ArMee Infotech IPO: Price Band, Lot Size, Financials & Review
ArMee Infotech IPO listed on BSE & NSE on Wed, 30 Sep 2026. The issue was subscribed 2.62x overall.
- Open Date
- 23 Sep 2026
- Close Date
- 25 Sep 2026
Last updated
- Price band
- ₹350 – ₹375
- Lot size
- 40 shares
- Min. investment
- ₹15,000
- Issue size
- ₹300 Cr
- Last GMP
- +₹6
- Subscribed
- 🔥 2.62x
ArMee Infotech IPO details
ArMee Infotech IPO is a ₹300 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
The issue was open from Wed, 23 Sep 2026 to Fri, 25 Sep 2026. Allotment was finalised on Mon, 28 Sep 2026, and the shares listed on BSE & NSE on Wed, 30 Sep 2026.
The price band is ₹350 to ₹375 per share and the lot size is 40 shares, so the minimum retail application is ₹15,000. Retail investors can apply for up to 13 lots (520 shares, ₹1,95,000).
Cameo Corporate Services Limited is the registrar, and Khandwala Securities Limited and Saffron Capital Advisors Private Limited IPO Lead Manager are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last ArMee Infotech IPO GMP before listing was +₹6 (+1.60% against the upper price band of ₹375), implying an estimated listing price of ₹381. Across 10 days of tracking, GMP ranged from +₹6 (28 Sep) to +₹51 (23 Sep).
| Last GMP | +₹6 |
|---|---|
| GMP vs upper band | +1.60% |
| Estimated listing price | ₹381 |
| Highest (23 Sep) | +₹51 |
| Lowest (28 Sep) | +₹6 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the ArMee Infotech IPO day-wise GMP.
Subscription
Day-wise subscription →ArMee Infotech IPO was subscribed 2.62x overall: QIB 3.20x, NII 2.24x and retail 2.65x.
| Category | Subscribed |
|---|---|
| QIB | 3.20x |
| NII | 2.24x |
| └ bNII (above ₹10 lakh) | 1.49x |
| └ sNII (₹2–10 lakh) | 3.74x |
| Retail | 2.65x |
| Total | 2.62x |
Final figures at the close of bidding on 25 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the ArMee Infotech IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 10,65,000 | 13.31% |
| Qualified Institutions | 9,35,000 | 11.69% |
| Non-Institutional | 18,00,000 | 22.50% |
| └ BNII | 12,00,000 | 15.00% |
| └ SNII | 6,00,000 | 7.50% |
| Retail Investors | 42,00,000 | 52.50% |
| Total | 80,00,000 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
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 | 2,640 | ₹9,90,000 |
| B-HNI (Min) | 67 | 2,680 | ₹10,05,000 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
At the upper price band of ₹375, the issue is priced at 19.57x pre-issue earnings and 26.17x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 14.59x (4 companies).
Promoter holding falls from 92.72% before the issue to 69.35% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹19.16 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 19.57x |
| EPS (post-issue) EPS on the enlarged share capital | ₹14.33 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 26.17x |
| Promoter holding (pre-issue) | 92.72% |
| Promoter holding (post-issue) | 69.35% |
ArMee Infotech Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹1,315.78 Cr to ₹1,410.09 Cr, and profit after tax rose from ₹41.67 Cr to ₹45.47 Cr. The PAT margin for 31 Mar 2026 was 3.22%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 958.87 | 828.54 | 673.50 |
| 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 Borrowings | 174.36 | 48.10 | 27.26 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 28.52 | 35.94 | 70.67 |
| ROCE % | 24.10 | 32.43 | 57.55 |
| Debt / Equity | 0.96 | 0.35 | 0.29 |
| RoNW % | 24.96 | 30.49 | 52.67 |
| Pat Margin % | 3.26 | 3.17 | 4.91 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| ArMee Infotech Ltd | 10 | — | 19.16 | 19.16 | 24.96% | 76.77 |
| Dynacons Systems & Solutions Ltd | 10 | 16.41 | 66.64 | 66.64 | 26.90% | 247.54 |
| Orient Technologies Ltd | 10 | 243.15 | 1.00 | 1.00 | 1.36% | 73.44 |
| KPI Green Energy Ltd | 5 | 12.77 | 24.13 | 24.04 | 16.14% | 159.86 |
| Oriana Power Limited | 10 | 9.62 | 124.19 | 124.13 | 32.72% | 379.55 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Expansion of business by procuring new Government/PSU projects |
| 2 | Funding our working capital requirements |
| 3 | Prepayment or repayment of certain outstanding borrowings availed by our Company |
| 4 | General corporate purposes |
About ArMee Infotech Limited
Founded in 2003 and headquartered in Ahmedabad, Gujarat, ArMee Infotech Limited (AIL) is an IT infrastructure solutions and managed services company and a part of the ArMee Group. The company provides end-to-end technology solutions to a diverse customer base across government, corporates, banking, financial services and insurance (BFSI), and education sectors.
Over the years, AIL has expanded beyond its core IT services business by diversifying into retail sales and renewable energy, broadening its portfolio across technology and energy-related solutions.
Key Business Segments
IT Infrastructure: Provides IT hardware and software, supported by installation, integration, maintenance, and related technical support services.
IT Managed Services: Offers technical manpower, skill development and training, annual maintenance contracts, and other managed support services.
Retail Sales: Operates Experience Zones offering IT products, consumer electronics, gaming products, and related merchandise.
Renewable Energy: Undertakes solar Engineering, Procurement and Construction (EPC) projects and develops solar power projects under Power Purchase Agreements (PPAs). The company has also expanded into Battery Energy Storage System (BESS) projects.
Project Portfolio
As of June 30, 2026, AIL had 99 ongoing projects across its various business segments. These comprised:
65 projects in IT Infrastructure
21 projects in IT Managed Services
10 projects in Renewable Energy EPC
1 project in Renewable Energy PPA
2 projects in Renewable Energy BESS
The company's projects are geographically diversified, although Gujarat remains its primary operating market. Of the 99 ongoing projects as of June 30, 2026:
74 projects were located in Gujarat
11 projects were located in Maharashtra
2 projects each were located in Bihar, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh, and Rajasthan
1 project each was located in Telangana, Tamil Nadu, Uttarakhand, and New Delhi
Workforce
As of June 30, 2026, AIL had 263 employees, including 219 skilled and semi-skilled technical personnel involved in the implementation and management of its projects.
In addition to its permanent workforce, the company had engaged 1,648 contractual employees as of the same date, providing additional manpower to support project execution and service delivery across its business operations.
Promoters
- Ami Ridhish Patel
- Kiritkumar Chimanbhai Patel
- Ridhish Kiritbhai Patel
Contact details
ArMee Infotech Ltd.
17, Goyal Intercity,
B/h Drive in Cinema,
Thaltej Road
Ahmedabad, Gujarat, 380058
Phone: + 91 79 4911 491
Email: cs@armeeinfotech.com
Website: http://www.armeeinfotech.com/
ArMee Infotech IPO FAQs
- What is the ArMee Infotech IPO price band?
- The ArMee Infotech IPO price band is ₹350 to ₹375 per share.
- What is the ArMee Infotech IPO lot size and minimum investment?
- The ArMee Infotech IPO lot size is 40 shares. The minimum retail investment is ₹15,000 for one lot at the upper price band. Retail investors can apply for up to 13 lots (520 shares), costing ₹1,95,000.
- When was ArMee Infotech IPO open for subscription?
- ArMee Infotech IPO was open for subscription from Wed, 23 Sep 2026 to Fri, 25 Sep 2026.
- What is the ArMee Infotech IPO subscription status?
- ArMee Infotech IPO was subscribed 2.62x overall: QIB 3.20x, NII 2.24x and retail 2.65x. Day-wise and category-wise figures are on the subscription page.
- What was the ArMee Infotech IPO GMP before listing?
- The last ArMee Infotech IPO GMP before listing was +₹6 (+1.60% against the upper price band of ₹375), implying an estimated listing price of ₹381. Across 10 days of tracking, GMP ranged from +₹6 (28 Sep) to +₹51 (23 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the ArMee Infotech IPO allotment date?
- The ArMee Infotech IPO basis of allotment was finalised on Mon, 28 Sep 2026. You can check your allotment status on the Cameo Corporate Services Limited website.
- What is the ArMee Infotech IPO listing date?
- ArMee Infotech IPO listed on BSE & NSE on Wed, 30 Sep 2026.
- Is the ArMee Infotech IPO a fresh issue or an offer for sale?
- It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
- Who are the registrar and lead managers of the ArMee Infotech IPO?
- The registrar for the ArMee Infotech IPO is Cameo Corporate Services Limited, and the book running lead managers are Khandwala Securities Limited and Saffron Capital Advisors Private Limited IPO Lead Manager.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.