Comparison between Armour Security IPO and Rama Telecom IPO.
Armour Security IPO is a SME Bookbuilding IPO proposed to list at NSE SME while Rama Telecom IPO is a SME Bookbuilding proposed to list at NSE SME.
| Armour Security IPO | Rama Telecom 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. | Affinity Global Capital Market Pvt.Ltd. |
| Registrar | Skyline Financial Services Pvt.Ltd. | Cameo Corporate Services Ltd. |
| Market Maker | NNM Securities Pvt.Ltd. | Asnani Stock Broker Pvt.Ltd. |
| DRHP | DRHP  | DRHP |
| RHP | RHP | RHP |
| Final Prospectus | Final Prospectus | Final Prospectus |
| 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 Rama Telecom IPO is up to ₹23.87 Cr. The final issue price of Armour Security IPO is ₹57.00 per share and of Rama Telecom IPO is ₹68.00 per share.
| Armour Security IPO | Rama Telecom IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹55.00 per share | ₹65.00 per share |
| Issue Price (Upper) | ₹57.00 per share | ₹68.00 per share |
| Issue Price (Final) | ₹57.00 per share | ₹68.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 2000 shares | 2000 shares |
| Fresh Issue Size | 44,16,000 shares | 35,10,000 shares |
| Fresh Issue Size (Amount) | up to ₹25.17 Cr | up to ₹23.87 Cr |
| OFS Issue Size | 0 shares | 0 shares |
| OFS Issue Size (Amount) | up to ₹0.00 Cr | up to ₹0.00 Cr |
| Issue Size Total | 44,16,000 shares | 35,10,000 shares |
| Issue Size Total (Amount) | up to ₹25.17 Cr | up to ₹23.87 Cr |
Armour Security IPO opens on Jan 14, 2026, while Rama Telecom IPO opens on Jun 25, 2025. The closing date of Armour Security IPO and Rama Telecom IPO is Jan 19, 2026, and Jun 27, 2025, respectively.
| Armour Security IPO | Rama Telecom IPO | |
|---|---|---|
| Anchor Bid Date | ||
| Issue Open | Jan 14, 2026 | Jun 25, 2025 |
| Issue Close | Jan 19, 2026 | Jun 27, 2025 |
| Basis Of Allotment (Tentative) | Jan 20, 2026 | Jun 30, 2025 |
| Initiation of Refunds (Tentative) | Jan 21, 2026 | Jul 01, 2025 |
| Credit of Share (Tentative) | Jan 21, 2026 | Jul 01, 2025 |
| Listing date (Tentative) | Jan 22, 2026 | Jul 02, 2025 |
| Anchor Lockin End date 1 | ||
| Anchor Lockin End date 2 |
Armour Security IPO P/E ratio is 17.53, as compared to Rama Telecom IPO P/E ratio of 11.69.
| Armour Security IPO | Rama Telecom IPO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financials | Company Financials (Restated)
| Company Financials (Restated)Rama Telecom Ltd.'s revenue increased by 13% and profit after tax (PAT) rose by 112% between the financial year ending with March 31, 2025 and March 31, 2024.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Pre-Issue) | 96.8 | 98.98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 70.12 | 71.28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 17.53 | 11.69 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹96.16 Cr. | ₹89.76 Cr. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 21.56% | 10.63% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 24.47% | 37.06% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 0.25 | 0.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹3.25 | ₹5.82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 21.56% | 33.58% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Armour Security IPO Retail Individual Investors (RII) are offered 21,80,000 shares while in Rama Telecom IPO retail investors are offered 21,80,000 shares. Qualified Institutional Buyers (QIB) are offered 46,000 shares in Armour Security IPO and 7,36,000 shares in Rama Telecom IPO.
| Armour Security IPO | Rama Telecom IPO | |
|---|---|---|
| Anchor Investor Reservation | 0 shares | |
| Market Maker Reservation | 2,34,000 shares | 1,86,000 shares |
| QIB | 46,000 shares | 7,36,000 shares |
| NII | 21,90,000 shares | 8,34,000 shares |
| RII | 21,80,000 shares | 19,40,000 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 44,16,000 shares | 35,10,000 shares |
Armour Security IPO subscribed 1.82x in total, whereas Rama Telecom IPO subscribed 1.61x.
| Armour Security IPO | Rama Telecom IPO | |
|---|---|---|
| QIB (times) | 1.00x | 1.00x |
| NII (times) | 1.08x | 1.66x |
| Big NII (times) | 1.16x | |
| Small NII (times) | 0.92x | |
| RII (times) | 2.58x | 1.82x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 1.82x | 1.61x |
