Virtual Galaxy Infotech Limited, one of the leading Hybrid SaaS and Enterprise Software companies serving the BFSI sector, today 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 company has successfully closed its pre-IPO funding round in July 2024, raising ₹21.44 crore from marquee investors. Meanwhile, it has registered impressive financial results with ₹71.61 crore in revenue from operations with a profit (PAT) of ₹18.91 crore in the first half of the current financial year, ending September 30, 2024, compared with ₹61.46 crore and a profit (PAT) of ₹16.30 crore in FY24, indicating strong growth in the current fiscal year.
The Nagpur-headquartered company’s IPO comprises a fresh issuance of 66,60,000 Equity Shares each with a face value of ₹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.
Virtual Galaxy Infotech is a SaaS product-focused company engaged in providing 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).