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IPO ·
NSE, BSE
ArMee Infotech Ltd
Listed
Ahmedabad IT infrastructure and managed services firm serving government, PSU and BFSI clients, with a solar EPC/BESS arm.
Issue details
Price band
₹350 – ₹375
Face value
₹10
Lot size
40 shares
Minimum investment
₹15,000
Issue size
₹300 Cr
Fresh issue
₹300 Cr
Offer for sale
—
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
23 Sep 2026
Closes
25 Sep 2026
UPI mandate cut-off
5:00 PM on 25 Sep 2026
Allotment
28 Sep 2026
Refunds
29 Sep 2026
Shares in demat
29 Sep 2026
Listing
30 Sep 2026
Subscription and listing
Subscription
2.33x
Listing price
₹375
Registrar
Cameo Corporate Services Ltd
Lead manager
Khandwala Securities, Saffron Capital Advisors
Subscription by category
Total
2.33x
Total applications
2,38,531
Anchor investors
Amount raised
₹39.94 Cr
Bid date
22 Sep 2026
50% lock-in ends
28 Oct 2026
Rest lock-in ends
27 Dec 2026
Listing day
Issue price
₹375
Open
₹375.00
High
₹375.00
Low
₹300.00
Day close
₹300.00
Listing gain at open
0.00%
Issue structure
Shares reserved per category and share of the total issue
QIB
20,00,000
25.00%
Anchor Investor
10,65,000
13.31%
QIB (Ex. Anchor)
9,35,000
11.69%
NII
18,00,000
22.50%
bNII > ₹10L
12,00,000
15.00%
sNII < ₹10L
6,00,000
7.50%
Retail
42,00,000
52.50%
Total
80,00,000
100.00%
Finaccle’s quick read
Avoid
PAT went from ₹50.13 Cr in FY24 to ₹41.67 Cr and ₹45.47 Cr, with PAT margin of 3.26%, borrowings up to ₹174.36 Cr and post-issue P/E of 26.17.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
ArMee Infotech is an Ahmedabad, Gujarat based provider of IT infrastructure and managed IT services, working largely for government and PSU clients. It has also added retail experience zones and renewable energy work such as solar EPC and battery storage. As of June 2026 it had 99 ongoing projects, most of them in Gujarat, with 263 employees plus 1,648 contract staff and income above ₹1,400 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
28.52%
ROCE
24.10%
Debt / equity
0.96
PAT margin
3.26%
P/E post issue
26.17
Market cap
₹1,189.93 Cr
Use of IPO money
Funding new Government/PSU projects
₹155.00 Cr
Working capital
₹60.00 Cr
Repayment/prepayment of debt
₹6.50 Cr
General corporate purposes
₹42.27 Cr
Issue expenses
₹36.23 Cr
Strengths
✓
Long record of government and PSU IT projects
✓
Large revenue base of over ₹1,400 Cr
✓
ROE of 28.52% and ROCE of 24.10%
✓
Entire issue is fresh capital
Risks to watch
!
PAT fell in FY25 and FY26 PAT is still below FY24
!
Thin PAT margin of 3.26%
!
Borrowings rose from ₹48.10 Cr to ₹174.36 Cr in FY26
!
Heavy concentration in Gujarat government projects
!
Post-issue P/E of 26.17 is rich for low margins
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.