Virtual Galaxy Infotech Ltd IPO: Key Facts, GMP and Shariah Review
Virtual Galaxy Infotech Ltd (VGINFOTECH), an IT and software company based in Nagpur, is offering its shares to the public through an IPO on the NSE SME platform. The offer runs from May 9 to May 14, 2025.
The company works mostly with banks and financial institutions. It builds software for core banking systems and loan approval processes.
IPO Details
- Issue size: ₹93.29 crore
- Price range: ₹135 to ₹142 per share
- Lot size: 1,000 shares (₹1,42,000 minimum investment)
- Listing date: Expected on May 19, 2025
Shariah Compliance Status: Doubtful
According to IslamicStock, VGINFOTECH has been rated as “Doubtful” in terms of Shariah compliance.
The company meets financial screening rules like low interest-based income and manageable debt. But the issue lies in what it actually does. VGINFOTECH builds software used by banks for lending activities, which involve interest. Over 90% of its income comes from this kind of work.
Because of this, even though its financials look fine, the nature of its business raises concerns for Muslim investors who follow Islamic finance principles.
Grey Market Premium (GMP)
As of May 14, VGINFOTECH’s shares are trading at a ₹80 premium in the grey market. This suggests the stock could list at around ₹222, which is about 56 percent higher than the top end of the price band.
Final Thoughts
This IPO is getting strong interest in the market, and early signals show a good chance of listing gains. However, for investors looking for Shariah-compliant opportunities, the business model may be a concern. It’s best to look into the details or speak to an expert before deciding.