Summary
ArMee Infotech is an Ahmedabad-based IT infrastructure and renewable energy company launching its ₹300 crore IPO from 23rd to 25th September 2026.
The IPO is entirely a fresh issue, with no offer for sale, and the shares are proposed to list on the NSE and BSE on 30th September 2026.
The price band is ₹350–375 per share, with a lot size of 40 shares and a minimum investment of ₹15,000.
The ArMee Infotech IPO is a ₹300 crore mainboard book-building issue carrying a face value of ₹10 per share. Subscription will run from 23 September to 25 September 2026, with the price band set between ₹350 and ₹375 per share. The issue is entirely a fresh issue, with no offer for sale, and each lot contains 40 shares.
Retail investors need a minimum of ₹15,000 to apply for one lot at the upper price band. The minimum application for sNII investors is 14 lots, or 560 shares, requiring ₹2,10,000, while bNII investors can apply from 67 lots, or 2,680 shares, for ₹10,05,000. The allotment is expected on 28 September 2026, and the shares are scheduled to make their tentative debut on the NSE and BSE on 30 September 2026.
ArMee Infotech IPO Key Details
The main details of the ArMee Infotech IPO are as follows.
| IPO Open Date | 23 September 2026 |
| Close Date | 25 September 2026 |
| Face value | ₹10 per share |
| Price Band | ₹350 to ₹375 |
| IPO Lot Size | 40 Shares |
| Fresh issue | ₹300.00 crore approx |
| Offer for Sale | Not Applicable |
| Type of issue | Book-building |
| Listing at | NSE and BSE |
| Total Issue Size (₹ Crore) | ₹300.00 cr approx |
| Minimum Investment | ₹15,000 (40 shares) |
ArMee Infotech IPO Timeline
The important dates for the ArMee Infotech IPO, from bidding to listing, are given below.
| Bid Opening | 23 September 2026 |
| Bid Closing | 25 September 2026 |
| Tentative Allotment | 28 September 2026 |
| Initiation of Refunds | 29 September 2026 |
| Credit of Shares to Demat | 29 September 2026 |
| Tentative Listing Date | 30 September 2026 |
| UPI mandate closing date | 25 September 2026 |
Key Performance Indicators of ArMee Infotech IPO
The following ratios give a view of ArMee Infotech’s profitability, returns and capital structure over the last three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (% before exceptional item) | 28.52 | 35.94 | 70.67 |
| ROCE (%) | 24.10 | 32.43 | 57.55 |
| Debt Equity (in times) | 0.96 | 0.35 | 0.29 |
| RoNW (%) | 24.96 | 30.49 | 52.67 |
| PAT Margin (% before exceptional item) | 3.26 | 3.17 | 4.91 |
| EBITDA margin (%) | 5.42 | 4.47 | 7.01 |
ArMee Infotech Ltd Financial Details
The table below shows ArMee Infotech’s revenue, total assets and profit for the last three financial years.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Total Income | 1,410.09 | 1,315.78 | 1,023.99 |
| Total Asset | 958.87 | 828.54 | 673.50 |
| Profit | 45.47 | 41.67 | 50.13 |
(Amount in ₹ Crores)
ArMee Infotech IPO Subscription Status
The subscription data is not available yet.
Bids for the issue can be placed between 10:00 AM and 5:00 PM on the public issue days.
ArMee Infotech IPO Grey Market Premium (GMP)
The GMP for ArMee Infotech is currently ₹0, based on the available reading from 17 September. There is no premium being reported at present, so the current GMP does not indicate any estimated gain over the issue price. GMP figures can change as the IPO gets closer to its subscription period and market activity picks up.
| GMP Date | GMP | Est. Listing Price | Est. Gain | Last updated |
| 18-09-2026 | ₹0 | ₹375 | 0.00% | 18-09-2026, 17:30 |
**The grey market gives an unofficial indication of the premium or discount being quoted for IPO shares before listing.
ArMee Infotech IPO Reservation
The issue has separate reservations for QIBs, NIIs and retail investors, as outlined below.
| Investor Category | Offered No. of Shares |
| QIBs | Not more than 25% of the Net Issue |
| NIIs | Not less than 22.50% of the Net Issue |
| Retails | Not less than 52.50% of the Net Issue |
| Total |
ArMee Infotech IPO Prospectus
The documents given herein contain details relating to the ArMee Infotech IPO.
About ArMee Infotech Ltd.
ArMee Infotech was incorporated in 2011 and became a public company in 2024. Based in Ahmedabad, the company works mainly in IT infrastructure and managed services, with Government and PSU clients forming a major part of its business. It has also expanded into retail Experience Zones and renewable energy, including solar EPC, PPA and battery storage. As of June 2026, it had 99 active projects, with a significant share located in Gujarat.
Promoters:
- Ami Ridhish Patel
- Kiritkumar Chimanbhai Patel
- Ridhish Kiritbhai Patel
| Book Runner | Khandwala Securities Limited Saffron Capital Advisors Private Limited |
| Issue Registrar | Cameo Corporate Services Limited |
Purpose of ArMee Infotech IPO
The company intends to use the funds raised through the IPO for the purposes listed below.
| Particulars | Estimated Amount in ₹ Crores |
| Expansion of business by procuring new Government/PSU projects | 155.00 |
| Funding working capital requirements | 60.00 |
| Prepayment or repayment of certain outstanding borrowings availed by the Company | 6.50 |
| General Corporate Purposes | — |
| Total | 221.50 |
ArMee Infotech Ltd. – Strengths and benefits
- Experience with Government and PSU projects: The company completed 116 projects for Government/PSU clients in FY26, adding to its track record of executing public-sector projects.
- Revenue growth: Revenue increased from ₹1,023.99 crore in FY24 to ₹1,410.09 crore in FY26.
- Expansion into new business areas: ArMee Infotech has moved beyond its traditional IT business into renewable energy, including EPC, PPA and battery storage, as well as retail Experience Zones.
- Experienced promoters: Two of the three promoters have been associated with the company since its inception and bring over two decades of experience each.
ArMee Infotech Ltd. – Risks and limitations
- Dependence on Government and PSU clients: Nearly 84% of FY26 revenue came from Government/PSU clients or private contracts where the end user is a government body. A slowdown in public-sector tenders could therefore affect revenue.
- High client concentration: The company’s top five clients accounted for 76.66% of FY26 revenue, making its performance dependent on a relatively small client base.
- Geographic concentration: More than 86% of FY26 revenue came from projects across Gujarat, Maharashtra and Tamil Nadu.
- Volatile operating cash flow: The company reported negative operating cash flow of ₹(1,798.14) lakh in FY25, despite recording revenue growth.
ArMee Infotech IPO Review
ArMee Infotech enters the IPO with steady revenue growth and an expanding business beyond its traditional IT services. The fresh issue also gives the company funds for new Government/PSU projects and working capital. At the same time, the decline in margins and return ratios, along with its dependence on a few clients and states, are important factors to keep in view. The ₹0 GMP currently offers no additional indication of market sentiment.
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ArMee Infotech IPO FAQs
The ArMee Infotech IPO is a mainboard book-building issue of ₹300 crore, consisting entirely of a fresh issue. The shares are proposed to be listed on the NSE and BSE.
Investors can apply through a stockbroker or an IPO-enabled trading platform linked to their demat account. UPI can be used to authorise the payment, with the bid amount blocked until the allotment process is completed.
The IPO has both positive and risk factors. Its Government/PSU project experience, revenue growth and expansion into renewable energy are notable factors, while client and geographic concentration, lower return ratios and volatile operating cash flow are key areas to consider.
The ArMee Infotech IPO will open for subscription on 23 September 2026 and close on 25 September 2026.
The lot size is 40 shares. At the upper end of the ₹350–375 price band, one lot requires an investment of ₹15,000.
The allotment is expected to be finalised on 28 September 2026. Refunds and credit of shares to demat accounts are scheduled for 29 September 2026.
The ArMee Infotech IPO is tentatively scheduled to list on 30 September 2026 on both the NSE and BSE.
