The Armour Security India IPO is a ₹26.51 Crore worth SME issue, raising fresh capital by issuing 46,50,000 Equity Shares of face value of ₹10/share, through a book-building process.
Armour Security India IPO subscription period starts from 14 January 2026 to 19 January 2026. The Armour Security India will allot the IPO shares on 20 January 2026, and the listing takes place on 22 January 2026, at NSE SME.
The Armour Security India fixes the IPO shares price band at ₹55/share to ₹57/share. The minimum application size for retail investors is 2 lots, with 2,000 shares/lot, requiring an investment of ₹2,28,000 (4,000 shares) on the upper band.
Armour Security India IPO: Details
| IPO Opens | 14 January 2026 |
| IPO Closes | 19 January 2026 |
| Face value | ₹10 |
| Price Band | ₹55 to ₹57/share |
| Issue price | – |
| IPO Lot Size | 2,000 shares |
| Offer for sale | – |
| Fresh issue | 46,50,000 Equity Shares (₹26.51 Crore) |
| Issue Type | Book-built |
| Listing | NSE SME |
| Total Issue Size (₹ Crore) | ₹26.51 |
| Minimum Retail Investment | ₹2,28,000 (2 lots, 4,000 shares) |
Armour Security India IPO Timeline
| Bid Opening Date | 14 January 2026 |
| Bid Closing Date | 19 January 2026 |
| Allotment | 20 January 2026 |
| Refunds Initiated | 21 January 2026 |
| Share Credit Date | 21 January 2026 |
| Listing Date | 22 January 2026 |
| UPI mandate Cut-off time | 19 January 2026 (5 PM) |
Armour Security India Key Performance Indicators (KPIs)
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | 21.56 | 18.1 | 64.65 |
| ROCE (%) | 24.47 | 22.26 | 70.2 |
| Debt-Equity Ratio (in times) | – | – | – |
| RoNW (%) | 21.56 | 18.1 | 64.65 |
| PAT Margin (%) | 11.14 | 7.95 | 7.82 |
| EBITDA Margin (%) | 13.94 | 11.15 | 10.81 |
| Price-Book Value | – | – | – |
Armour Security India IPO Financial Information
| 2025 (in ₹ lakh) | 2024 (in ₹ lakh) | 2023 (in ₹ lakh) | |
| Revenue | 3565.54 | 3293.29 | 2884.64 |
| Assets | 2,737.05 | 2,361.41 | 1,551.06 |
| Profit After Tax | 397.35 | 261.76 | 225.66 |
Subscription Status: Armour Security India IPO
Track the subscription status of the Armour Security India IPO here!
| Day | QIB | NII | Individual Investor | Total Subscription |
| Day 1 | – | – | – | – |
| Day 2 | – | – | – | – |
| Day 3 | – | – | – | – |
Armour Security India IPO GMP
The Armour Security India IPO’s latest GMP is ₹1, indicating muted demand and a cautious market sentiment. The estimated listing price of ₹58, with an expected listing gain of 1 to 2% over the issue price.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 12 January 2026 | ₹1 | ₹58 | ₹2,000 (1.75%) | ⬆️Increased |
| 11 January 2026 | ₹1 | ₹58 | ₹2,000(1.75%) | ⬆️Increased |
| 10 January 2026 | ₹1 | ₹58 | ₹2,000 (1.75%) | ⬆️Increased |
| 9 January 2026 | ₹1 | ₹58 | ₹2,000 (1.75%) | ⬆️Increased |
Note: GMP values are not official indicators, and they tend to vary depending on investors’ response, subscription rates, and the overall market.
Armour Security India IPO Reservation
See the reservation structure of the Armour Security India IPO shares:
| Category | % of Shares Offered | Shares offered |
| Market Makers | 5.03% | 2,34,000 |
| QIBs | 0.99% | 46,000 |
| Anchor Investors | – | – |
| Retail Investors | 46.88% | 21,80,000 |
| NII shares offered (HNI) | 47.10% | 21,90,000 |
| Total Shares Offered | 100% | 46,50,000 |
Armour Security India IPO: Lot Size
The lot size for the retail application is 2 lots, with 2,000 shares/lot.
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors Minimum Application | 2 | 4,000 | 2,28,000 |
| Retail Investors Maximum Application | 2 | 4,000 | 2,28,000 |
| S-HNI Minimum Application | 3 | 6,000 | 3,42,000 |
| S-HNI Maximum Application | 8 | 16,000 | 9,12,000 |
| B-HNI Minimum Application | 9 | 18,000 | 10,26,000 |
Armour Security India IPO: Anchor Investors Details
| Bidding Opens On | – |
| Shares to be Offered | – |
| Anchor Investor Issue Size (in Crore) | – |
| 30 days lock-in expiry date (50% of shares) | – |
| 90 days lock-in expiry date (For remaining shares) | – |
Armour Security India IPO Prospectus
| Armour Security India IPO DRHP(Doc) | |
| Armour Security India IPO RHP(Doc) | |
| Armour Security India IPO Anchor Investors | – |
| Armour Security India IPO Final Prospectus | – |
About Armour Security India Limited
Armour Security India Limited, founded in 1999 and headquartered in New Delhi, operates under the leadership of its Managing Director, Mrs. Arnima Gupta.
The company provides comprehensive and customised security services along with facility management and recruitment and staffing solutions across India. Beyond its primary offerings, Armour Security also delivers ancillary services such as event support and branding content creation, reflecting a diversified and consultancy-driven business approach.
| Book Running Lead Managers (BRLM) | Sobhgya Capital Options Pvt. Ltd. |
| IPO Registrar | Skyline Financial Services Pvt. Ltd. |
Objectives of the Armour Security India
| Particulars | Amount (in ₹ lakh) |
| Working capital requirements | 1,510.79 |
| Purchasing machinery, equipment and vehicles | 161.27 |
| Payment of company borrowings | 300.00 |
| Corporate requirements | – |
Strength Of Armour Security India
- Diversified Services Portfolio: The company provides security, housekeeping, facility management, and manpower services, which enable comprehensive solutions across different client requirements.
- Expertise and Experience: The company benefits from decades of industry experience and refined operational practices, guided by its promoters Vinod Gupta and Arnima Gupta.
- Technology Integration: The company leverages ERP systems, digital communication tools, and mobile technology to enhance coordination, efficiency, and real-time decision-making.
- Compliance and Certifications: The company’s ISO certification and PSARA licensing reflect its adherence to quality standards and regulatory requirements across operations.
Risk of Armour Security India
- Customer concentration risk: The company’s 70% of revenue comes from its top ten clients, which makes earnings sensitive to customer attrition or reduced contracts.
- Regulatory Compliance History: The company has faced past non-compliances under the Companies Act, which may invite scrutiny or regulatory action.
- Earnings Volatility: The company’s revenue and profitability differ across its business segments, resulting in fluctuating performance and limited predictability of future financial outcomes.
- Regulatory Changes: The evolving regulations in India may introduce additional compliance obligations, potentially increasing operational complexity and compliance-related costs.
Armour Security India IPO Review
The Armour Security India IPO is an SME issue focused on funding working capital and operational expansion. The company operates in a competitive, manpower-intensive sector with stable demand but thin margins.
While consistent revenue growth and improving profitability support the business, high customer concentration and a GMP of ₹1 suggest limited listing upside. The IPO may suit investors with a long-term view who understand SME risks rather than short-term listing expectations.
Other Recent IPO List
Check out the IPOs currently open and upcoming in India, 2026:
| GRE Renew Enertech IPO | Bharat Coking Coal IPO |
| Avana Electrosystems IPO | Yajur Fibres IPO |
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Armour Security India IPO FAQs
The Armour Security India IPO is an SME public issue worth ₹26.51 Crore, which is entirely a fresh issue of 46,50,000 equity shares. The funds raised will be used for working capital, asset purchases, and repayment of borrowings.
The Armour Security India IPO application can be made through ASBA using net banking or UPI-supported trading apps offered by registered brokers. The applications must be submitted before the issue closes, with mandate confirmation completed within the prescribed cut-off time.
The Armour Security India IPO presents stable business operations and improving margins, but faces risks from client concentration and limited pricing power. It may appeal to long-term investors comfortable with SME volatility rather than those wanting strong listing gains.
The Armour Security India IPO expected listing gain is around 1–2%, based on the current GMP of ₹1. The returns beyond listing will depend on revenue growth, client diversification, and margin sustainability over the medium to long term.
The Armour Security India IPO opens its subscription from 14 January 2026 to 19 January 2026. Investors must complete bidding and UPI mandate confirmation within this subscription window.
The Armour Security India IPO lot size is 2,000 shares per lot. The retail investors must apply for a minimum of two lots, 4,000 shares, and an investment of ₹2,28,000 at the upper price band.
The Armour Security India IPO allotment is expected on 20 January 2026. The successful applicants will receive a share credit in their demat accounts on 21 January 2026.
The Armour Security India IPO shares are scheduled to list on 22 January 2026 at NSE SME, subject to final approvals and completion of the allotment process.
