ArMee Infotech Limited on Wednesday made its debut on the stock market listing at a discount of 1% to its IPO price on the BSE. The stock opened flat at Rs 375 on the NSE which is the upper end of the IPO price. On the BSE, it began trading at Rs 368 per share which marks a discount of Rs 1.64%.
ArMee Infotech's IPO was subscribed 2.44 times. The public offering received bids for 1,81,59,240 shares against 74,30,356 shares on offer. The QIB segment fetched 2.99 times subscription, while the retail category was subscribed 2.47 times and the non-institutional category received 2.09 times subscription.
ArMee Infotech's offering has a fresh issue aggregating up to Rs 300 crore. Price range for the offer is Rs 350-375 per share.
ArMee Infotech IPO: Use Of Proceeds
The company plans to utilise the net proceeds from the fresh issue primarily towards:
Funding business expansion by procuring new Government and PSU projects (Rs 155 crore).
Funding working capital requirements of the company (Rs 60 crore).
Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the company (Rs 6.5 crore).
General corporate purposes.
About ArMee Infotech
ArMee Infotech Limited (AIL), part of the ArMee Group, is an IT infrastructure solutions and managed services company established in 2003. Headquartered in Ahmedabad, Gujarat, the company provides end-to-end IT solutions to government organisations, corporate clients, the banking, financial services and insurance (BFSI) sector, and educational institutions.
Its services include supplying and installing IT hardware and software, setting up ICT laboratories and smart classrooms, and digitising public distribution systems and primary agricultural credit societies. Government and public sector undertaking (PSU) projects form a key part of its business, supporting recurring revenue and investment in technology and service capabilities.
With a presence in more than 14 locations across India, AIL provides service and technical support to clients nationwide, with a focus on technical expertise, reliability and long-term client relationships.
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