ArMee Infotech IPO subscribed 1.6x on Day 3 so far – Check GMP

The latest market report highlights that ArMee Infotech IPO got subscribed 1.6 times on the final day of bidding on Friday.

The Rs 300-crore IPO received bids for 1.2 crore shares against 74.30 lakh shares on offer, translating into 1.62 times subscription, as per NSE data till 12:45 p.m.

The portion reserved for non-institutional market participants was subscribed 1.34 times, while the retail investor quota received 1.89 times subscription. The qualified institutional buyers' (QIBs) portion was subscribed 95 percent.

Ahmedabad-based IT infrastructure and managed services firm ArMee Infotech mobilised Rs 39.93 crore from four anchor market participants.

ArMee Infotech IPO GMP Today Price

According to platforms tracking grey market activities, the shares of ArMee Infotech are commanding a GMP of up to 5 percent. Investorgain quoted a GMP of Rs 16 for the shares of the firm, indicating a stock-exchange debut gain of 4.27 percent. IPO Watch, in the meantime, quoted a GMP of 5.33 percent.

The offering has a price range of Rs 350-375 per share.

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.

ArMee Infotech IPO allotment is anticipated by September 28, while share stock-exchange debut is proposed to take place on September 30.