Armour Security India IPO
smelistedAbout the company
Armour Security India offers recruitment and staffing services, facility management services, and security services. The main part of its operations focuses on offering manpower security services. This includes providing well-trained security personnel for 24/7 protection of client locations. It also provides risk management assignments, event security, and electronic security solutions. The company serves clients from various sectors, such as corporate offices, residential complexes, government buildings, industrial sites, commercial centres, and event spaces. As of September 2025, it had 83 clients, with 60 being repeat customers. Additionally, it holds licenses under the Private Security Agencies Regulation Act (PSARA) and has ISO certification. As of September 2025, the housekeeping services accounted for 22% of revenue, while other manpower and supervision services contributed 28% to revenue, and security manpower personal services for 50%. Education accounted for 38.22% of industry revenue, with healthcare coming in second at 33.11%. Meanwhile, the Delhi region generated 39.71% of revenue, followed by Uttar Pradesh coming in second at 23.91% and Haryana at 17.87%. As of February 28, 2025, the company employed 37 permanent staff members and engaged 1,269 personnel on a contractual basis.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 17 Jan | ₹4 | ₹61 | 0 |
| 16 Jan | ₹4 | ₹61 | 0 |
| 15 Jan | ₹4 | ₹61 | 0 |
| 14 Jan | ₹4 | ₹61 | 0 |
| 13 Jan | ₹4 | ₹61 | +2 |
| 12 Jan | ₹2 | ₹59 | +1 |
| 11 Jan | ₹1 | ₹58 | 0 |
| 10 Jan | ₹1 | ₹58 | 0 |
Strengths
- Provides integrated services including security manpower and facility management
- Operates in a growing private security and facility management industry
- Diversified client base across multiple sectors
- Demonstrated stable revenue generation from core services
- Uses technology systems to manage workforce and operations efficiently
- Long-standing experience and established operational track record
- Holds required regulatory approvals and industry certifications
Risks
- Faces intense competition from unorganised and leading organised players
- Revenue largely concentrated in specific regions
- Working capital intensive operations may impact cash flows
- Subject to strict regulatory and labour law compliance
- Business is manpower-intensive leading to high employee-related costs
- SME listing may result in lower liquidity and higher price volatility
- Dependence on a limited number of large clients
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed14 Jan 2026Bidding starts for all investor categories
IPO Closes
Completed19 Jan 2026Last day to place your bid
Basis of Allotment
Completed20 Jan 2026Share allotment finalised
Refund Initiation
Completed21 Jan 2026Refunds credited for non-allottees
Credit to Demat
Completed21 Jan 2026Allotted shares credited to demat account
Listing on Exchange
Completed22 Jan 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 2000 | ₹114,000 | 1 | ₹114,000 | 1 lot only |
| HNI | 2 | 4000 | ₹228,000 | 2 | ₹228,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,410,715 | 13.5 | 0 | 0.00x | 100% |
| NII | 15% | 723,214 | 4.05 | 0 | 0.00x | 100% |
| Retail | 35% | 1,687,500 | 9.45 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
