Investors take a hit as Armour Security shares slump 20% on D-Street debut

Armour Security share price today:  Shares of security services provider Armour Security (India) disappointed investors with a weak debut on Dalal Street on Thursday, January 22, following the company’s ₹26.51 crore initial public offering (IPO).

 

Armour Security stock began trading on the NSE SME platform at ₹45.60 per share, marking a discount of ₹11.40, or 20 per cent, to its IPO issue price of ₹57 per share.

 

As a result of the negative listing, investors who were allotted shares incurred a loss of ₹11.40 per share, translating into a notional loss of ₹22,800 per lot of 2,000 shares.

 

Armour Security’s listing also fell short of grey market expectations. Ahead of the debut, the company’s shares were trading on a flat note in the unofficial market, according to sources tracking grey market activity.

Armour Security IPO details

Armour Security IPO comprised an entirely fresh issue of 4.7 million equity shares, aggregating to ₹26.51 crore. Offered at a price band of ₹55–₹57 per share with a lot size of 2,000 shares, the IPO was open for subscription from January 14 to January 19, 2026.  The maiden share sale of Armour Security received a decent response and was subscribed 1.82 times. Among the investor categories, retail investors subscribed their quota 2.58 times, while non-institutional investors (NIIs) oversubscribed their portion by 1.08 times. The qualified institutional buyers (QIBs) segment was fully subscribed.

 

The basis of allotment for the IPO was finalised on January 20, 2026, with the issue price fixed at ₹57 per share.

 

Skyline Financial Services acted as the registrar to the issue, while Sobhagya Capital Options was the sole book-running lead manager.

 

The company plans to utilise the IPO proceeds towards funding its working capital requirements, meeting capital expenditure needs for the purchase of machinery, equipment and vehicles, prepayment or repayment of certain outstanding borrowings, and general corporate purposes, according to the red herring prospectus (RHP) submitted by Armour Security.