Armee Infotech shares extend fall after muted debut

New Delhi, Sep 30 (PTI) Shares of Armee Infotech Ltd, an IT infrastructure and system integrator company, made a muted market debut, down nearly 2 per cent from the issue price of Rs 375 on Wednesday.

The company’s stock listed at Rs 368.85, a decline of 1.64 per cent from the issue price on the BSE. Later, it dropped 15.76 per cent to Rs 315.90.

At the NSE, the stock listed at par with the issue price of Rs 375. Further, it tanked 16.29 per cent to Rs 313.80.

The company’s market valuation stood at Rs 1,002.71 crore.

Armee Infotech’s IPO was subscribed 2.44 times on Friday last week. The public offering received bids for 1,81,59,240 shares against 74,30,356 shares on offer.

The QIB segment fetched 2.99 times subscription, while the retail category

was subscribed 2.47 times and the non-institutional category received 2.09 times subscription.

ArMee Infotech’s offering had a fresh issue aggregating up to Rs 300 crore. Price range for the offer was Rs 350-375 per share. PTI SUM

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