ArMee Infotech IPO listing: ArMee Infotech shares were off to a tepid start on Wednesday as they listed at a nearly 2 per cent premium against the initial public offer (IPO) price of ₹375, missing expectations.
ArMee Infotech shares listed at ₹368.85 on the BSE, a discount of 1.64 per cent, and at ₹375 on the National Stock Exchange, the same as the IPO price. Following the debut, the stock hit a low of ₹320 on the BSE, down 14.6 per cent from the offer price, and ₹317.40 on the NSE, down 15.36 per cent.
In the grey market, ArMee Infotech was at ₹381 ahead of the stock market debut, suggesting a listing pop of just 1.60 per cent.
ArMee Infotech IPO details
The qualified institutional buyer (QIB) segment was booked 2.99 times, the non-institutional investor (NII) segment was subscribed 2.09 times, and the retail segment received 2.47 times bids.
The IPO was entirely a fresh share sale, with the funds raised earmarked for expansion of business by procuring new government and PSU projects, funding working capital needs, repayment of certain outstanding borrowings, and general corporate purposes. Its IPO price band was set at ₹350-375 per share.
ArMee Infotech is an IT infrastructure solutions and managed services company, primarily focused on Government and PSU clients. Founded in 2003, the company offers services across IT infrastructure, managed services, and renewable energy EPC projects. The company has a presence across multiple Indian states with a significant concentration of projects in Gujarat.
