1,054 Views| 02 Nov 2026
ArMee Infotech IPO Details
Issue Date
23 Sep - 25 Sep'26
Price Band
₹375 - ₹375
Lot Size
40 Shares
IPO Size
₹300 Cr
Listing At
NSE,BSE
Overall Subscription
2.43x
ArMee Infotech IPO Listing Details
Listing On
30 Sep'26
Issue Price
₹375
Listed Price
₹ 368.85
Retail Gain/Listing Gain
-1.64%Decrease
Schedule of ArMee Infotech IPO
IPO Open Date
23/09/2026
IPO Close Date
25/09/2026
Basis of Allotment
28/09/2026
Refund Initiation
29/09/2026
Credit of Shares
29/09/2026
Listing on exchange
30/09/2026
ArMee Infotech IPO Subscription Status Live
(Last updated on 25 Sep 2026 04:45 PM)
Day | Total | QIB | Retail | NII |
|---|---|---|---|---|
Day 1 23-Sep-2026 | 0.52x | 0.93x | 0.49x | 0.38x |
Day 2 24-Sep-2026 | 1.11x | 0.94x | 1.28x | 0.8x |
Day 3 25-Sep-2026 | 2.37x | 2.99x | 2.36x | 2.06x |
About ArMee Infotech IPO
The ArMee Infotech IPO, a mainboard IPO, opens on Wednesday, September 23, 2026 and closes on Friday, September 25, 2026. The allotment of shares will take place on September 28, 2026. The listing of shares will take place on September 30, 2026. The equity shares offered through the IPO are proposed to be listed on BSE and NSE. ArMee Infotech IPO's price band is set at ₹350 to ₹375 per share. The lot size for an application is 40 Shares. The minimum amount of investment required by a retail investor is ₹15,000.
The offer consists both a fresh issue of 80,00,000 equity shares aggregating up to ₹300 crore.
The company operates in IT infrastructure solutions, IT managed services, and the renewable energy space, offering hardware, software, networking, electrification, and turnkey execution of IT and solar power projects.
Objectives of ArMee Infotech IPO
- Funds for the purpose of securing PBGs for expansion of business
- Funding our working capital requirements
- Prepayment or repayment of certain outstanding borrowings availed by our Company
- General corporate purposes
Watch Video On ArMee Infotech IPO
ArMee Infotech IPO Review
ArMee Infotech IPO is opening from 23 September to 25 September 2026 with an issue size of ₹300 crore, comprising an entirely fresh issue of 80 lakh shares. The price band is fixed at ₹350–₹375 per share, with a lot size of 40 shares and a minimum investment of ₹15,000.
ArMee Infotech IPO Review 2026 | ₹300 Cr IPO Opens 23–25 September | Apply or Wait?
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ArMee Infotech IPO Valuation
Detail | Information |
|---|---|
Upper Price Band | ₹350 to ₹375 |
Fresh Issue | Up to Equity Shares aggregating up to ₹300 crore |
Offer for Sale | - |
EPS Diluted (in ₹) for FY 26 | 19.16 |
ArMee Infotech IPO Lot Size
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 | 2640 | ₹9,90,000 |
B-HNI (Min) | 67 | 2680 | ₹10,05,000 |
ArMee Infotech IPO Share Offer and Subscription Details
Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net offer |
Non-institutional Investors (NIIs) | Not less than 15% of the net offer |
Retail-individual Investors (RIIs) | Not less than 35% of the net offer |
Anchor Investor Allocation for ArMee Infotech IPO
Rank | Anchor Investor | No. of Shares | Anchor Portion (%) | Amount (Cr) |
|---|---|---|---|---|
1 | Abundantia Capital UCC – Abundantia Capital III | 5,31,720 | 49.93% | ₹19.94 |
2 | Vikasa India EIF I Fund - Incube Global Opportunities | 2,66,560 | 25.03% | ₹10.00 |
3 | AMITSG Ventures Fund | 1,33,360 | 12.52% | ₹5.00 |
4 | VBCUBE Ventures Trust – VBCUBE Ventures Fund II | 1,33,360 | 12.52% | ₹5.00 |
Note: The above table shows the anchor investors in the ArMee Infotech IPO based on their percentage share of the Anchor Investor Portion.
Industry Outlook
India's IT infrastructure and renewable energy segments have experienced significant growth driven by government digital initiatives, rural digitization programs, and clean energy transitions.
The increasing adoption of smart classes, ICT labs, digital public distribution systems, and solar capacity expansion offers substantial opportunities for experienced system integrators and EPC contractors.
The renewable energy sector, particularly solar EPC and battery energy storage systems (BESS), is critical for grid stability and sustainable power generation in India.
About ArMee Infotech
ArMee Infotech is an IT infrastructure and IT managed services company that provides comprehensive IT hardware and software solutions, system integration, installation, and maintenance services.
The company has also expanded its business operations into the renewable energy sector, encompassing solar EPC contracts, solar power purchase agreements (PPAs), and battery energy storage systems (BESS).
Headquartered in Ahmedabad, Gujarat, the company primarily serves government and public sector undertaking (PSU) clients as well as private sector clients across various states in India.
Strengths of ArMee Infotech
- Proven track record in executing projects for Government and PSU clients
- Consistent track record of financial performance
- Ability to service IT Infrastructure and IT managed services to clients engaged in diverse sectors
- Experienced Board of Directors and management with extensive domain knowledge
Risks of ArMee Infotech
- Most of ArMee Infotech’s business operations are concentrated in Gujarat, Maharashtra and Tamil Nadu.
- ArMee Infotech depends on orders from government and PSU clients.
- ArMee Infotech’s in-house procurement operations for renewable energy projects expose it to certain risks.
- ArMee Infotech has experienced negative cash flows, and any negative cash flows in the future could adversely affect its cash flow requirements.
- ArMee Infotech’s business requires significant working capital.
- ArMee Infotech derives a significant portion of its revenues from a number of clients.
- A portion of ArMee Infotech’s revenue is derived from and dependent on the renewable energy sector.
- ArMee Infotech’s multi-locational projects expose it to additional execution risks.
ArMee Infotech Financials
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Year | Year Data |
|---|---|
FY24 | 1,020.57 |
FY25 | 1,313.31 |
FY26 | 1,396.63 |
Peer Comparison
Company Name | Revenue from Operations (Cr) | P/E (times) | EPS (Diluted) (₹) | NAV per share (₹) |
|---|---|---|---|---|
ArMee Infotech | 1396.63 | - | 19.16 | 76.77 |
Dynacons Systems & Solutions | 1424.28 | 16.41 | 66.64 | 247.54 |
Orient Technologies | 869.54 | 243.15 | 1.00 | 73.44 |
KPI Green Energy | 2695.91 | 12.77 | 24.13 | 159.86 |
Oriana Power | 1813.67 | 9.62 | 124.19 | 379.55 |
Notes:
- Diluted EPS for listed industry peer sourced from the annual report/ financials for Fiscal 2026.
- P/E ratio for listed industry peers has been calculated as closing share price as on August 20, 2026, sourced from NSE, divided by Diluted EPS as of March 31, 2026.
- Return on Net worth (RoNW%) is computed as Restated profit / (loss) for the year as on March 31, 2026 divided by Net worth as on March 31, 2026.
- Net Worth shall mean the aggregate value of the paid up share capital and all reserves created out of the profit, securities premium account and debit or credit balance of profit and loss account as per the audited balance sheet, but does not include reserves created out of revaluation of assets and amalgamation.
- NAV per Equity Share is calculated as net worth of the Company as at the end of the year, divided by the weighted average number of Equity Shares used in calculating basic EPS.
- PAT margin is calculated as a percentage of PAT divided by revenue from operations.
Anchor Investor Bidding Date
Tuesday, September 22, 2026
IPO Registrar and Book Running Lead Managers
Registrar Details
Cameo Corporate Services
Registrar Email: priya@cameoindia.com
Registrar Phone: + 91 44 4002 0700
Book Running Lead Manager
Khandwala Securities and Saffron Capital Advisors Private
ArMee Infotech Contact Details
ArMee House, 17, Goyal Intercity, Row House Thaltej, Thaltej Road,
Ahmedabad, Gujarat 380054, India.
Telephone no.: + 91 79 4911 4911
Email: cs@armeeinfotech.com
ArMee Infotech Business Model
The company secures projects predominantly through competitive bidding and government e-marketplace portals, executing them via direct contracts, O&M, BOO, and BOOT models with milestone-based billings.
ArMee Infotech Growth Trajectory
ArMee Infotech 's Total Income for FY 26 was ₹1410.09 crore, whereas in FY 25 and FY 24 it was ₹1315.78 crore and ₹1023.99 crore, respectively.
The Profit After Tax for FY 26 was ₹45.47 crore, whereas in FY 25 and FY 24 it was ₹41.67 crore and ₹50.13 crore, respectively.
Their EBITDA for FY 26 was ₹75.64 crore, whereas in FY 25 and FY 24 it was ₹58.64 crore and ₹71.58 crore, respectively.
ArMee Infotech Market Position
Headquartered in Ahmedabad, Gujarat, the company primarily serves government and public sector undertaking (PSU) clients as well as private sector clients across various states in India.
As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹1410.09 crore, ₹45.47 crore, and ₹75.64 crore, respectively.
ArMee Infotech Profit and Loss Statement (in ₹ crore)
Parameter | FY 26 | FY 25 | FY 24 |
|---|---|---|---|
Total Income | 1410.09 | 1315.78 | 1023.99 |
Profit Before Tax | 60.99 | 53.2 | 63.78 |
Profit After Tax | 45.47 | 41.67 | 50.13 |
EPS (Diluted) ₹ | 19.16 | 17.56 | 21.12 |
EBITDA | 75.64 | 58.64 | 71.58 |
ArMee Infotech Balance Sheet (in ₹ crore)
Parameter | FY 26 | FY 25 | FY 24 |
|---|---|---|---|
Profit Before Tax | 60.99 | 53.2 | 63.78 |
Net Cash from Operating Activities | 12.48 | (17.98) | 55.19 |
Net Cash from Investing Activities | (101.66) | (12.65) | (21.32) |
Net Cash from Financing Activities | 103.88 | 15.94 | (13.05) |
Cash & Cash Equivalents | 21.31 | 6.62 | 21.31 |
Note: () denotes negative
How to apply for ArMee Infotech IPO?
- Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.
ArMee Infotech IPO FAQs
The ArMee Infotech IPO opens for subscription from 23-09-2026 to 25-09-2026, with a total issue size of ₹300 Cr. The IPO price band is ₹375 to ₹375 per share with a lot size of 40. The company aims to list the shares on BSE & NSE on 30-09-2026.
The ArMee Infotech IPO will open for subscription on 23-09-2026 and will close on 25-09-2026 for investors.
The minimum lot size for the ArMee Infotech IPO is 40 equity shares, requiring a minimum investment of ₹15000 for retail investors applying in the IPO.
The price band of the ArMee Infotech IPO has been fixed at ₹375 to ₹375 per equity share.
You can apply for the ArMee Infotech IPO online through the Kotak Neo Website or the Kotak Neo App using UPI or ASBA during the IPO subscription period.
ArMee Infotech IPO allotment will take place on 28-09-2026.
You can check the ArMee Infotech IPO allotment status online on the registrar’s website or on the NSE and BSE IPO allotment pages using your application number, PAN, or demat account details.
ArMee Infotech shares will list on the stock exchanges on 30-09-2026.
You can find detailed information about the ArMee Infotech IPO, including its business operations, financial performance, risk factors, and IPO objectives, in the Draft or Red Herring Prospectus (RHP).
Ridhish Kiritbhai Patel is the Chairman and the Managing Director of ArMee Infotech Limited .
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This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed SEBI prescribed limit. The securities are quoted as an example and not as a recommendation. SEBI Registration No-INZ000200137 Member Id NSE-08081; BSE-673; MSE-1024, MCX-56285, NCDEX-1262.
