ArMee Infotech raises Rs 39.93 crore from anchor investors ahead of Rs 300 crore IPO

New business data points to the fact that Ahmedabad-based IT infrastructure and managed services firm ArMee Infotech has mobilised Rs 39.93 crore from four anchor market participants ahead of its Rs 300-crore initial public offering (IPO).

The firm allocated 10.65 lakh shares through the anchor book on September 22 at the upper end of its price range of Rs 350-375 per share.

Abundantia Capital was the largest investor, picking up 5.31 lakh shares worth Rs 19.93 crore. Vikasa India acquired 2.66 lakh shares for Rs 9.99 crore.

AMITSG Ventures Fund and VBCUBE Ventures Fund each acquired 1.33 lakh shares in ArMee Infotech for Rs 5 crore.

ArMee Infotech will open its Rs 300-crore IPO for public subscription on September 23 and close on September 25. The offering comprises entirely a fresh offering.

The firm provides IT hardware and software under its IT infrastructure business, while its managed services include technical manpower, skill development training and annual maintenance services.

ArMee Infotech has additionally ventured into renewable energy, providing engineering, procurement and construction (EPC) services for solar power projects, developing solar power projects under power purchase agreements (PPAs), and offering Battery Energy Storage System (BESS) solutions.

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The firm will use Rs 155 crore of the net fresh offering proceeds to secure performance bank guarantees (PBGs) for business expansion and Rs 60 crore for working capital requirements.

A further Rs 6.5 crore will be used to repay debt, while the remaining proceeds will be used for general corporate purposes.

Khandwala Securities and Saffron Capital Advisors are the book-running lead managers to the ArMee Infotech IPO.