit (PAT) of ₹27.41 crore in the first nine months of the financial year 2024-25, ended December 31, 2024, compared to a revenue of ₹61.46 crore and a profit (PAT) of ₹16.3 crore in the fiscal year 2024.
For more information, please visit: https://www.vgipl.com/
Disclaimer: VIRTUAL GALAXY INFOTECH LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed the RHP with the NSE Emerge. The RHP is available on the website of BRLM and the website of NSE. Any potential investors should note that investment in equity shares involves a high degree of risk, and for details relating to the same, please refer to the RHP, including the section titled "Risk Factors", beginning on page 35.
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act) or any state securities laws in the United States, and unless so registered, and may not be issued or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in accordance with any applicable U.S. state securities laws. The Equity Shares are being issued and sold outside the United States in 'offshore transactions in reliance on Regulation "S* under the Securities Act and the applicable laws of each jurisdiction where such issues and sales are made. There will be no public offering in the United States.
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