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Time of India

Virtual Galaxy Infotech lists on NSE at 26% premium

Nagpur: Virtual Galaxy Infotech Limited, an IT company from Nagpur, was listed in the SME segment of the National Stock Exchange (NSE) on Monday, with the shares opening at Rs180, a premium of over 26%. The company IPO had been oversubscribed by more than 231 times, with the public offer of Rs93 crore attracting bids worth over Rs14,400 crore. The listing was followed by a video message from chief minister Devendra Fadnavis , who said that the company, which started as a modest venture, has made a major mark in the sector. The success made him proud as the state's chief minister, he said. "It is a matter of pride that both the promoters, Avinash Shende and Sachin Pandey, are Marathi manus and residents of my own South-West Nagpur constituency," said Fadnavis. The chief minister also noted that the IPO was oversubscribed 231 times. The company will create 1,000 jobs in two years and develop a 10-acre campus at Mihan-SEZ, he said. Later, talking to TOI, Shende — one of the promoters — said the company diluted 26% of its stake, admitting that the response was overwhelming. Apart from building the unit at MIHAN SEZ, the IPO proceeds will also be used for repayment of loans worth Rs3 crore. Over Rs5 crore will go towards the purchase of a GPU, server, and storage system at the data centre. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like [Click Here] 2025 Best Luxury Hotel Prices Expertinspector Learn More Undo Apart from this, Rs18 crore will go towards enhancement and maintenance of existing products, and Rs14 crore for funding business development and marketing activities. The additional development facility at Nagpur will entail a capital expenditure of Rs34 crore. President of Vidarbha Association of Software Exporters (VASE) Amitabh Khanna said the development strengthens the confidence of the region's IT units. Chartered accountant Julfesh Shah said bids worth Rs14,400 crore for a Rs93 crore public issue is considerable indeed.