Armee Infotech Ltd Set to Launch ₹250 Crore IPO

IT infrastructure provider Armee Infotech Ltd has filed papers with SEBI to raise ₹250 crore through an IPO. The Gujarat-based firm's sale consists entirely of fresh equity shares. Funds will aid working capital, debt repayment, and corporate purposes. The company primarily serves government and private sectors.

PTI | New Delhi | Updated: 23-06-2024 16:48 IST | Created: 23-06-2024 16:48 IST
Armee Infotech Ltd Set to Launch ₹250 Crore IPO
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Armee Infotech Ltd, a leading IT infrastructure solutions provider, has taken a significant step by filing preliminary papers with the capital markets regulator Sebi to raise ₹250 crore through an Initial Public Offering (IPO).

Based out of Gujarat, the company's IPO will comprise a complete fresh issue of equity shares with no component for offer for sale (OFS), as detailed in the draft red herring prospectus (DRHP) filed on Friday. The funds accrued from the IPO will be utilized to bolster the company's working capital, repay debts, and for general corporate purposes.

Importantly, Armee Infotech caters to a wide spectrum of projects for both government/public sector undertakings (PSUs) and the private sector, with a pronounced focus on government and PSU projects. The company's project portfolio is diverse, including the supply and installation of IT hardware and software, creation of smart classrooms, deployment of digital infrastructure for public distribution systems, and digitalization of primary agriculture credit societies.

The broader IT industry in India continues to be a catalyst for economic growth, contributing 7.5% to the nation's GDP in FY 2023, an increase from 7.4% in FY 2022. Remarkably, the sector added 3.2 lakh new jobs in FY 2023, enhancing its workforce to a substantial 5.72 million people, per a report by Dun & Bradstreet.

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

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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