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    ArMee Infotech IPO

    Updated 31 Oct 2026, 1:45 pm.

    Open Demat Account
    GMP disclaimer: GMP is unofficial and unregulated. It is not a recommendation or a reliable estimate of listing price or returns. Consider the RHP and your own risk assessment before applying.

    Minimum investment (Retail)

    ₹15,000

    1 lot · 40 shares at the upper price band

    Price band

    ₹375

    Latest GMP

    ₹6

    +1.6% of the ₹375 upper band

    Est. listing price

    ₹381

    Issue size

    ₹300 Cr

    Listing price

    ₹375.00

    NSE ARMEE, special pre-open price

    Listing gain

    +0.0%

    Listing price against the issue price

    First-day close

    ₹300.00

    Since issue

    -24.4%

    ₹283.4 close, 30 Oct 2026

    As NSE lists it

    The exchange's own issue data, NSE symbol ARMEE · read 31 Oct 2026, 12:15 am

    Price band
    ₹350–375
    Bidding
    23 Sept 2026 – 25 Sept 2026
    Subscribed (NSE)
    —
    Shares offered
    —
    Listed
    30 Sept 2026
    Issue price
    ₹375

    NSE's subscription counts bids on its own platform and can differ from the combined NSE + BSE figure above.

    Allotment status

    Check it on the registrar's page or either exchange with your PAN or application number.

    1. Allotment finalised28 Sept 2026(done)
    2. Refunds start29 Sept 2026(done)
    3. Shares credited to demat29 Sept 2026(done)
    4. Listing30 Sept 2026(done)
    Check on Cameo Corporate Services Ltd.Check on BSECheck on NSE

    GMP history

    Each point is a recorded observation from the scheduled data sync.

    ObservedGMPEst. listing price
    30 Sept 2026, 1:50 pm₹6₹381
    30 Sept 2026, 1:45 pm₹6₹381
    29 Sept 2026, 6:50 pm₹6₹381
    29 Sept 2026, 6:45 pm₹6₹381
    29 Sept 2026, 1:50 pm₹6₹381
    29 Sept 2026, 1:45 pm₹6₹381
    29 Sept 2026, 8:50 am₹6₹381
    29 Sept 2026, 8:45 am₹6₹381
    28 Sept 2026, 6:50 pm₹6₹380
    28 Sept 2026, 6:45 pm₹5₹380
    28 Sept 2026, 1:50 pm₹7₹383
    28 Sept 2026, 1:45 pm₹8₹383
    28 Sept 2026, 8:50 am₹8₹383
    28 Sept 2026, 8:45 am₹8₹383
    26 Sept 2026, 6:50 pm₹8₹383
    26 Sept 2026, 6:45 pm₹8₹383
    26 Sept 2026, 1:50 pm₹8₹383
    26 Sept 2026, 1:45 pm₹8₹383
    26 Sept 2026, 8:50 am₹14₹395
    26 Sept 2026, 8:45 am₹20₹395
    25 Sept 2026, 6:50 pm₹14₹395
    25 Sept 2026, 6:45 pm₹20₹395
    25 Sept 2026, 1:45 pm₹20₹395
    25 Sept 2026, 8:50 am₹20₹395
    25 Sept 2026, 8:45 am₹20₹395
    24 Sept 2026, 6:50 pm₹20₹395
    24 Sept 2026, 6:45 pm₹20₹395
    24 Sept 2026, 1:50 pm₹43₹430
    24 Sept 2026, 1:45 pm₹55₹430
    24 Sept 2026, 8:50 am₹53₹430
    24 Sept 2026, 8:45 am₹55₹430
    23 Sept 2026, 6:50 pm₹53₹430
    23 Sept 2026, 6:45 pm₹55₹430
    23 Sept 2026, 1:50 pm₹51₹421
    23 Sept 2026, 1:45 pm₹46₹421
    23 Sept 2026, 8:50 am₹46₹421
    23 Sept 2026, 8:45 am₹46₹421
    22 Sept 2026, 6:50 pm₹12₹387
    22 Sept 2026, 6:45 pm₹12₹387
    22 Sept 2026, 1:50 pm₹12₹387
    22 Sept 2026, 1:45 pm₹12₹387
    22 Sept 2026, 8:50 am₹12₹387
    22 Sept 2026, 8:45 am₹12₹387
    21 Sept 2026, 6:50 pm₹1₹376
    21 Sept 2026, 6:45 pm₹1₹376
    21 Sept 2026, 1:50 pm₹1₹376
    21 Sept 2026, 1:46 pm₹1₹376
    21 Sept 2026, 11:23 am₹1₹376
    21 Sept 2026, 8:45 am₹1₹376
    19 Sept 2026, 6:45 pm₹0₹0
    19 Sept 2026, 1:45 pm₹0₹0
    19 Sept 2026, 8:45 am₹0₹0
    18 Sept 2026, 6:45 pm₹0₹0
    18 Sept 2026, 1:45 pm₹0₹0
    18 Sept 2026, 8:45 am₹0₹0
    17 Sept 2026, 6:45 pm₹0₹0

    GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.

    Issue details

    Board
    Mainboard
    Price band
    ₹375
    Issue size
    ₹300 Cr
    Lot size
    40
    Opens
    23 Sept 2026
    Closes
    25 Sept 2026
    Allotment
    28 Sept 2026
    Listing
    30 Sept 2026
    Est. listing price
    ₹381
    Listing price
    ₹375
    Listing gain
    +0.0%
    Registrar
    Cameo Corporate Services Ltd.
    Minimum investment
    ₹15,000 (1 lot · 40 shares)
    Face value
    ₹10 per share
    Issue type
    Bookbuilding IPO
    Sale type
    Fresh capital only
    Fresh issue
    ₹300 Cr
    Listing at
    BSE, NSE
    Refunds
    29 Sept 2026
    Shares credited
    29 Sept 2026
    Promoter holding
    92.72% before · — after
    Lead managers
    Khandwala Securities Ltd., Saffron Capital Advisors Pvt.Ltd.

    Offer documents & links

    Red Herring Prospectus (RHP)Check allotment statusCompany website

    Subscription by category

    As of 25 Sept 2026, 6:54 pm.

    Total subscription

    2.62x

    Qualified Institutional3.20×
    Non Institutional2.24×
    Retail Individual2.65×

    Full issue details

    Details as published for this issue, read 29 Sept 2026, 9:05 am. Verify against the RHP before applying.

    IPO Details

    IPO Date23 to 25 Sep, 2026
    Listing DateWed, Sep 30, 2026 (tentative)
    Face Value₹ 10 per share
    Price Band₹350 to ₹375
    Issue Price₹375 per share
    Lot Size40 Shares
    Sale TypeFresh capital only
    Issue TypeBookbuilding IPO
    Listing AtBSE, NSE
    Total Issue Size80,00,000 shares (agg. up to ₹ 300 Cr)
    Fresh Issue80,00,000 shares (agg. up to ₹ 300 Cr)
    Share Holding Pre Issue2,37,31,386 shares
    Share Holding Post Issue3,17,31,386 shares

    IPO Timetable (Tentative)

    IPO Open
    Wed, Sep 23, 2026
    IPO Close
    Fri, Sep 25, 2026
    Allotment
    Mon, Sep 28, 2026
    Refund
    Tue, Sep 29, 2026
    Credit of Shares
    Tue, Sep 29, 2026
    Listing
    Wed, Sep 30, 2026

    Issue Reservation

    • QIB25.00%
    • NII (HNI)22.50%
    • Retail52.50%
    Issue Reservation: Share of the issue reserved for each investor category. Figures as published in the table below.
    Investor CategoryShares% of Total IssueMax Allottees
    QIB20,00,00025.00%NA
    - Anchor Investor10,65,00013.31%NA
    - QIB (Ex. Anchor)9,35,00011.69%NA
    NII (HNI)18,00,00022.50%NA
    - bNII > ₹10L12,00,00015.00%2,142
    - sNII < ₹10L6,00,0007.50%1,071
    Retail42,00,00052.50%1,05,000
    Total80,00,000100.00%—

    ArMee Infotech IPO comprises a total issue size of 80,00,000 shares. Out of which, 20,00,000 (25.00%) are allocated to QIB , 18,00,000 (22.50%) allocated to NII 42,00,000 (52.50%) allocated to RII .

    IPO Lot Size

    Retail (Min)₹15,000
    Retail (Max)₹1,95,000
    S-HNI (Min)₹2,10,000
    S-HNI (Max)₹9,90,000
    B-HNI (Min)₹10,05,000
    IPO Lot Size: What an application costs at the upper price band, by category. Figures as published in the table below.
    ApplicationLotsSharesAmount
    Retail (Min)140₹15,000
    Retail (Max)13520₹1,95,000
    S-HNI (Min)14560₹2,10,000
    S-HNI (Max)662,640₹9,90,000
    B-HNI (Min)672,680₹10,05,000

    Investors can bid for a minimum of 40 shares and in multiples thereof.

    IPO Anchor Investors

    Bid DateTue, Sep 22, 2026
    Shares Offered10,65,000
    Anchor Portion (₹ Cr.)39.94
    Anchor lock-in period end date for 50% shares (30 Days)Wed, Oct 28, 2026
    Anchor lock-in period end date for remaining shares (90 Days)Sun, Dec 27, 2026

    ArMee Infotech IPO raises ₹ 39.94 crore from anchor investors . ArMee Infotech IPO Anchor bid date is September 22, 2026 .

    📝 Anchor Investors Letter (PDF)

    About ArMee Infotech Ltd.

    Founded in 2003 and headquartered in Ahmedabad, Gujarat, ArMee Infotech Limited (AIL) is an IT infrastructure solutions and managed services company. As part of the ArMee Group, the company provides end-to-end technology solutions across sectors including government, corporates, banking, financial services and insurance (BFSI), and education. The company has also diversified into retail sales and renewable energy, expanding its business beyond its core IT services.

    Services

    IT Infrastructure: Provides IT hardware and software, along with installation, integration, maintenance, and related support services.

    IT Managed Services: Offers technical manpower, skill development and training, and annual maintenance services.

    Retail Sales: Operates Experience Zones focused on IT products, consumer electronics, gaming, and related merchandise.

    Renewable Energy: Undertakes solar engineering, procurement and construction (EPC) projects and develops solar power projects under Power Purchase Agreements (PPAs), along with Battery Energy Storage System (BESS) projects.

    As on June 30, 2026, The company have 99 Ongoing Projects out of which 65 are under IT Infrastructure category, 21 are under IT managed services category, 10 are under the Renewable Energy EPC and 1 is for Renewable Energy PPA and 2 are for Renewable Energy BESS.

    As of June 30, 2026, out of their 99 Ongoing Projects, 74 projects are based in the state of Gujarat, 11 in Maharashtra, 2 each in Bihar, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh and Rajasthan and 1 each is based in Telangana, Tamil Nadu, Uttarakhand, and New Delhi.

    As of June 30, 2026, they have 263 employees, out of which 219 are skilled and semi-skilled technical manpower engaged in the implementation and management of the various projects. In addition, as of June 30, 2026, they have engaged 1,648 employees on contractual basis.

    Competitive Strengths:

    Proven track record in executing projects for Government / PSU clients

    Consistent track record of financial performance

    Ability to service clients and projects across diverse sectors

    Experienced Board of Directors and management with extensive domain knowledge

    Company Financials (Restated Consolidated)

    Total Income

    31 Mar 20241,023.99
    31 Mar 20251,315.78
    31 Mar 20261,410.09

    Profit After Tax

    31 Mar 202450.13
    31 Mar 202541.67
    31 Mar 202645.47

    EBITDA

    31 Mar 202471.58
    31 Mar 202558.64
    31 Mar 202675.64

    NET Worth

    31 Mar 202495.18
    31 Mar 2025136.67
    31 Mar 2026182.18
    Company Financials (Restated Consolidated): Each line is scaled to its own largest period, ₹ crore - compare periods within a line, not one line against another. Figures as published in the table below.
    Period Ended31 Mar 202631 Mar 202531 Mar 2024
    Assets958.87828.54673.50
    Total Income1,410.091,315.781,023.99
    Profit After Tax45.4741.6750.13
    EBITDA75.6458.6471.58
    NET Worth182.18136.6795.18
    Total Borrowing174.3648.1027.26
    Amount in ₹ Crore

    ArMee Infotech Ltd.'s revenue increased by 7% and profit after tax (PAT) rose by 9% between the financial year ending with March 31, 2026 and March 31, 2025.

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    IPO Objects of the Issue

    Expansion of business by procuring new Government/PSU projects.155.00
    Funding working capital requirements60.00
    Prepayment or repayment of certain outstanding borrowings availed by the Company.6.50
    IPO Objects of the Issue: What the proceeds are earmarked for (₹ Cr.). Figures as published in the table below.
    #Issue ObjectsEst Amt (₹ Cr.)
    1Expansion of business by procuring new Government/PSU projects.155.00
    2Funding working capital requirements60.00
    3Prepayment or repayment of certain outstanding borrowings availed by the Company.6.50
    4General Corporate Purposes—
    Total221.50

    The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

    Key Performance Indicator (KPI)

    KPIMar 31, 2026
    ROE28.52%
    ROCE24.10%
    Debt/Equity0.96
    RoNW24.96%
    PAT Margin3.26%
    EBITDA Margin5.42%
    NAV76.77
    Price to Book Value4.88

    Check IPO Peer Comparison here.

    IPO Valuation

    Valuation MetricPre IPOPost IPO
    EPS (₹)19.1614.33
    P/E (x)19.5726.17
    Market Cap at Offer Price₹889.93 Cr.₹1,189.93 Cr

    Disclaimer

    The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue

    The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.

    The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

    Shareholding Structure

    Pre IPO

    • Promoter and Promoter Group92.72%
    • Public7.28%
    Shareholding Structure: Who holds the company before and after the issue. Figures as published in the table below.
    CategoryPre IPOPost IPO
    Promoter and Promoter Group92.72%—
    Public7.28%—
    Total100%—

    Company Promoters: Ami Ridhish Patel, Kiritkumar Chimanbhai Patel and Ridhish Kiritbhai Patel.

    ArMee Infotech IPO Recommendations

    Review BySubscribeMay ApplyNeutralAvoid
    Brokers0111
    Members0000

    IPO Subscription Status

    CategorySubscription (x)Shares OfferedShares bid for
    QIB (Ex Anchor)3.209,35,00029,96,200
    NII2.2418,00,00040,36,760
    bNII (> ₹10L)1.4912,00,00017,90,800
    sNII (< ₹10L)3.746,00,00022,45,960
    Retail2.6542,00,0001,11,26,280
    Total2.6269,35,0001,81,59,240

    The ArMee Infotech IPO is subscribed 2.62 times on September 25, 2026 6:54:51 PM (Day 3). The public issue subscribed 2.65 times in the retail category, 3.20 times in the QIB category, and 2.24 times in the NII category. Check Day by Day Subscription Details (Live Status)

    Reload

    Total Applications: 2,49,675

    IPO Registrar

    Cameo Corporate Services Ltd.

    044-28460390/28460391/28460392

    ArMee@cameoindia.com

    IPO Lead Manager(s)

    Khandwala Securities Ltd.

    Saffron Capital Advisors Pvt.Ltd.

    Contact Details

    ArMee Infotech Ltd. Address

    ArMee House, 17, Goyal Intercity,

    Goyal Intercity Row

    House Thaltej Thaltej Road,

    Ahmedabad, Gujarat , 380054

    91 79 4911 4911

    cs@armeeinfotech.com

    ArMee Infotech IPO in the news

    Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.

    ArMee Infotech Limited has completed an IPO in the amount of INR 3 billion.

    marketscreener.com · 28 Sept 2026

    ArMee Infotech Limited (NSE:ARMEE) Moves to IPO Allotment Stage After Closing Public Issue

    Kalkine India · 28 Sept 2026

    ArMee Infotech IPO Allotment: How to check status on BSE, NSE, Cameo Corporate

    financialexpress.com · 28 Sept 2026

    ArMee Infotech IPO Allotment Today: Check your status on NSE, BSE, Cameo Corporate Services - Direct links

    ET Now · 28 Sept 2026

    ArMee Infotech IPO allotment today; check status on BSE, NSE and registrar

    Moneycontrol.com · 28 Sept 2026

    ArMee Infotech IPO ends with 2.44x subscription

    Business Standard · 28 Sept 2026

    IPO allotments today: How to check allotment status for Elevate Campuses, Swastika Infra & ArMee Infotech

    The Economic Times · 28 Sept 2026

    ArMee Infotech IPO Allotment Status: Check Allocation Online Now

    HDFC Sky · 28 Sept 2026

    FAQ

    ArMee Infotech: common questions

    Answered from this issue's own record.

    The ArMee Infotech Mainboard IPO is priced at ₹375 per share, for an issue size of ₹300 crore.

    The issue opens on 23 Sept 2026 and closes on 25 Sept 2026, with listing expected on 30 Sept 2026.

    One lot is 40 shares, and applications must be in multiples of a lot. At the upper band that is ₹15,000 for one lot.

    Latest recorded subscription: QIB 3.2x, NII 2.24x, retail 2.65x (as of 31 Oct 2026).

    ArMee Infotech listed at ₹375 on 30 Sept 2026. That was a gain of 0.00% against the issue price.