Armour Security India IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Jan 14 to Jan 19 2026
Price Band
₹55 - 57
Current GMP
₹45.6 (-20%)
Subscription
1.82 times
IPO Details
| IPO Date | 14 to 19 Jan, 2026 |
| Listing Date | Thu, Jan 22, 2026 |
| Face Value | ₹ 10 per share |
| Price Band | ₹55 to ₹57 |
| Issue Price | ₹57 per share |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 46,50,000 shares (agg. up to ₹ 27 Cr) |
| Reserved for Market Maker | 2,34,000 shares (agg. up to ₹ 1 Cr) NNM Securities Pvt.Ltd. |
| Net Offered to Public | 44,16,000 shares (agg. up to ₹ 25 Cr) |
| Share Holding Pre Issue | 1,22,20,000 shares |
| Share Holding Post Issue | 1,68,70,000 shares |
| NSE Symbol | ARMOUR |
| ISIN | INE0TZX01019 |
IPO Date
14 to 19 Jan, 2026
Listing Date
Thu, Jan 22, 2026
Face Value
₹ 10 per share
Price Band
₹55 to ₹57
Issue Price
₹57 per share
Lot Size
2,000 Shares
Sale Type
Fresh Capital
Issue Type
Bookbuilding IPO
Listing At
NSE SME
Total Issue Size
46,50,000 shares (agg. up to ₹ 27 Cr)
Reserved for Market Maker
2,34,000 shares (agg. up to ₹ 1 Cr) NNM Securities Pvt.Ltd.
Net Offered to Public
44,16,000 shares (agg. up to ₹ 25 Cr)
Share Holding Pre Issue
1,22,20,000 shares
Share Holding Post Issue
1,68,70,000 shares
NSE Symbol
ARMOUR
ISIN
INE0TZX01019
IPO Subscription Details
| Market Maker | 1 |
| QIB (Ex Anchor) | 1.00 |
| NII*** | 1.08 |
| bNII (> ₹10L) | 1.16 |
| sNII (< ₹10L) | 0.92 |
| Individual Investors | 2.58 |
| Total ** | 1.82 |
Market Maker
1
QIB (Ex Anchor)
1.00
NII***
1.08
bNII (> ₹10L)
1.16
sNII (< ₹10L)
0.92
Individual Investors
2.58
Total **
1.82
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Jan 1 4 (Day 1) | 0.00 | 0.02 | 0.01 | 0.03 | 0.08 | 0.05 |
| Jan 1 6 (Day 2) | 1.00 | 0.60 | 0.86 | 0.09 | 0.39 | 0.50 |
| Jan 1 9 (Day 3) | 1.00 | 1.08 | 1.16 | 0.92 | 2.58 | 1.82 |
DayJan 1
4 (Day 1)
QIB (Ex Anchor)0.00
NII*0.02
NII (> ₹10L)0.01
NII (< ₹10L)0.03
Individual Investors0.08
Total0.05
DayJan 1
6 (Day 2)
QIB (Ex Anchor)1.00
NII*0.60
NII (> ₹10L)0.86
NII (< ₹10L)0.09
Individual Investors0.39
Total0.50
DayJan 1
9 (Day 3)
QIB (Ex Anchor)1.00
NII*1.08
NII (> ₹10L)1.16
NII (< ₹10L)0.92
Individual Investors2.58
Total1.82
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 22-01-2026 | 57.00 | 0(0.00%) | 57 |
| 21-01-2026 | 57.00 | 0(0.00%) | 57 |
| 20-01-2026 | 57.00 | 0(0.00%) | 57 |
| 19-01-2026 | 57.00 | 0(0.00%) | 57 |
| 18-01-2026 | 57.00 | 4(7.02%) | 61 |
| 17-01-2026 | 57.00 | 4(7.02%) | 61 |
| 16-01-2026 | 57.00 | 4(7.02%) | 61 |
| 15-01-2026 | 57.00 | 4(7.02%) | 61 |
| 14-01-2026 | 57.00 | 4(7.02%) | 61 |
| 13-01-2026 | 57.00 | 4(7.02%) | 61 |
| 12-01-2026 | 57.00 | 2(3.51%) | 59 |
| 11-01-2026 | 57.00 | 1(1.75%) | 58 |
| 10-01-2026 | 57.00 | 1(1.75%) | 58 |
| 09-01-2026 | 57.00 | 1(1.75%) | 58 |
Date22-01-2026
Price57.00
GMP0(0.00%)
Estimate List Price57
Date21-01-2026
Price57.00
GMP0(0.00%)
Estimate List Price57
Date20-01-2026
Price57.00
GMP0(0.00%)
Estimate List Price57
Date19-01-2026
Price57.00
GMP0(0.00%)
Estimate List Price57
Date18-01-2026
Price57.00
GMP4(7.02%)
Estimate List Price61
Date17-01-2026
Price57.00
GMP4(7.02%)
Estimate List Price61
Date16-01-2026
Price57.00
GMP4(7.02%)
Estimate List Price61
Date15-01-2026
Price57.00
GMP4(7.02%)
Estimate List Price61
Date14-01-2026
Price57.00
GMP4(7.02%)
Estimate List Price61
Date13-01-2026
Price57.00
GMP4(7.02%)
Estimate List Price61
Date12-01-2026
Price57.00
GMP2(3.51%)
Estimate List Price59
Date11-01-2026
Price57.00
GMP1(1.75%)
Estimate List Price58
Date10-01-2026
Price57.00
GMP1(1.75%)
Estimate List Price58
Date09-01-2026
Price57.00
GMP1(1.75%)
Estimate List Price58
IPO Important Dates
| IPO Open | Wed, Jan 14, 2026 |
| IPO Close | Mon, Jan 19, 2026 |
| Allotment | Tue, Jan 20, 2026 |
| Refund | Wed, Jan 21, 2026 |
| Credit of Shares | Wed, Jan 21, 2026 |
| Listing | Thu, Jan 22, 2026 |
IPO Open
Wed, Jan 14, 2026
IPO Close
Mon, Jan 19, 2026
Allotment
Tue, Jan 20, 2026
Refund
Wed, Jan 21, 2026
Credit of Shares
Wed, Jan 21, 2026
Listing
Thu, Jan 22, 2026
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 4,000 | ₹2,28,000 |
| Individual investors (Retail) (Max) | 2 | 4,000 | ₹2,28,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,42,000 |
| S-HNI (Max) | 8 | 16,000 | ₹9,12,000 |
| B-HNI (Min) | 9 | 18,000 | ₹10,26,000 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares4,000
Amount₹2,28,000
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares4,000
Amount₹2,28,000
ApplicationS-HNI (Min)
Lots3
Shares6,000
Amount₹3,42,000
ApplicationS-HNI (Max)
Lots8
Shares16,000
Amount₹9,12,000
ApplicationB-HNI (Min)
Lots9
Shares18,000
Amount₹10,26,000
Key Performance Indicator
| ROE | 13.61% |
| ROCE | 15.45% |
| Debt/Equity | 0.28 |
| RoNW | 13.61% |
| PAT Margin | 14.76 |
| EBITDA Margin | 21.84 |
| Price to Book Value |
ROE
13.61%
ROCE
15.45%
Debt/Equity
0.28
RoNW
13.61%
PAT Margin
14.76
EBITDA Margin
21.84
Price to Book Value
Peers Comparison
| Company Name | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|
| Armour Security India Limited | 3.25 | 15.08 | 21.56 | ||
| Rithwik Facility Management Services Ltd | 8.79 | 43.81 | 34.12 | 20.07 | 6.98 |
Company NameArmour Security India Limited
EPS (Basic)3.25
NAV (₹ per share)15.08
P/E (x)
RoNW (%)21.56
P/BV Ratio
Company NameRithwik Facility Management Services Ltd
EPS (Basic)8.79
NAV (₹ per share)43.81
P/E (x)34.12
RoNW (%)20.07
P/BV Ratio6.98
IPO Reservation
| Market Maker Shares Offered | 2,34,000 (5.03%) |
| QIB Shares Offered | 46,000 (0.99%) |
| NII (HNI) Shares Offered | 21,90,000 (47.10%) |
| − bNII > ₹10L | 14,60,000 (31.40%) |
| − sNII < ₹10L | 7,30,000 (15.70%) |
| Retail Shares Offered | 21,80,000 (46.88%) |
| Total Shares Offered | 46,50,000 (100.00%) |
Market Maker Shares Offered
2,34,000 (5.03%)
QIB Shares Offered
46,000 (0.99%)
NII (HNI) Shares Offered
21,90,000 (47.10%)
− bNII > ₹10L
14,60,000 (31.40%)
− sNII < ₹10L
7,30,000 (15.70%)
Retail Shares Offered
21,80,000 (46.88%)
Total Shares Offered
46,50,000 (100.00%)
Information about company
Incorporated in August 1999, Armour Security India specializes in providing a range of security services including armed guarding, manpower services, and consultancy, primarily focused on commercial and residential security needs across various sectors.
The company is known for its comprehensive security solutions and reputation for reliable service within the Indian market.
The company has PAN India operations with branches in various states to navigate the ever-changing dynamics of the security market.
The company offers its clientele a comprehensive private security solution, encompassing security planning and management services.
The company offers individual security personnel and full teams tailored to sectors like corporate, industrial, banking, healthcare, government, education, and universities.
The company offers integrated facility management, housekeeping, and manpower services, comprising skilled, semi-skilled, and unskilled personnel.
The company's services include the following:-
As of February 28th, 2025, the company had 37 permanent employees and 1269 contractual employees.
Competitive Strength:
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of Working Capital requirement 15.90 2 Funding Capital expenditure requirements for purchasing of machinery, equipment and vehicles 1.61 3 Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company 2.40 4 General Corporate Expenses.
Disclaimer
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We are not a SEBI Registered analyst. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on Information published on this application.
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