IT Services firm ArMee Infotech’s IPO subscribed 1.62 times

Ahmedabad-based ArMee Infotech concluded its IPO with an overall subscription of 1.62 times. The INR 300 crore public issue, at a price band of INR 350-375 per share, saw bids for 1.2 crore shares against the 74.30 lakh shares offered. Prior to the public subscription, the firm successfully raised INR 39.93 crore from four anchor investors.Founded in 2003 by Ridhish K. Patel, ArMee Infotech provides IT infrastructure and managed services and has recently expanded into the renewable energy sector. It's energy division focuses on engineering, procurement and construction (EPC) services for solar power projects, project development under power purchase agreements, and the provision of Battery Energy Storage System (BESS) solutions.The retail investor portion of the issue was subscribed 1.89 times, while non-institutional investors bid 1.34 times their reserved quota. The portion for qualified institutional buyers (QIBs) reached 95 percent subscription.