ArMee Infotech fixes price band at Rs 350-375, Rs 300-crore IPO to open on September 23

New business data points to the fact that ArMee Infotech, an Ahmedabad-based IT infrastructure and services provider, has set the price range at Rs 350-375 per share for its Rs 300-crore initial public offering (IPO).

The firm is seeking a valuation of Rs 1,190 crore at the upper end of the price range.

The IPO, which comprises entirely a fresh offering, will open for public subscription from September 23 to September 25, while the anchor book will be rolled out for a day on September 22.

ArMee Infotech has reserved up to 25 percent of the IPO for qualified institutional buyers, 22.5 percent for non-institutional market participants, and up to 52.5 percent for retail market participants.

The minimum investment by retail market participants in the offer would be Rs 15,000, while the maximum investment would be Rs 1.95 lakh. The minimum bid size would be 40 shares, and thereafter, bids can be placed in multiples of 40 equity shares.

ArMee Infotech, an IT infrastructure and IT managed services firm, has additionally ventured into the retail sales space through experience zones selling IT, consumer electronics, gaming and merchandise products. It is additionally engaged in the renewable energy space, providing engineering, procurement and construction (EPC) services and developing solar power projects under power purchase agreements, as well as Battery Energy Storage System (BESS) projects.

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Of the net offering proceeds, Rs 155 crore will be utilised for securing performance bank guarantees (PBGs) for business expansion, Rs 60 crore for working capital requirements, and Rs 6.5 crore for repayment of debt. The remaining funds will be used for general corporate purposes.

The equity shares will be available for trading on the bourses on September 30. Khandwala Securities and Saffron Capital Advisors are acting as the book-running lead managers for the ArMee Infotech IPO.