Armour Security IPO is a SME issue open from 14–19 January. The company is raising ₹27 Crores at a price band of ₹55 - ₹57 per share. One lot is 4000 shares.
Armour Security IPO Review & Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹2,28,000
4000 shares at the upper band of ₹57
Retail limit
1 lot
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~3 days
from the closing date to listing
Total subscription
1.87x
across all categories
Armour Security is an SME issue raising ₹27 Crores, offered in a band of ₹55–₹57 per share. At the upper end that is 5.7 times the ₹10 face value, so ₹47 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.
A retail application for Armour Security needs one lot of 4000 shares, which works out to ₹2,28,000 at the upper band of ₹57. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is a single lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 5 lots.
For Armour Security, bidding runs 14-19 January, allotment is finalised on 20 Jan 2026, the shares list on 22 Jan 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 3 days before listing decides what the holding is worth.
The issue is reserved 50% to qualified institutional buyers, 15% to non-institutional investors, 35% to retail. A 35% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The book is 1.87x subscribed across all categories. That headline covers institutional, non-institutional and retail bids together, and allotment odds are decided within each category separately — an issue can be heavily subscribed overall while the retail portion is comfortable, or the other way round. An oversubscribed retail book is settled by a draw on single-lot applications, so more distinct PANs help where a bigger single bid does not.
Skyline Financial Services Pvt. Ltd. is the registrar for this issue, which means the allotment status for Armour Security is published on their portal from 20 Jan 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
What to watch
- There is no grey market premium on this issue at present, which points to muted listing-day expectations.
The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.
What is Armour Security IPO?
Armour Security IPO is a SME issue open from 14–19 January. The company is raising ₹27 Crores at a price band of ₹55 - ₹57 per share. One lot is 4000 shares.
When does Armour Security IPO open and close?
The issue is open 14–19 January. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Armour Security IPO price band?
The price band is ₹55 - ₹57 per equity share, against a face value of ₹10. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Armour Security IPO lot size?
The minimum application is 4000 shares, and bids must be in multiples of that lot.
What is the Armour Security IPO issue size?
The total issue size is ₹27 Crores.
How is Armour Security IPO reserved between investor categories?
The issue is reserved as retail 35%, QIB 50%, HNI 15%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Armour Security IPO allotment date?
Basis of allotment is expected to be finalised on 20 Jan 2026. You can check your status on the registrar's website (Skyline Financial Services Pvt. Ltd.) using your PAN.
When does Armour Security IPO list?
Listing is expected on 22 Jan 2026, following the T+3 timeline that applies to Indian IPOs.
