ArMee Infotech IPO is a book-built mainboard issue of ₹300 crore. The issue comprises an entirely fresh issue of up to 80,00,000 equity shares with a face value of ₹10 each. There is no offer for sale component in the issue.
The ArMee Infotech IPO will open for subscription on September 23, 2026 and close on September 25, 2026. The basis of allotment is scheduled for September 28, refunds are expected to begin on September 29, and shares are proposed to be credited to demat accounts on September 29. The tentative listing date is September 30, 2026 on BSE and NSE.
The IPO price band has been fixed at ₹350 to ₹375 per equity share. The lot size is 40 shares, making the minimum retail investment ₹15,000 at the upper price band. Retail investors can apply for a maximum of 13 lots, or 520 shares, under the stated application limits.
ArMee Infotech Limited operates in IT infrastructure and IT managed services. The company also has activities in technology retail through Experience Zones and renewable energy, including solar EPC, development of solar projects under power purchase agreements and Battery Energy Storage System projects.
Table of Contents
ArMee Infotech IPO Details Information
| Particular | Details |
|---|---|
| IPO Name | ArMee Infotech IPO |
| Company Name | ArMee Infotech Limited |
| IPO Type | Book Build Issue |
| IPO Category | Mainboard |
| Face Value | ₹10 per share |
| Price Band | ₹350 to ₹375 per share |
| Issue Size | ₹300 Crore |
| Fresh Issue | ₹300 Crore |
| Offer for Sale | Nil |
| IPO Open Date | September 23, 2026 |
| IPO Close Date | September 25, 2026 |
| Anchor Investor Bidding | September 22, 2026 |
| Basis of Allotment | September 28, 2026 |
| Refund Initiation | September 29, 2026 |
| Shares Credited to Demat Account | September 29, 2026 |
| Listing Date | September 30, 2026 |
| Listing Exchange | BSE and NSE |
| Lot Size | 40 Shares |
| Registrar | Cameo Corporate Services Limited |
| Book Running Lead Managers | Khandwala Securities Limited, Saffron Capital Advisors Private Limited |
ArMee Infotech IPO is a 100% fresh issue. The company proposes to raise ₹300 crore without an OFS component, meaning the issue proceeds, after applicable issue expenses, will accrue to the company. The stated objects include securing performance bank guarantees for expansion, funding working capital, repayment or prepayment of certain borrowings and general corporate purposes.
ArMee Infotech IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | September 22, 2026 |
| IPO Opening Date | September 23, 2026 |
| IPO Closing Date | September 25, 2026 |
| Basis of Allotment | September 28, 2026 |
| Refund Initiation | September 29, 2026 |
| Shares Credited to Demat Account | September 29, 2026 |
| Listing Date | September 30, 2026 |
The ArMee Infotech IPO will remain open for subscription for three days from September 23 to September 25, 2026. The basis of allotment is scheduled for September 28, followed by refunds and demat credit on September 29. The shares are proposed to list on September 30, 2026.
ArMee Infotech IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 25% of the Net Issue |
| NII | Not less than 22.50% of the Net Issue |
| RII | Not less than 52.50% of the Net Issue |
The reservation structure provides up to 25% of the net issue for Qualified Institutional Buyers, at least 22.50% for Non-Institutional Investors and at least 52.50% for Retail Individual Investors. The issue separately provides for an anchor-investor allocation within the institutional portion.
The issue consists of 80,00,000 equity shares. The reported allocation includes 42,00,000 shares for retail investors and 18,00,000 shares for NIIs, while QIBs including the anchor portion account for 20,00,000 shares.
ArMee Infotech IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 40 | ₹15,000 |
| Retail Maximum | 13 | 520 | ₹1,95,000 |
| S-HNI Minimum | 14 | 560 | ₹2,10,000 |
| S-HNI Maximum | 66 | 2,640 | ₹9,90,000 |
| B-HNI Minimum | 67 | 2,680 | ₹10,05,000 |
The ArMee Infotech IPO lot size is 40 shares. At the upper price band of ₹375, one lot requires ₹15,000. The minimum S-HNI application is 14 lots, while the minimum B-HNI application is 67 lots.
About ArMee Infotech Limited
ArMee Infotech Limited was originally incorporated as Blossom Infraspace Private Limited in February 2011. The company subsequently acquired the business of the partnership firm M/s Armee Infotech in 2017 and changed its name to ArMee Infotech Private Limited. It was converted into a public limited company in 2024 and adopted the name ArMee Infotech Limited.
The company operates as an IT infrastructure and IT managed services provider. Its activities cover system integration, enterprise hardware procurement, networking, software, managed IT services and related technology solutions.
ArMee Infotech has also diversified into retail through Experience Zones and into renewable energy. Its renewable-energy activities include engineering, procurement and construction of solar power projects, development of solar projects under PPAs and Battery Energy Storage System projects.
The company is headquartered in Ahmedabad, Gujarat and serves government and public-sector clients as well as private-sector customers across India. Its projects are secured through competitive bidding, government e-marketplace portals and direct contractual arrangements.
Business Operations
ArMee Infotech provides IT infrastructure and managed services covering hardware, software, networking, system integration and related technology requirements.
The company undertakes projects through different execution models, including direct contracts, operations and maintenance arrangements, BOO and BOOT models. Project billing is generally linked to contractual milestones.
Government departments and public sector undertakings represent an important customer segment for the company. ArMee Infotech participates in competitive tenders and government e-marketplace opportunities to secure projects.
The company has also expanded its business into renewable energy. Its activities include solar EPC projects, solar project development under PPAs and BESS projects, providing exposure to India’s expanding energy-transition infrastructure.
Through its Experience Zones, the company has entered the retail market for IT products, consumer electronics, gaming products and merchandise. This provides another channel for its technology-related business.
Industry Overview
The Indian IT infrastructure industry is supported by increasing digitalisation, cloud adoption, enterprise technology spending, government digitisation and the growing need for networking and technology infrastructure.
Government and PSU technology spending represents an important market for system integrators because large-scale digitalisation and infrastructure projects require hardware procurement, implementation, networking, managed services and ongoing maintenance.
The renewable-energy segment is also developing alongside increasing solar capacity, energy storage requirements and demand for distributed and utility-scale power solutions. This creates opportunities for companies with capabilities in solar EPC and related infrastructure.
At the same time, the IT services and system-integration market remains competitive. Companies need to maintain technical capabilities, working capital availability, execution capacity and strong relationships with customers and technology partners.
Business Strategy
ArMee Infotech’s strategy includes expanding its business through new government and PSU projects. A significant portion of the IPO proceeds is proposed to support the securing of performance bank guarantees required for business expansion.
The company also intends to strengthen its working capital position. Working capital is important for project-based businesses because execution can require upfront procurement and expenditure before corresponding customer payments are received.
Another part of the company’s strategy is to expand its presence in renewable energy, including solar EPC and BESS opportunities. The company also continues to operate in IT infrastructure, managed services and technology retail.
The proposed IPO funding is therefore directed toward business expansion, working capital and reduction of certain borrowings rather than an OFS-based exit by existing shareholders.
ArMee Infotech IPO Financial Information
ArMee Infotech’s consolidated financial performance shows total income increasing from ₹1,023.99 crore in FY2024 to ₹1,315.78 crore in FY2025 and ₹1,410.09 crore in FY2026. PAT was ₹50.13 crore in FY2024, ₹41.67 crore in FY2025 and ₹45.47 crore in FY2026.
EBITDA increased to ₹75.64 crore in FY2026 from ₹58.64 crore in FY2025. Net worth also increased from ₹136.67 crore in FY2025 to ₹182.18 crore in FY2026. Total borrowings, however, increased to ₹174.36 crore in FY2026 from ₹48.10 crore in FY2025.
ArMee Infotech Financial Summary
| Particular | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Assets | ₹958.87 Cr | ₹828.54 Cr | ₹673.50 Cr |
| Total Income | ₹1,410.09 Cr | ₹1,315.78 Cr | ₹1,023.99 Cr |
| Profit After Tax | ₹45.47 Cr | ₹41.67 Cr | ₹50.13 Cr |
| EBITDA | ₹75.64 Cr | ₹58.64 Cr | ₹71.58 Cr |
| Net Worth | ₹182.18 Cr | ₹136.67 Cr | ₹95.18 Cr |
| Total Borrowings | ₹174.36 Cr | ₹48.10 Cr | ₹27.26 Cr |
The company’s total income increased by approximately 7% from FY2025 to FY2026, while PAT increased by approximately 9% over the same period. EBITDA also increased substantially from ₹58.64 crore to ₹75.64 crore.
Net worth increased across the three reported financial years, reaching ₹182.18 crore in FY2026. At the same time, total borrowings increased materially during the period, reaching ₹174.36 crore in FY2026.
ArMee Infotech IPO Key Performance Indicators (KPIs)
| KPI | March 31, 2026 |
|---|---|
| ROE | 28.52% |
| ROCE | 24.10% |
| Debt/Equity | 0.96 |
| RoNW | 24.96% |
| PAT Margin | 3.26% |
| EBITDA Margin | 5.42% |
| NAV | ₹76.77 |
For FY2026, ArMee Infotech reported ROE of 28.52%, ROCE of 24.10% and RoNW of 24.96%. Its EBITDA margin was 5.42% and PAT margin was 3.26%. NAV was reported at ₹76.77 per share.
The reported diluted EPS for FY2026 is ₹19.16. At the upper price band of ₹375, the reported post-issue P/E is approximately 26.17 times, while the pre-issue P/E is approximately 19.57 times.
Objects of the ArMee Infotech IPO
The company proposes to utilise the net proceeds from the fresh issue towards the following objects:
- Expansion of business by procuring new government and PSU projects.
- Funding working capital requirements.
- Prepayment or repayment of certain outstanding borrowings.
- General corporate purposes.
| No. | Issue Objects | Estimated Amount (₹ Cr.) |
|---|---|---|
| 1 | Expansion of business by procuring new Government/PSU projects | ₹155.00 Cr |
| 2 | Funding working capital requirements | ₹60.00 Cr |
| 3 | Prepayment or repayment of certain outstanding borrowings | ₹6.50 Cr |
| 4 | General Corporate Purposes | Balance |
| Total | ₹221.50 Cr |
The largest identified use of the IPO proceeds is ₹155 crore for expansion through procurement of new government and PSU projects. Another ₹60 crore is proposed for working capital requirements, while ₹6.50 crore is earmarked for repayment or prepayment of certain borrowings. The remaining amount is intended for general corporate purposes and issue-related requirements.
The proposed working-capital allocation is relevant to the company’s project-based business model because IT infrastructure and government projects can require substantial expenditure before receivables are collected.
ArMee Infotech IPO Listing Performance
| Particular | Value |
|---|---|
| Listing Exchange | BSE and NSE |
| Listing Date | September 30, 2026 (Tentative) |
| Issue Price | ₹350 to ₹375 |
| Listing Price | To Be Updated |
| Listing Gain | To Be Updated |
| Listing Gain (%) | To Be Updated |
ArMee Infotech has not been listed as of the date of this content. The tentative listing date is September 30, 2026 on BSE and NSE. The actual listing price and listing gain will be available after trading begins.
ArMee Infotech IPO Subscription Status
The ArMee Infotech IPO is scheduled to open for subscription on September 23, 2026 and close on September 25, 2026. Live subscription figures will become available after bidding begins.
As the issue has not yet opened, the current category-wise subscription status is not applicable. The QIB, NII and RII subscription figures should be updated during the bidding period.
ArMee Infotech IPO Subscription
| Investor Category | Subscription |
|---|---|
| QIB | To Be Updated |
| NII | To Be Updated |
| RII | To Be Updated |
| Employee Category | To Be Updated |
| Total Subscription | To Be Updated |
The ArMee Infotech IPO subscription figures will be updated once bidding starts on September 23, 2026. Final subscription figures will be available after the issue closes on September 25, 2026.
ArMee Infotech IPO Review
ArMee Infotech IPO is a ₹300 crore mainboard book-built issue consisting entirely of a fresh issue of 80 lakh equity shares. The price band is ₹350 to ₹375 per share and the lot size is 40 shares.
The company operates across IT infrastructure, managed IT services, technology retail and renewable energy. Its government and PSU exposure is an important part of its project-acquisition strategy, with competitive bidding and government e-marketplace platforms used to secure business.
The company’s financial performance shows total income of ₹1,410.09 crore and PAT of ₹45.47 crore in FY2026. EBITDA increased to ₹75.64 crore, while net worth reached ₹182.18 crore.
At the same time, total borrowings increased significantly to ₹174.36 crore in FY2026 from ₹48.10 crore in FY2025. The IPO includes ₹6.50 crore for repayment or prepayment of certain borrowings, although the largest identified uses are business expansion and working capital.
The IPO is entirely a fresh issue, so there is no OFS component. The proceeds are intended to support expansion, working capital, repayment of borrowings and general corporate purposes.
At the upper price band of ₹375, the reported post-issue P/E is approximately 26.17 times based on FY2026 earnings. The reported NAV is ₹76.77 and RoNW is 24.96%.
The grey market premium is an unofficial indicator and can change quickly before listing. One current source reported GMP of ₹1 on September 20, 2026, implying an indicative price of ₹376, but GMP is not an exchange-confirmed price indicator and should not be treated as a guaranteed listing outcome.
ArMee Infotech IPO Strengths
- More than a decade of operating history in IT infrastructure and managed IT services.
- Established presence in government and PSU project execution.
- Business secured through competitive bidding and government e-marketplace platforms.
- Diversification into renewable-energy projects, including solar EPC and BESS.
- Presence in technology retail through Experience Zones.
- Total income increased to ₹1,410.09 crore in FY2026.
- EBITDA increased to ₹75.64 crore in FY2026.
- Net worth increased to ₹182.18 crore in FY2026.
- IPO is entirely a fresh issue, with no offer for sale.
- Significant IPO allocation proposed for expansion of government and PSU business.
- Reported FY2026 RoNW of 24.96%.
ArMee Infotech IPO Risk Factors
- The company operates in competitive IT infrastructure and system-integration markets.
- Government and PSU projects are generally obtained through competitive bidding, creating tender-related competition.
- A significant part of the expansion strategy depends on securing new government and PSU projects.
- Project execution can require substantial working capital.
- Total borrowings increased significantly in FY2026.
- The company operates across multiple business segments, including IT services, retail and renewable energy.
- Renewable-energy projects can involve execution, regulatory and project-financing risks.
- Changes in government procurement policies may affect project opportunities.
- Delays in project execution or customer payments can affect cash flows.
- Technology products and services are subject to rapid technological changes.
- The reported post-issue P/E is higher than the pre-issue P/E.
- Grey market premium is unofficial and may not correspond to actual listing performance.
ArMee Infotech IPO Promoters
The promoters of ArMee Infotech Limited are Ami Ridhish Patel, Kiritkumar Chimanbhai Patel and Ridhish Kiritbhai Patel. The reported pre-issue promoter and promoter-group holding is approximately 92.72%.
ArMee Infotech IPO Promoters Details
| Promoter | Designation |
|---|---|
| Ridhish Kiritbhai Patel | Chairman and Managing Director |
| Ami Ridhish Patel | Executive Director |
| Kiritkumar Chimanbhai Patel | Promoter |
Ridhish Kiritbhai Patel is the Chairman and Managing Director of ArMee Infotech. Ami Ridhish Patel is a Whole-time/Executive Director, while Kiritkumar Chimanbhai Patel is part of the promoter group.
ArMee Infotech IPO Management Team
| Name | Designation |
|---|---|
| Ridhish Kiritbhai Patel | Chairman and Managing Director |
| Ami Ridhish Patel | Whole-time Director |
| Kartik Shailesh Mehta | Independent Director |
| Vinodkumar Bhanwer Singh | Independent Director |
| Sujit Gulati | Independent Director |
| Preet Prakashbhai Shah | Independent Director |
The company’s investor information identifies Ridhish Kiritbhai Patel as Chairman and Managing Director and Ami Ridhish Patel as Whole-time Director. The board also includes independent directors responsible for governance and board committees.
Purnima Jain is the Company’s Secretary and Compliance Officer according to the company’s prospectus information.
ArMee Infotech IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar Name | Cameo Corporate Services Limited |
| Website | IPO Cameo |
| IPO Allotment Status | To Be Updated |
| Email ID | [email protected] |
| Contact Number | +91 44 4002 0700 |
Cameo Corporate Services Limited is the registrar to the ArMee Infotech IPO. Current IPO information identifies the registrar’s email as [email protected] and phone number as +91 44 4002 0700.
ArMee Infotech IPO Lead Manager Details
| Particular | Details |
|---|---|
| Lead Managers | Khandwala Securities Limited; Saffron Capital Advisors Private Limited |
Khandwala Securities Limited and Saffron Capital Advisors Private Limited are identified as the book running lead managers for the ArMee Infotech IPO.
ArMee Infotech Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | ArMee Infotech Limited |
| Registered Office | ArMee House, 17, Goyal Intercity, Row House, Thaltej Road, Ahmedabad, Gujarat – 380054 |
| Website | www.armeeinfotech.com |
| Email ID | [email protected] |
| Contact Number | +91 79 4911 4911 |
The company is headquartered at ArMee House, 17, Goyal Intercity, Thaltej Road, Ahmedabad, Gujarat. The company’s published contact information includes [email protected] and +91 79 4911 4911.
How to Check ArMee Infotech IPO Allotment Status
Through the Registrar
Investors can check ArMee Infotech IPO allotment status through the official Cameo Corporate Services IPO portal after the basis of allotment is finalised.
- Visit the official Cameo IPO allotment portal.
- Select ArMee Infotech IPO from the available issue list.
- Select PAN, application number or the applicable search option.
- Enter the required details.
- Submit the information to view the allotment status.
Through BSE
Investors can also check the allotment status through the BSE website after the allotment information is made available.
- Visit the official BSE IPO allotment section.
- Select ArMee Infotech IPO.
- Enter the PAN or application details.
- Complete the verification process if required.
- Submit the details to check the allotment status.
ArMee Infotech IPO Conclusion
ArMee Infotech IPO is a ₹300 crore mainboard book-built issue consisting entirely of a fresh issue. The price band is ₹350 to ₹375 per share and the lot size is 40 shares. The IPO is scheduled to open on September 23 and close on September 25, 2026, with tentative listing on September 30, 2026 on BSE and NSE.
The company operates across IT infrastructure, managed services, technology retail and renewable energy. Government and PSU projects form an important part of its business-development strategy, while the renewable-energy segment provides exposure to solar EPC and BESS opportunities.
Financially, ArMee Infotech reported FY2026 total income of ₹1,410.09 crore, PAT of ₹45.47 crore and EBITDA of ₹75.64 crore. Net worth increased to ₹182.18 crore, while borrowings stood at ₹174.36 crore.
The IPO proceeds are proposed to support government and PSU project expansion, working capital, repayment or prepayment of certain borrowings and general corporate purposes. Investors should consider the company’s project concentration, working-capital requirements, borrowing position, competitive environment and valuation alongside its financial performance and growth plans.
The GMP is an unofficial market indicator and can change materially before listing. It should not be treated as a guaranteed indication of the actual listing price.
ArMee Infotech IPO FAQs
What is the ArMee Infotech IPO?
ArMee Infotech IPO is a mainboard book-built issue of ₹300 crore comprising an entirely fresh issue of up to 80,00,000 equity shares.
When will ArMee Infotech IPO open?
The ArMee Infotech IPO will open for subscription on September 23, 2026.
When will ArMee Infotech IPO close?
The IPO will close on September 25, 2026.
What is the ArMee Infotech IPO price band?
The ArMee Infotech IPO price band is ₹350 to ₹375 per equity share.
What is the ArMee Infotech IPO lot size?
The ArMee Infotech IPO lot size is 40 shares. One lot requires ₹15,000 at the upper price band of ₹375.
What is the minimum investment required for ArMee Infotech IPO?
The minimum retail investment is ₹15,000 for 40 shares at the upper price band.
What is the ArMee Infotech IPO allotment date?
The tentative basis of allotment date is September 28, 2026. Refunds and demat credit are scheduled for September 29, 2026.
What is the ArMee Infotech IPO listing date?
The tentative listing date is September 30, 2026 on BSE and NSE.
Who is the registrar of ArMee Infotech IPO?
Cameo Corporate Services Limited is the registrar of the ArMee Infotech IPO.
Who are the lead managers of ArMee Infotech IPO?
Khandwala Securities Limited and Saffron Capital Advisors Private Limited are the book running lead managers of the ArMee Infotech IPO.
