Armour Security India IPO attracts 2 times subscription on final day, listing likely on January 22

Armour Security IPO News

• Armour Security India IPO sees 2 times subscription on final day
• Armour Security listing likely scheduled on January 22
• Company raising Rs 26.5 crore via initial public offering

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Armour Security India, which provides security, facility management services, and recruitment and staffing solutions, has attracted decent demand for its initial public offering from investors on January 19, the final day of bidding. The offer was subscribed 1.78 times.

Investors have applied for 82.74 lakh shares against the offer size of 46.5 lakh shares via 1,512 applications. Retail and non-institutional investors were at the forefront to support the offer to get fully subscribed, bidding 2.57 times and 1.18 times their allotted quota.

The portion reserved for qualified institutional investors saw one application of 46,000 equity shares and got fully subscribed with the said one application.

The IPO share allotment will be finalised by January 20, while the participants can start trading in Armour Security shares on the NSE Emerge effective January 22.

The New Delhi-headquartered company is raising Rs 26.5 crore via initial public offering (IPO) at the upper end of price band of Rs 55-57 per share. It is entirely a fresh issue component.

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Of the total IPO proceeds, Rs 15.1 crore will be utilised for working capital requirements, and Rs 1.6 crore for purchasing of machinery, equipment and vehicles. Further, Rs 3 crore will be used for repaying debt, and the remaining amount for general corporate purpose.

Founded in 1999, Armour Security provides private security, housekeeping, fire-fighting, and security training solutions.

Sobhagya Capital Options is acting as the sole merchant banker for the Armour Security India IPO.