Comparison between Armour Security IPO and Ecoline Exim IPO.
Armour Security IPO is a SME Bookbuilding IPO proposed to list at NSE SME while Ecoline Exim IPO is a SME Bookbuilding proposed to list at NSE SME.
| Armour Security IPO | Ecoline Exim IPO | |
|---|---|---|
| Logo |  |  |
| Issue Category | SME | SME |
| Issue Type | IPO | IPO |
| Process Type | Bookbuilding | Bookbuilding |
| Listing At | NSE SME | NSE SME |
| Lead Managers | Sobhagya Capital Options Pvt.Ltd. | Hem Securities Ltd. |
| Registrar | Skyline Financial Services Pvt.Ltd. | MUFG Intime India Pvt.Ltd. |
| Market Maker | NNM Securities Pvt.Ltd. | Hem Finlease Pvt.Ltd. |
| DRHP | DRHP  | DRHP |
| RHP | RHP | RHP |
| Final Prospectus | Final Prospectus | Final Prospectus |
| Anchor Investor | Anchor Investor | |
| IPO Allotment URL | IPO Allotment URL | IPO Allotment URL |
The total issue size of Armour Security IPO is up to ₹25.17 Cr whereas the issue size of the Ecoline Exim IPO is up to ₹72.59 Cr. The final issue price of Armour Security IPO is ₹57.00 per share and of Ecoline Exim IPO is ₹141.00 per share.
| Armour Security IPO | Ecoline Exim IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹55.00 per share | ₹134.00 per share |
| Issue Price (Upper) | ₹57.00 per share | ₹141.00 per share |
| Issue Price (Final) | ₹57.00 per share | ₹141.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 2000 shares | 1000 shares |
| Fresh Issue Size | 44,16,000 shares | 40,68,000 shares |
| Fresh Issue Size (Amount) | up to ₹25.17 Cr | up to ₹57.36 Cr |
| OFS Issue Size | 0 shares | 10,80,000 shares |
| OFS Issue Size (Amount) | up to ₹0.00 Cr | up to ₹15.23 Cr |
| Issue Size Total | 44,16,000 shares | 51,48,000 shares |
| Issue Size Total (Amount) | up to ₹25.17 Cr | up to ₹72.59 Cr |
Armour Security IPO opens on Jan 14, 2026, while Ecoline Exim IPO opens on Sep 23, 2025. The closing date of Armour Security IPO and Ecoline Exim IPO is Jan 19, 2026, and Sep 25, 2025, respectively.
| Armour Security IPO | Ecoline Exim IPO | |
|---|---|---|
| Anchor Bid Date | Sep 22, 2025 | |
| Issue Open | Jan 14, 2026 | Sep 23, 2025 |
| Issue Close | Jan 19, 2026 | Sep 25, 2025 |
| Basis Of Allotment (Tentative) | Jan 20, 2026 | Sep 26, 2025 |
| Initiation of Refunds (Tentative) | Jan 21, 2026 | Sep 29, 2025 |
| Credit of Share (Tentative) | Jan 21, 2026 | Sep 29, 2025 |
| Listing date (Tentative) | Jan 22, 2026 | Sep 30, 2025 |
| Anchor Lockin End date 1 | Oct 25, 2025 | |
| Anchor Lockin End date 2 | Dec 24, 2025 |
Armour Security IPO P/E ratio is 17.53, as compared to Ecoline Exim IPO P/E ratio of 12.12.
| Armour Security IPO | Ecoline Exim IPO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financials | Company Financials (Restated)
| Company Financials (Restated Consolidated)Ecoline Exim Ltd.'s revenue decreased by 3% and profit after tax (PAT) dropped by 17% between the financial year ending with March 31, 2025 and March 31, 2024.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Pre-Issue) | 96.8 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 70.12 | 73.58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 17.53 | 12.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹96.16 Cr. | ₹289.27 Cr. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 21.56% | 23.51% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 24.47% | 21.14% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 0.25 | 0.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹3.25 | ₹11.64 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 21.56% | 21.28% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Armour Security IPO Retail Individual Investors (RII) are offered 21,80,000 shares while in Ecoline Exim IPO retail investors are offered 21,80,000 shares. Qualified Institutional Buyers (QIB) are offered 46,000 shares in Armour Security IPO and 10,30,000 shares in Ecoline Exim IPO.
| Armour Security IPO | Ecoline Exim IPO | |
|---|---|---|
| Anchor Investor Reservation | 0 shares | 15,43,000 shares |
| Market Maker Reservation | 2,34,000 shares | 2,72,000 shares |
| QIB | 46,000 shares | 10,30,000 shares |
| NII | 21,90,000 shares | 7,73,000 shares |
| RII | 21,80,000 shares | 18,02,000 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 44,16,000 shares | 51,48,000 shares |
Armour Security IPO subscribed 1.82x in total, whereas Ecoline Exim IPO subscribed 6.06x.
| Armour Security IPO | Ecoline Exim IPO | |
|---|---|---|
| QIB (times) | 1.00x | 9.51x |
| NII (times) | 1.08x | 5.41x |
| Big NII (times) | 1.16x | 5.62x |
| Small NII (times) | 0.92x | 4.97x |
| RII (times) | 2.58x | 4.37x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 1.82x | 6.06x |
