ArMee Infotech IPO: dates, price band, lot size and GMP
ArMee Infotech IPO listed on 30 Sep at ₹375 (NSE, BSE). Issue dates 23 – 25 Sep 2026, price band ₹350 – ₹375, lot 40 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Updated 6 Oct 2026, 14:03 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the ArMee Infotech IPO has a price band of ₹350 – ₹375, a lot of 40 shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 23 – 25 Sep 2026 |
| Price band | ₹350 – ₹375 |
| Lot size | 40 shares |
| Issue size | ₹300.00 Cr |
| Fresh issue | ₹300 Cr |
| Subscription | 2.62x |
| Registrar | Cameo Corporate Services Ltd. |
| Lead managers | Khandwala Securities Ltd., Saffron Capital Advisors Pvt.Ltd. |
| Status | Listed |
Timeline
- Issue opens: 23 Sep
- Issue closes: 25 Sep
- Allotment: 28 Sep
- Refunds: 29 Sep
- Demat credit: 29 Sep
- Listing: 30 Sep
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 3.2x |
| NII | 2.24x |
| sNII | 3.74x |
| bNII | 1.49x |
| Retail | 2.65x |
| Total | 2.62x |
Last updated 25 Sep 2026, 6:55 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹1,189.93 Cr |
| P/E (pre-issue) | 19.57x |
| P/E (post-issue) | 26.17x |
| Fresh issue (shares) | 80,00,000 |
| Total shares offered | 80,00,000 |
| Promoter holding pre-issue | 92.72% |
| Promoter holding post-issue | 0% |
| Promoters | Ami Ridhish Patel, Kiritkumar Chimanbhai Patel, Ridhish Kiritbhai Patel |
| Lead managers | Khandwala Securities Ltd., Saffron Capital Advisors Pvt.Ltd. |
| Registrar phone | 044-28460390/28460391/28460392 |
| Registrar email | ArMee@cameoindia.com |
| Company website | armeeinfotech.com |
| Anchor bid date | 22 Sep 2026 |
| Anchor lock-in ends (50%) | 28 Oct 2026 |
| Anchor lock-in ends (remaining) | 27 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 40 | ₹15,000 |
| Retail (maximum) | 14 | 560 | ₹2,10,000 |
| sNII (minimum) | 14 | 560 | ₹2,10,000 |
| bNII (minimum) | 67 | 2,680 | ₹10,05,000 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 13.3% | 10,65,000 | |
| QIB | 11.7% | 9,35,000 | Not more than 25% of the Net Issue |
| NII (HNI) | 22.5% | 18,00,000 | Not less than 22.50% of the Net Issue |
| sNII | 7.5% | 6,00,000 | |
| bNII | 15% | 12,00,000 | |
| Retail | 52.5% | 42,00,000 | Not less than 52.50% of the Net Issu |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 23 Sep | 1.00x | 0.42x | 0.43x | 0.41x | 0.54x | 0.57x |
| Day 2 · 24 Sep | 1.01x | 0.93x | 1.23x | 0.77x | 1.45x | 1.26x |
| Day 3 · 25 Sep | 3.20x | 2.24x | 3.74x | 1.49x | 2.65x | 2.62x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹19.16 |
|---|---|
| EPS (post-issue) | ₹14.33 |
| P/E (pre-issue) | 19.57x |
| P/E (post-issue) | 26.17x |
| RoNW | 24.96% |
| RoCE | 24.1% |
| RoE | 28.52% |
| PAT margin | 3.26% |
| EBITDA margin | 5.42% |
| Price / book | 4.88x |
| NAV per share | ₹76.77 |
| Debt / equity | 0.96 |
| Market cap (upper band) | ₹1,189.93 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 958.87 | 828.54 | 673.5 | +15.7% |
| Total Income | 1,410.09 | 1,315.78 | 1,023.99 | +7.2% |
| Profit After Tax | 45.47 | 41.67 | 50.13 | +9.1% |
| EBITDA | 75.64 | 58.64 | 71.58 | +29% |
| NET Worth | 182.18 | 136.67 | 95.18 | +33.3% |
| Total Borrowing | 174.36 | 48.1 | 27.26 | +262.5% |
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:
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.
Objects of the issue
- Expansion of business by procuring new Government/PSU projects. — ₹155 Cr
- Funding working capital requirements — ₹60 Cr
- Prepayment or repayment of certain outstanding borrowings availed by the Company. — ₹6.5 Cr
- General Corporate Purposes
Net proceeds: ₹221.5 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| ArMee Infotech Ltd. (issuer) | 19.16 | 19.16 | 76.77 | — | 24.96% | — | Consolidated |
| Dynacons Systems & Solutions Ltd. | 66.64 | 66.64 | 247.54 | 16.41x | 26.9% | 4.43 | Consolidated |
| Orient Technologies Ltd. | 1 | 1 | 73.44 | 243.15x | 1.36% | 3.33 | Consolidated |
| Kpi Green Energy Ltd. | 24.13 | 24.04 | 159.86 | 12.77x | 16.14% | 1.93 | Consolidated |
| Oriana Power Ltd. | 124.19 | 124.13 | 379.55 | 9.62x | 32.72% | 3.15 | Consolidated |
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.
Strengths (per the offer document)
- Proven track record in executing projects for Government / PSU clients — Our Company has a proven track record in executing projects for Government / PSU clients.
- Projects completed for Government and PSU clients — Number of projects 116 97 62 Our revenue from operations generated from our Government, / PSU clients is as follows: Revenue from operations generated from 32,115.39 75,481.35 92,830.73 Government /…
- Consistent track record of financial performance — We have a strong balance sheet and have successfully demonstrated consistent growth in terms of revenues and profitability.
- Ability to service clients and projects across diverse sectors — Apart from being an IT Infrastructure and IT managed services company we have also ventured into Renewable Energy EPC, Renewable Energy PPA and Renewable Energy BESS project and Experience Zones.
- Experienced Board of Directors and management with extensive domain knowledge — Our operations are conducted by an experienced management team that has significant expertise in all aspects of our business operations.
Risk factors (as disclosed by the company)
- Most of our business operations are concentrated in the states of Gujarat, Maharashtra and Tamil Nadu — For the Fiscal 2026, Fiscal 2025, and Fiscal 2024, 86.48%, 73.75%, and 86.52% of our revenue from operations for the respective periods came from the projects executed by us in the states of…
- We depend on orders from the Government/PSU clients — The tender processes conducted by the Government may be subject to changes in qualification criteria, unexpected delays and uncertainties.
- Our in-house procurement operations for renewable energy space projects expose us to certain risks — In renewable energy space, we usually take responsibility for procurement of major equipment and supplies and the contractor builds, commissions and hands over the renewable energy plant.
- We are dependent on our Technology Partners for various hardware and software products which we provide to our clients — We source various hardware products such as servers, laptops, desktops, printers, webcams, interactive panels, point of sale machines, storage hardware, and third-party software products such as…
- Most projects we operate have been awarded primarily through a competitive bidding process and our financial performance is largely dependent… — As a part of our business and operations, we bid for projects on an on-going basis across our IT Infrastructure, IT managed services, and Renewable Energy Space.
- We have experienced negative cash flow from operating activities of ₹(1,798.14) lakhs in Fiscal 2025 and any negative cash flows in the future would adversely… — The following table sets forth certain information relating to our cash flows for the Fiscals 2026, 2025, and 2024: Net cash from/ (used in) operating activities 1,247.58 (1,798.14) 5,518.60 Net…
- Our business requires working capital — Our business is working capital intensive.
- We derive a significant portion of our revenues from a limited number of clients — While we service private clients including wherein the end users are Government/ PSU, the majority of our revenue is generated from projects that we undertake for our Government/PSU clients.
From the RHP (strengths pages 218–220, risk factors pages 21–29). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- ArMee Infotech IPO GMP today and trend
- ArMee Infotech IPO subscription status, day by day
- ArMee Infotech IPO allotment status and how to check
Frequently asked questions
When does the ArMee Infotech IPO open and close?
The issue is scheduled for 23 – 25 Sep 2026.
What is the ArMee Infotech IPO price band?
The price band is ₹350 – ₹375 per share with a lot size of 40 shares.
How big is the ArMee Infotech IPO?
The total issue size is ₹300.00 Cr.
When will ArMee Infotech list?
The tentative listing date is 30 Sep on the main board.
How do I apply for the ArMee Infotech IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), ArMee Infotech · as filed with SEBI · sebi.gov.in
- Red herring prospectus (RHP), ArMee Infotech · as filed · nsearchives.nseindia.com
- Registrar allotment page, Cameo Corporate Services Ltd. · allotment 28 Sep · ipo.cameoindia.com
- NSE public issues page · listing 30 Sep · nseindia.com
- BSE public issues page · listing 30 Sep · bseindia.com
- ArMee Infotech company website · armeeinfotech.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 30 Sep, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “ArMee Infotech IPO”, https://buyunlistedshares.com/ipo/armee-infotech-ipo, as of 06 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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