Armee Infotech files IPO for ₹250 crores

Gujarat based company will use the proceeds to increase liquidity and payment of debts.

Divya

Jun 24, 2024 - 15:40

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Armee Infotech Ltd, a provider of infrastructure solutions, has submitted initial documents to Sebi to raise Rs 250 crore through an IPO.

According to the the draft red herring prospectus (DRHP) submitted on Friday, the company will have its first share sale consisting purely of new equity shares and no offer for sale (OFS) component.

The funds raised will be utilized to meet the company's working capital needs, payment of debts, and for general corporate uses.

Armee Infotech provides services for a diverse range of projects for both government/PSUs and private sector, with majorly focusing on government/PSU projects.

The company's projects span from supplying and installing IT hardware and software to setting up smart classes, installing digital infrastructure for public distribution systems, and digitalizing primary agriculture credit societies, among other initiatives.

Khandwala Securities and Saffron Capital Advisors are serving as the book-running lead managers for the public offering.