ArMee Infotech

ListedListed 30 Sep 2026MainboardNSE: ARMEECheck allotment

Current price₹ 274.7−26.75% since issue

Listing day0%

Issue price: ₹ 375
Issue size: ₹ 300 Cr.
Min. investment: ₹ 15,000
Listing price: ₹ 375
Subscribed: 2.44x
Lot size: 40 shares
P/E: 26.17
RoNW: 24.96%
RoCE: 24.10%
Debt / Equity: 0.96
PAT margin: 3.26%
EBITDA margin: 5.42%
RoE: 28.52%
EPS: ₹ 14.33
NAV: ₹ 76.77

About

ArMee Infotech Limited was founded in 2003 and is based in Ahmedabad, Gujarat. It is an IT infrastructure and managed services company and part of the ArMee Group. Its customers are in government, corporates, banking, financial services and insurance, and education. Its work covers four areas. IT infrastructure means supplying IT hardware and software along with installation, integration, maintenance and support. IT managed services covers providing technical manpower, skill development and training, and annual maintenance contracts. Retail sales is a newer line, where it runs Experience Zones selling IT products, consumer electronics and gaming merchandise. Renewable energy is the other new line, covering solar engineering, procurement and construction work, developing solar projects under power purchase agreements, and battery energy storage system projects. As on 30 June 2026 it had 99 ongoing projects. Of these, 65 were IT infrastructure, 21 were IT managed services, 10 were renewable energy EPC, 1 was a renewable energy power purchase agreement and 2 were battery storage projects. Of the 99 projects, 74 were in Gujarat and 11 in Maharashtra.

Timeline

Opens
23 Sep
done
Closes
25 Sep
done
Allotment
28 Sep
done
Refunds
29 Sep
done
Demat credit
29 Sep
done
Listing
30 Sep
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 51 on 23 Sep 2026
Lowest: ₹ 1 on 19 Sep 2026
First quoted: ₹ 1 on 19 Sep 2026

Subscription

How many times each investor group bid for its share, as of 30 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	40	₹ 15,000
Retail (Max)	13	520	₹ 1,95,000
S-HNI (Min)	14	560	₹ 2,10,000
B-HNI (Min)	67	2,680	₹ 10,05,000

Company overview

Financials

Financials by year

Assets	958.87	828.54	673.5
Total Income	1,410.09	1,315.78	1,023.99
Profit After Tax	45.47	41.67	50.13
EBITDA	75.64	58.64	71.58
NET Worth	182.18	136.67	95.18
Total Borrowing	174.36	48.1	27.26

Strengths

Sales have grown well, from Rs 1,023.99 crore in FY2024 to Rs 1,315.78 crore in FY2025 and Rs 1,410.09 crore in FY2026.
EBITDA improved from Rs 58.64 crore in FY2025 to Rs 75.64 crore in FY2026.
Return ratios are healthy, with RoNW of 24.96% and RoCE of 24.10%.
Net worth has nearly doubled in two years, from Rs 95.18 crore in FY2024 to Rs 182.18 crore in FY2026.
The order pipeline is substantial at 99 ongoing projects as on 30 June 2026.
It has moved beyond core IT into renewable energy, covering solar EPC, power purchase agreements and battery storage, which are growing areas.
Long standing work with government and PSU customers is hard for a newcomer to displace, since these buyers favour vendors with a track record.
It has a record of more than 20 years, having been founded in 2003.

Risks

The price band, issue size and lot size have not been announced yet, so the valuation cannot be judged at this stage and no P/E is available.
Profit has not really grown. It was Rs 50.13 crore in FY2024, fell to Rs 41.67 crore in FY2025 and recovered only to Rs 45.47 crore in FY2026, still below where it was two years ago.
Borrowing has exploded, from Rs 27.26 crore in FY2024 to Rs 48.10 crore in FY2025 and Rs 174.36 crore in FY2026, which is more than six times in two years.
The profit margin is thin at 3.26%. On income of Rs 1,410.09 crore the company kept Rs 45.47 crore.
The business is heavily concentrated in one state. Of its 99 ongoing projects, 74 are in Gujarat.
Rs 155 crore of the issue money is earmarked for winning new government and PSU projects. Such work is tender driven, priced competitively and paid slowly.
Renewable energy EPC and battery storage are new lines for an IT company, and they need different skills and carry different execution risk.
The post issue promoter holding is not stated in the data available to us, so the extent of dilution is not clear.

What the money is for

Objects of the issue

Expansion of business by procuring new Government/PSU projects.	155
Funding working capital requirements	60
Prepayment or repayment of certain outstanding borrowings availed by the Company.	6.5
General Corporate Purposes	—

Promoters

Ami Ridhish Patel
Kiritkumar Chimanbhai Patel
Ridhish Kiritbhai Patel

Promoter holding92.72%→—before → after the issue

Anchor investors

4 anchors put in ₹ 39.94 Cr..

Anchor investors

ABUNDANTIA CAPITAL VCC-ABUNDANTIA CAPITAL III	5,31,720	19.94	49.93%
VIKASA INDIA EIF I FUND-INCUBE GLOBAL OPPORTUNITIES	2,66,560	10	25.03%
AMITSG VENTURES FUND	1,33,360	5	12.52%
VBCUBE VENTURES FUND II	1,33,360	5	12.52%

Registrar, lead managers and documents

Listing on: BSE, NSE
Face value: ₹ 10 a share
Registrar: Cameo Corporate Services Limited
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.