About
Armour Security IPO is a book build issue of ₹26.51 crores. The issue is entirely a fresh issue of 0.47 crore shares of ₹26.51 crore.
Armour Security IPO bidding started from Jan 14, 2026 and ended on Jan 19, 2026. The allotment for Armour Security IPO was finalized on Jan 20, 2026. The shares got listed on NSE SME on Jan 22, 2026.
Armour Security IPO price band is set at ₹57 per share. The lot size for an application is 2,000. The minimum amount of investment required by an individual investor (retail) is ₹2,28,000 (4,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (6,000 shares), amounting to ₹3,42,000.
Sobhagya Capital Options Pvt.Ltd. is the book running lead manager and Skyline Financial Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is NNM Securities Pvt.Ltd..
Refer to Armour Security IPO RHP for detailed Information.
IPO Stock Quote & Charts
IPO Open
Wed, Jan 14, 2026
IPO Close
Mon, Jan 19, 2026
Issue Price
₹57 per share
Market Cap (Pre-IPO)
₹96.16 Cr
IPO Details
| IPO Date | 14 to 19 Jan, 2026 |
| Listed on | 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 Timetable
- IPO OpenWed, Jan 14, 2026
- IPO CloseMon, Jan 19, 2026
- AllotmentTue, Jan 20, 2026
- RefundWed, Jan 21, 2026
- Credit of SharesWed, Jan 21, 2026
- ListingThu, Jan 22, 2026
IPO Reservation
Armour Security IPO offers total 46,50,000 shares. Out of which 46,000 (0.99%) allocated to QIB, 21,90,000 (47.10%) allocated to
NII
21,80,000 (46.88%) allocated to RII.
| Investor Category | Shares Offered |
|---|---|
| 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%) |
IPO Lot Size
Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereof.
| 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 |
About Armour Security India Ltd.
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:-
- Private Security Services: Private security services provide trained security guards based on client requirements.
- Integrated Facility Management Services: Offerings include daily cleaning services, waste disposal, building systems maintenance and security.
- House Keeping Services: Offers office cleaning services, including dusting, surface cleaning, carpet cleaning, and bathroom maintenance.
- Event Management Services: Event Management for weddings, parties, conferences, and product launches.
- Firefighting Services: Firefighting services include training in drills, equipment use, and safety procedures.
- Security Training: Offers training for security officers on critical security issues and policies.
- Supervision Services: Supervision Services tailored to client needs and industry standards.
- Other Manpower Services: Offers skilled, semi-skilled, or unskilled blue-collar manpower for various tasks, including data entry operators, pantry staff, gardeners, drivers, cooks, attendants, plumbers, electricians, and clerks as clients need.
As of February 28th, 2025, the company had 37 permanent employees and 1269 contractual employees.
Competitive Strength:
- Diversified Services Portfolio
- Expertise and Experience.
- Compliance and Certifications.
- Customer Retention.
- Technology Integration
Company Financials (Restated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 32.10 | 27.37 | 23.61 | 15.51 |
| Total Income | 19.69 | 36.56 | 33.10 | 28.97 |
| Profit After Tax | 2.90 | 3.97 | 2.62 | 2.26 |
| EBITDA | 4.30 | 4.97 | 3.67 | 3.12 |
| NET Worth | 21.34 | 18.43 | 14.46 | 3.49 |
| Reserves and Surplus | 9.12 | 6.21 | 2.24 | 3.48 |
| Total Borrowing | 6.01 | 4.69 | 1.80 | 0.85 |
| Amount in ₹ Crore | ||||
IPO Objects of the Issue
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 | 15.11 |
| 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 | 3.00 |
| 4 | General Corporate Expenses. | 3.60 |
Key Performance Indicator (KPI)
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 13.61% | 21.56% |
| ROCE | 15.45% | 24.47% |
| Debt/Equity | 0.28 | 0.25 |
| RoNW | 13.61% | 21.56% |
| PAT Margin | 14.76% | 11.14% |
| EBITDA Margin | 21.84% | 13.94% |
| Price to Book Value | 3.78 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 3.25 | 3.44 |
| P/E (x) | 17.53 | 16.55 |
| Promoter Holding | 96.80% | 70.12% |
| Market Cap | ₹96.16 Cr. |
- The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2025 available in RHP.
IPO Review
Armour Security IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
The Armour Security IPO is subscribed 1.82 times on January 19, 2026 6:20:00 PM (Day 3). The public issue subscribed 2.58 times in the individual investors category, 1.00 times in the QIB category, and 1.08 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category |
Subscription (x) | Shares Offered | Shares bid for | Total Applications |
|---|---|---|---|---|
| QIB (Ex Anchor) | 1.00 | 46,000 | 46,000 | 1 |
| NII* | 1.08 | 21,90,000 | 23,70,000 | 105 |
| bNII (> ₹10L) | 1.16 | 14,60,000 | 16,96,000 | |
| sNII (< ₹10L) | 0.92 | 7,30,000 | 6,74,000 | |
| Individual Investor | 2.58 | 21,80,000 | 56,24,000 | 1,406 |
| Total | 1.82 | 44,16,000 | 80,40,000 | 1,512 |
Total Applications: 1,512
*Market Maker portion is not included to NII/HNI.
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Issue Management Expenses (including Book Running Lead Manager Fees, Underwriter Fees, Legal Advisors, Market Maker, Registrar, etc.) | 1.68 |
| 2 | Advertising and Marketing Expenses | 1.26 |
| 3 | Regulatory and other fees | 0.07 |
| 4 | Printing, Stationery and Postage | 0.01 |
| 5 | Other Expenses (including Peer Review Auditor, Issue Related Certifications and Confirmations, Out of Pocket Expenses, Bankers to the Issue, etc.) | 0.16 |
Listing Day Trading Information
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹57.00 |
| Open | ₹45.60 |
| Low | ₹43.35 |
| High | ₹45.60 |
| Last Trade | ₹43.35 |
Check IPO Performance…
IPO Registrar
Skyline Financial Services Pvt.Ltd.
- 02228511022
- grievances@skylinerta.com
- Visit Website
IPO Lead Manager(s)
- Sobhagya Capital Options Pvt.Ltd. (Past IPO Performance)
Lead Manager Reports
- Lead Manager Performance Summary
- Lead Manager Performance Tracker
Contact Details
- +91 9810139833
- cs@armoursecurities.com
- Visit Website
IPO FAQs
Armour Security IPO is a SME IPO of 46,50,000 equity shares of the face value of ₹10 aggregating up to ₹27 Crores. The issue is priced at ₹57 per share. The minimum order quantity is 2000.
The IPO opens on Wed, Jan 14, 2026, and closes on Mon, Jan 19, 2026.
Skyline Financial Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Armour Security IPO using UPI as a payment gateway. Zerodha customers can apply in Armour Security IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Armour Security IPO through Zerodha
- Visit the Zerodha website and login to Console.
- Go to Portfolio and click the IPOs link.
- Go to the ‘Armour Security IPO‘ row and click the ‘Bid’ button.
- Enter your UPI ID, Quantity, and Price.
- Submit IPO application form.
- Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Zerodha IPO Application Process Review for more detail.
The Armour Security IPO opens on Wed, Jan 14, 2026 and closes on Mon, Jan 19, 2026.
Armour Security IPO lot size is 2000, and the minimum amount required for application is ₹2,28,000, with 2 lots being the minimum application size.
You can apply in Armour Security IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Armour Security IPO will be done on Tuesday, January 20, 2026, and the allotted shares will be credited to your demat account by Wed, Jan 21, 2026. Check the Armour Security IPO allotment status.
The Armour Security IPO listing date is on Thu, Jan 22, 2026.
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