New Delhi:Shares of ArMee Infotech Ltd, an IT infrastructure and system integrator company, made a muted market debut, and ended over 21 per cent lower from the issue price of Rs 375.

The company’s stock listed at Rs 368.85, a decline of 1.64 per cent from the issue price on the BSE. During the day, it dropped 21.30 per cent to Rs 295.10. The stock ended at Rs 295.35, down 21.24 per cent.

At the NSE, the stock listed at par with the issue price of Rs 375. The stock tanked 20 per cent to end at Rs 300. The company’s market valuation stood at Rs 937.19 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.