Armour Security India IPO to Open Jan 14; Specialized Manpower Firm Sets Price Band at ₹55–₹57

Armour Security (India) Ltd is the latest entrant in the security services sector to tap the public markets. The company’s IPO is a 100% fresh issue of 46.50 lakh shares with a fixed price band of ₹55 to ₹57 per share. The bidding window will remain open from January 14 to January 19, 2026.

The company specializes in two core verticals: Security Manpower Services and Integrated Facility Management. Its clients include government departments, PSUs, and private enterprises across 12 states. For the fiscal year ending March 2025, the company reported a total revenue of ₹36.56 crore with a Profit After Tax (PAT) of ₹3.97 crore, showing consistent year-on-year growth.

As of today, January 12, 2026, the Grey Market Premium (GMP) is relatively muted, trading at approximately ₹1, indicating a conservative listing expectation from the market. The shares are proposed to be listed on the NSE SME platform.

Key IPO Details & Timetable

*Note: Retail investors must apply for a minimum of 2 lots (4,000 shares) for this issue.

Important Note for Investors

• Long Operational History: Founded in 1999, the company brings over 25 years of experience, which is a significant strength in the manpower-intensive security industry.

• Financial Profile: The company has healthy return ratios but has experienced negative operating cash flows in some previous years due to the long credit cycles typical of government contracts.

• Utilization of Funds: Over 60% of the funds (approx. ₹15.90 crore) are dedicated to working capital, which is essential for a business that must pay staff salaries before receiving payments from clients.

• Reputation Watch: Investors should note that a promoter was previously disqualified from directorship (2016–2021) due to non-filing issues with a different entity; however, this period has since concluded.