Armee Infotech Ltd Files for Rs 250 Crore IPO to Fund Expansion and Debt Reduction

Armee Infotech Ltd, a provider of IT infrastructure solutions, has filed preliminary papers with the capital markets regulator Sebi to raise Rs 250 crore through an initial public offering (IPO). The Gujarat-based company plans to issue fresh equity shares, with no offer for sale (OFS) component. The funds raised will be used to increase the company’s working capital, pay off debts, and for general corporate purposes. Armee Infotech undertakes a wide variety of projects for government/public sector undertakings (PSUs) and the private sector, with a focus on government/PSU projects. The company’s projects include supplying and installing IT hardware and software, setting up smart classes, installing digital infrastructure for public distribution systems, and digitalizing primary agriculture credit societies, among others. The IT industry is vital for India’s economic growth, contributing 7.5 per cent to the country’s GDP in FY 2023, up from 7.4 per cent in FY 2022. The industry also added 3.2 lakh new jobs in FY 2023, taking the total workforce to 5.72 million people, according to a D&B report. Khandwala Securities and Saffron Capital Advisors are the book-running lead managers for the public issue.