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19 Nov 2024
Gujarat-based IT infrastructure solutions provider, Armee Infotech Ltd, has filed initial papers with the Securities and Exchange Board of India (SEBI) to raise Rs 250 crore via an initial public offering (IPO). This IPO will be a fresh issue of equity shares, with no offer for sale (OFS) component, as detailed in the draft red herring prospectus (DRHP) submitted on Friday.
The raised funds will be used to enhance the company's working capital, repay debt, and cover general corporate expenses. Armee Infotech focuses on a range of projects for both government/public sector undertakings (PSUs) and private sector clients, particularly emphasizing government and PSU projects.
Their projects include the supply and installation of IT hardware and software, the establishment of smart classrooms, the installation of digital infrastructure for public distribution systems, and the digitization of primary agriculture credit societies.
The IT industry is a significant contributor to India's economic growth, accounting for 7.5% of the GDP in FY 2023, an increase from 7.4% in FY 2022. The industry also created 320,000 new jobs in FY 2023, bringing the total workforce to 5.72 million, according to a D&B report.
Khandwala Securities and Saffron Capital Advisors are the book-running lead managers for this public issue.
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