ArMee Infotech IPO

The ArMee Infotech mainboard IPO runs from 23 Sept 2026 to 25 Sept 2026, offered at a price band of ₹350–375 per share, and is set to list on NSE and BSE. The company is looking to raise ₹300 crore through the offer. Retail investors bid in lots of 40 shares, a minimum application of ₹15,000.

Issue structure

The IPO is structured entirely as a fresh issue of ₹300 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward expansion of business by procuring new government/psu projects. (₹155 crore), alongside funding working capital requirements (₹60 crore). In all, 4 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, ArMee Infotech reported revenue of ₹1,410.09 crore and a net profit of ₹45.47 crore. Revenue grew from ₹1,023.99 crore in FY2024 to ₹1,410.09 crore in FY2026 (+38.0%). Net worth stood at ₹182.18 crore at the end of FY2026. At the upper band, that puts the issue at roughly 19.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 26.17× post-issue earnings and 4.88× book value, against a return on net worth of 24.96% and a debt-to-equity ratio of 0.96. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Dynacons Systems & Solutions Ltd. and Kpi Green Energy Ltd., with a median peer P/E of about 14.6×. The issue's own post-issue P/E works out to 26.17×.

Promoters

The promoters of the company are <p>Ami Ridhish Patel, Kiritkumar Chimanbhai Patel, Ridhish Kiritbhai Patel</p>. Promoter holding stands at 92.72% before the issue and comes down to 0% after listing.

Grey market premium (GMP)

In the unofficial grey market, ArMee Infotech shares are quoted at a premium of ₹6 implying an expected listing around ₹381, about +1.6% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The ArMee Infotech IPO was subscribed 2.62 times overall. The strongest demand came from qualified institutional buyers (QIB) at 3.2 times, with non-institutional investors (NII) at 2.24× and retail investors at 2.65×.

Listing performance

ArMee Infotech listed on 30 Sept 2026 at ₹368.85, a discount of -1.6% over the issue price of ₹375.

What to weigh

When evaluating the ArMee Infotech IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About ArMee Infotech

ArMee Infotech Limited (AIL), founded in 2003, is an IT infrastructure solutions and managed services company based in Ahmedabad, Gujarat. As part of the ArMee Group, the company provides end-to-end IT solutions across various sectors, including government, corporate, banking, financial services, insurance (BFSI), and education. Key Business Areas: IT Infrastructure: Provides IT hardware, software, installation, integration, and maintenance services. IT Managed Services: Offers technical manpower, skill development training, and annual maintenance services. Retail Sales: Operates Experience Zones for IT, consumer electronics, and gaming products. Renewable Energy: Engaged in solar EPC projects and power purchase agreements (PPAs). As of September 30, 2024, the company had 20 ongoing projects, with 11 under the IT infrastructure category and 9 under IT managed services. Additionally, there were 183 projects where contractual obligations for execution and full payment were completed, but the warranty period was still active. Among the 20 ongoing projects, 13 were located in Gujarat, four in Maharashtra, and one each in Madhya Pradesh, Uttarakhand, and Bihar. Gujarat contributed 39.72% of the company's revenue from operations as of September 30, 2024. As of the same date, ArMee Infotech Limited had a workforce of 1,772 employees.