The Rs 26.51 crore IPO, which was open for subscription from January 14 to January 19, was entirely a fresh issue of 46.5 lakh shares.
The issue saw a relatively modest response, with an overall subscription of 1.82 times. Retail investors subscribed their portion 2.58 times, while the non-institutional investor segment was subscribed 1.08 times. Qualified institutional buyers showed limited interest, with their quota being subscribed just about once.
Incorporated in August 1999, Armour Security India operates in the private security and facility management space, offering services such as armed guarding, manpower deployment, integrated facility management, housekeeping, event security and firefighting services. The company has a pan-India presence and caters to a wide range of sectors including corporates, industrial units, banks, hospitals, educational institutions and government bodies.
As of February 2025, the company employed 37 permanent staff and over 1,200 contractual personnel, highlighting the labour-intensive nature of its operations. Financially, Armour Security has reported steady growth, with profit after tax rising to Rs 3.97 crore in FY25 from Rs 2.62 crore in FY24. For the half-year ended September 2025, profit stood at Rs 2.90 crore on total income of Rs 19.69 crore.
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IPO proceeds will be used primarily to fund working capital requirements, capital expenditure on equipment and vehicles, repayment of borrowings and general corporate purposes.