Armee Infotech, the IT infrastructure and IT managed services company, has refiled preliminary papers with the SEBI for raising Rs 300 crore via initial public offering.
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The IPO will comprise of solely a fresh issue with no offer-for-sale component, as per the DRHP filed on February 25.
It has increased its offer size from Rs 250 crore earlier mentioned in the previous filing. In June 2024, it had filed draft red herring prospectus with the SEBI.
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The Gujarat-headquartered company has ventured into the retail sales space through experience zones engaged in the sale of IT, consumer electronics, and gaming and merchandise products. It has also entered into renewable energy vide solar EPC and PPAs.
A majority of its revenues are currently derived from servicing government/PSU projects. The financial performance of the company remained strong in the past years with the net profit for the year ended March 2024 growing sharply by 202.5 percent to Rs 50.1 crore and revenue increasing by 103 percent to Rs 1,020.6 crore compared to previous year. Profit in the first half of FY25 stood at Rs 18.21 crore on revenue of Rs 604.4 crore.
Armee Infotech plans to spend Rs 155 crore out of the fresh issue proceeds for the expansion of business by procuring new government/PSU projects. Further Rs 60 crore will be utilised for working capital requirements and Rs 8.99 crore for repaying of debt.
Khandwala Securities, and Saffron Capital Advisors are appointed as the merchant bankers for the issue.
