BFSI-focused SaaS firm Virtual Galaxy Infotech Ltd on Wednesday said it has filed draft papers with NSE Emerge to raise funds through an Initial Public Offering (IPO).
The Nagpur-headquartered company’s IPO comprises a fresh issue of 66 lakh equity shares with a face value of Rs 10 each, according to a statement.
Proceeds from the issue worth Rs 34.26 crore will be used for setting up additional development facilities in Nagpur, Rs 18.9 crore for funding expenditure related to enhancement, maintenance and upgrading existing products, Rs 14.06 crore for funding business development and marketing activities.
Additionally, Rs 5.05 crore will be utilised for procuring GPU, server & storage system at the data centre, Rs 3 crore for payment of debt and the remaining capital will be used for general corporate purposes.
In July, the company raised Rs 21.44 crore in a pre-IPO funding round from the marquee investors.
VGIL is a SaaS product-focused company engaged in providing core banking
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SaaS firm Virtual Galaxy Infotech files draft IPO papers with NSE Emerge (30-10-2024)
Sensex falls! But these stocks gained over 10% on BSE (30-10-2024)
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Rajeesh’s Portfolio (30-10-2024)
Thank you so much @rajeesh_jegadeesan for such a detail responce. But duopoly is a real threat in this industry. Are you aware about Jio renting or leasing towers from Indus towers or they have their own or any other players. Like Bharti airtel have their own I guess.
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The benchmark S&P/ASX 200 dipped 0.83 percent to 8,180.40 while the broader All Ordinaries index settled 0.78 percent lower at 8,439.50.
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The Nifty IT index closed 0.86 per cent at 41668.60.
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