ArMee Infotech IPO
ArMee Infotech IPO is a Mainboard book-built issue of ₹300 crore, consisting entirely of a Fresh Issue of 80,00,000 equity shares with no Offer for Sale. The price band is ₹350 to ₹375 per share, with a lot size of 40 shares. The IPO opens on 23 September
ArMee Infotech IPO Details
ArMee Infotech IPO bidding starts from 23 September 2026 and ends on 25 September 2026. The allotment for ArMee Infotech IPO is expected to be finalized on 28 September 2026. ArMee Infotech IPO is proposed to list on BSE and NSE on 30 September 2026.
ArMee Infotech IPO GMP
ArMee Infotech IPO GMP refers to the unofficial premium quoted in the grey market over the IPO issue price. The latest recorded GMP was ₹12 per share on 21 September 2026 against the upper price band of ₹375. Based on this GMP, the indicative price is ₹387. GMP is an unofficial market indicator and can change before listing.
ArMee Infotech IPO Timeline (Tentative)
ArMee Infotech IPO opens for subscription on 23 September 2026 and closes on 25 September 2026. The basis of allotment is expected to be finalized on 28 September 2026, refunds are expected to be initiated on 29 September 2026, and shares are expected to be credited to successful applicants' Demat accounts on the same day. The shares are scheduled to be listed on BSE and NSE on 30 September 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Sep 23, 2026 |
| IPO Close Date | Fri, Sep 25, 2026 |
| Basis of Allotment | Mon, Sep 28, 2026 |
| Initiation of Refunds | Tue, Sep 29, 2026 |
| Credit of Shares to Demat | Tue, Sep 29, 2026 |
| Listing Date | Wed, Sep 30, 2026 |
| Anchor Investor Bidding | 22 September 2026 |
| IPO Opens | 23 September 2026 |
| IPO Closes | 25 September 2026 |
| Basis of Allotment | 28 September 2026 |
| Refund Initiation | 29 September 2026 |
| Credit of Shares to Demat | 29 September 2026 |
| Listing Date | 30 September 2026 |
ArMee Infotech IPO Lot Size
The ArMee Infotech IPO lot size is 40 shares. At the upper price band of ₹375 per share, one lot requires a minimum investment of ₹15,000. Retail investors can apply for up to 13 lots, or 520 shares, amounting to ₹1,95,000.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 40 | 15,000 |
| Retail (Max) | 13 | 520 | 1,95,000 |
| S-HNI (Min) | 14 | 560 | 2,10,000 |
| S-HNI (Max) | 66 | 2,640 | 9,90,000 |
| B-HNI (Min) | 67 | 2,680 | 10,05,000 |
ArMee Infotech IPO Reservation
ArMee Infotech IPO comprises a total issue size of 80,00,000 shares. The issue is entirely a Fresh Issue. Of the offer, 25.00% is allocated to QIBs, 22.50% to NIIs and 52.50% to Retail Individual Investors. The anchor investor portion forms part of the QIB allocation.
ArMee Infotech IPO Subscription
ArMee Infotech IPO subscription data is not available yet because the IPO is scheduled to open on 23 September 2026. Category-wise subscription figures will be updated during the bidding period.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About ArMee Infotech
ArMee Infotech Limited is an IT infrastructure and IT managed services company based in Ahmedabad, Gujarat. The company provides IT infrastructure solutions and managed services to government, institutional and business customers.
Its business activities include IT hardware and software supply, systems integration, installation and integration services, smart classrooms and ICT labs, digital infrastructure and IT-managed services. The company has also expanded into retail through its Experience Zones, which sell IT products, consumer electronics, gaming products and related merchandise.
ArMee Infotech has also entered the Renewable Energy sector. Its renewable-energy activities include engineering, procurement and construction of solar power projects, development of solar projects under Power Purchase Agreements and Battery Energy Storage System solutions.
The company was originally incorporated as Blossom Infraspace Private Limited in 2011. It subsequently became associated with ArMee Infotech and acquired its assets, business and operations following the dissolution of the partnership. The company changed its name to ArMee Infotech Private Limited in 2017 and was converted into a public limited company in April 2024.
As of 30 June 2026, the company had 263 permanent employees, including skilled and semi-skilled technical professionals, along with contractual personnel engaged across its projects.
Strengths
- Established presence in IT infrastructure and IT-managed services.
- Experience in government and PSU-related technology projects.
- Presence across IT hardware, software, systems integration and managed services.
- Experience Zones provide an additional retail business channel.
- Diversification into renewable-energy projects, including solar EPC and BESS solutions.
- Experience in smart education and digital infrastructure projects.
- Established relationships with government, institutional and business customers.
- Business expansion opportunities through new Government and PSU projects.
Risks to Consider
- A significant part of the business is linked to government and PSU projects.
- Government project awards and execution depend on tendering and procurement processes.
- The company operates in competitive IT infrastructure and managed-services markets.
- Working-capital requirements can be significant because of the nature and scale of project execution.
- The company has exposure to borrowings, with total borrowings increasing to ₹174.36 crore as of 31 March 2026.
- Expansion into new business areas, including renewable energy and retail, involves execution and operational risks.
- Changes in technology may require continued investment and adaptation.
ArMee Infotech Financials (₹ Cr)
ArMee Infotech reported total income of ₹1,410.09 crore and profit after tax of ₹45.47 crore for FY2026. Revenue from operations increased from ₹1,020.57 crore in FY2024 to ₹1,313.31 crore in FY2025 and ₹1,396.63 crore in FY2026. Total assets stood at ₹958.87 crore and net worth was ₹182.18 crore as of 31 March 2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2026 | 1,396.63 | 45.47 | 958.87 | 182.18 |
| FY2025 | 1,313.31 | 41.67 | 828.54 | 136.67 |
| FY2024 | 1,020.57 | 50.13 | 673.50 | 95.18 |
KPIs & Valuation
At the IPO price band of ₹350–₹375, ArMee Infotech's disclosed FY2026 pre-IPO EPS is ₹19.16 and post-IPO EPS is ₹14.33. The corresponding pre-IPO P/E is 19.57x and post-IPO P/E is 26.17x at the upper price band. The company reported ROE of 28.52%, ROCE of 24.10%, RoNW of 24.96% and NAV of ₹76.77 for FY2026.
Objects of the Issue
The ₹300 crore IPO is a 100% Fresh Issue of 80,00,000 equity shares. The company proposes to use the IPO proceeds for expansion of its business by procuring new Government/PSU projects, funding working capital requirements, repayment or prepayment of certain outstanding borrowings and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Expansion of business by procuring new Government/PSU projects.
- Funding the working capital requirements of the company.
- Prepayment or repayment, in full or part, of certain outstanding borrowings availed by the company.
- General corporate purposes.
Promoters, Lead Managers & Registrar
ArMee Infotech Limited is promoted by Ami Ridhish Patel, Kiritkumar Chimanbhai Patel and Ridhish Kiritbhai Patel. The IPO has Khandwala Securities Limited and Saffron Capital Advisors Private Limited as the Book Running Lead Managers, while Cameo Corporate Services Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Cameo Corporate Services Limited |
|---|---|
| Phone | +91-44-40020700 |
| priya@cameoindia.com | |
| Website | www.cameoindia.com |
ArMee Infotech IPO Review
ArMee Infotech operates across IT infrastructure, systems integration and IT-managed services, with government and institutional projects forming an important part of its business. The company has also diversified into retail through Experience Zones and renewable energy through solar EPC and Battery Energy Storage System activities.
The company's total income increased from ₹1,023.99 crore in FY2024 to ₹1,315.78 crore in FY2025 and ₹1,410.09 crore in FY2026. Profit after tax was ₹50.13 crore in FY2024, ₹41.67 crore in FY2025 and ₹45.47 crore in FY2026. Net worth increased to ₹182.18 crore as of 31 March 2026, while total borrowings stood at ₹174.36 crore.
The IPO is entirely a Fresh Issue, and the proposed utilisation includes business expansion, working capital, repayment or prepayment of borrowings and general corporate purposes. Investors can consider the company's financial performance, business mix, borrowing position, project concentration, competitive environment and the risks disclosed in the offer documents when evaluating the issue.
How to Apply
ArMee Infotech IPO applications can be made through ASBA or UPI. The IPO opens on 23 September 2026 and closes on 25 September 2026. The minimum application is 1 lot of 40 shares, requiring ₹15,000 at the upper price band of ₹375.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select ArMee Infotech IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP, RHP and other IPO documents for detailed information about the business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds. ArMee Infotech has made its IPO issue documents available through its official investor-relations page.
Last updated Sep 22, 2026.