Armee Infotech IPO through Rs. 250 crore files papers to get

IT infrastructure solutions provider Army Infotech Limited has raised Rs. It has filed preliminary papers with capital markets regulator Sebi to raise Rs 250 crore. The Gujarat-based company’s initial share sale is a fresh issue of equity shares with an outright offer for sale (OFS) component, according to the draft red herring prospectus (DRHP) filed on Friday.

The proceeds of the issue will be used for raising the working capital requirements of the company, repayment of debt and for general corporate purposes.

Armee Infotech services a wide variety of projects for both Government/Public Sector Undertakings (PSUs) and the private sector with a focus on Government/PSU projects.

The range of projects undertaken by the company include supply and installation of IT hardware and software, establishment of smart classrooms, installation of digital infrastructure for public distribution systems and digitalization of primary agricultural credit societies etc.

The IT industry plays a major role in driving India’s overall economic growth. The industry contributed 7.5 percent to India’s GDP in FY 2023, up from 7.4 percent in FY 2022. The IT industry added an impressive 3.2 lakh new jobs in fiscal 2023, taking the total workforce to 5.72 million people, according to a D&B report.

Khandwala Securities and Saffron Capital Advisors are the book-running lead managers of the public issue.