Armour Security India IPO Day 1: Check subscription status, price band, lot size and key dates

Armour Security India IPO: The initial public offering of security services provider Armour Security India has been subscribed 4% so far on the first day of bidding on Wednesday, January 14. It will conclude on January 19.

It received bids for 1,90,000 shares as against 46,50,000 shares on offer, according to the NSE data until 3:33 pm.

The ₹26.51 crore initial share sale, with a price band of ₹55 to ₹57 per share, is exclusively a fresh issuance of 46.50 lakh shares. There is no offer for sale component.

The IPO proceeds will be utilised for funding working capital requirements, capital expenditure needs for buying machinery, vehicles and equipment, debt clearance and general corporate purposes.

"Our company believes that listing will enhance our company’s corporate image and brand name and create a public market for its equity shares in India besides unlocking the value of our company. Having a listing on a stock exchange also affords our company increased credibility with the public, having the company indirectly endorsed through having their stock traded on the exchange. It also improves supplier, investor and customer confidence and improves our standing in the market place. It will also provide liquidity to the existing shareholders," Armour Security India said in its red herring prospectus (RHP).

Armour Security India IPO lot size

A lot consists of 2,000 shares. Individual investors can apply for a minimum of two lots or 4,000 shares.

Armour Security India IPO: Allotment and listing date

The New Delhi-headquartered company provides comprehensive and customised security services, facility management services, and staffing and recruitment solutions across India.

Armour Security India IPO GMP

According to media reports and investorgain.com, Armour Security India's unlisted shares are trading at ₹61, reflecting a grey market premium of 7.02% over the upper price band of ₹57.