ArMee Infotech IPO
ArMee Infotech Limited (AIL), incorporated in 2003, is an IT infrastructure solutions provider that offers complete technology solutions across sectors including government, corporates, banking, financial services and insurance (BFSI), and education. In addition to IT solutions, the firm is also involved in retail sales and renewable energy. Its services include IT infrastructure, providing IT hardware and software, along with installation, integration, maintenance, and related support services.
IPO GMP
+₹6
+2% expected gain
Price Band
₹350 - ₹375
Lot Size
40 shares
Min Investment
₹15,000
Listing Date
September 30, 2026
About ArMee Infotech
Company overview, business, and key facts.
ArMee Infotech Limited (AIL), incorporated in 2003, is an IT infrastructure solutions provider that offers complete technology solutions across sectors including government, corporates, banking, financial services and insurance (BFSI), and education. In addition to IT solutions, the firm is also involved in retail sales and renewable energy. Its services include IT infrastructure, providing IT hardware and software, along with installation, integration, maintenance, and related support services.
They also provide IT Managed services, Retail Sales, and Renweable energy solutions. As of June 30, 2026, ArMee Infotech has completed 99 ongoing projects, in which 65 are IT Infrastructure, 21 are IT Managed Services, 10 are Renewable Energy EPC, 1 is Renewable Energy PPA, and 2 are for Renewable Energy BESS. All of its projects are operated in the states of Gujarat, Maharashtra, Bihar, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh, Telangana, Tamil Nadu, Uttarakhand, New Delhi, and Rajasthan.
Founded
2003
Headquarters
Ahmedabad, Gujarat
Promoters
Sandeep Aggarwal, Nikunj Aggarwal, Esha Gupta
Website
https://www.armeeinfotech.com/
IPO Details
Subscription Status
How many times each investor category has bid for the issue.
Strengths & Risks
Strengths
- Diversified Sectors and Projects: The Company caters to Government/PSUs and private clients in various sectors including education, healthcare, public distribution, rural & urban development, science & technology, and others. The Company is also working in Renewables Energy EPC, PPA, BESS, and Experience Zones projects.
- Team of Experienced Executives: Promoters are associated with the Company since its incorporation having 20+ years of experience with the Company and Mr. Ridhish Kiritbhai Patel has more than 10 years of experience with the Company.
- Government and PSU Project Execution Experience: The Company has executed 116 projects in FY2026, 97 in FY2025 and 62 projects in FY2024 for Government and PSU clients, thereby indicating that the Company has capability in executing the projects.
Risks
- Renewables Energy Procurement and Construction Risk: In-house procurement of renewable energy projects by the Company may result in warranty default by suppliers and cost overrun on account of unexpected expenses.
- Limited Exposure to the Renewable Energy Business: Renewable Energy EPC and PPA are fairly new sectors for the Company. The promoters and the management of the Company do not have any prior experience in the sectors of Solar EPC, Solar PPAs, and renewable energy project development, which are complex in nature.
- Risk of Performance Bank Guarantee (PBG): The Company needs to arrange Performance Bank Guarantees (PBGs), which usually range between 3% and 10% of the project value, for Government/PSU projects. Lack of margin for such arrangements can impact cash flows and bidding for future projects.
Financials
Restated summary financials for the most recent periods.
Figures are indicative and restated for presentation.
ArMee Infotech IPO Key Numbers
Calculated by IPOLyst from the published offer-document data. These are figures, not buy or sell calls.
Market cap at upper band
₹12,139.9 Cr
Post-IPO shares × upper price band
P/E on 2026 profit
267x
Peer median 14.6x (premium of 1728.8%)
Price to sales
8.61x
Revenue growth, 2026
+7.2%
17.3% a year over the period
Profit growth, 2026
+9.1%
-4.8% a year over the period
Profit margin (PAT)
3.2%
EBITDA margin 5.42%
ROE / ROCE
28.52% / 24.1%
As published in the offer document
Debt to equity
0.96
Promoter holding
92.72% → 6.8%
Before → after the IPO
Issue mix
100% fresh / 0% sale
Fresh issue goes to the company, offer for sale to selling shareholders
GMP-implied gain per lot
₹240
40 shares on ₹15,000. GMP is unofficial.
What stands out
- GMP has been rising over the last three readings.
Watch-outs
- Thin profit margin: PAT margin was 3.2% in 2026.
- Priced at a 1728.8% premium to the peer median P/E of 14.6.
- 1 use-of-proceeds item(s) have no disclosed amount.
- Promoter holding drops to 6.8% after the IPO.
Scenarios apply today's grey market premium figures to the upper price band. They are illustrations, not predictions. GMP is unofficial and can be wrong.
IPO Analysis SummaryAI-generated
A plain-language review of ArMee Infotech's financials, valuation and demand, based only on the verified figures above. For information only. It does not recommend whether to apply.
ArMee Infotech IPO Review
Analysis based on live GMP, subscription, and issue details.
As of today, ArMee Infotech IPO is trading at a grey market premium (GMP) of +₹6 (+2% estimated listing gain), indicating positive market sentiment.
The IPO has been subscribed 2.41x overall — QIB: 2.99x, NII: 2.09x, Retail: 2.42x.
ArMee Infotech IPO subscription has closed. The shares are expected to list on September 30, 2026.
The minimum investment required is ₹15,000 for 40 shares (1 lot). Retail investors can apply at cut-off price for the best chance of allotment.
Key strengths include: Diversified Sectors and Projects: The Company caters to Government/PSUs and private clients in various sectors including education, healthcare, public distribution, rural & urban development, science & technology, and others. The Company is also working in Renewables Energy EPC, PPA, BESS, and Experience Zones projects.; Team of Experienced Executives: Promoters are associated with the Company since its incorporation having 20+ years of experience with the Company and Mr. Ridhish Kiritbhai Patel has more than 10 years of experience with the Company.. Investors should note the following risks: Renewables Energy Procurement and Construction Risk: In-house procurement of renewable energy projects by the Company may result in warranty default by suppliers and cost overrun on account of unexpected expenses.; Limited Exposure to the Renewable Energy Business: Renewable Energy EPC and PPA are fairly new sectors for the Company. The promoters and the management of the Company do not have any prior experience in the sectors of Solar EPC, Solar PPAs, and renewable energy project development, which are complex in nature..
Disclaimer: IPO GMP is indicative and sourced from the grey market. This is not investment advice. Please consult a SEBI-registered advisor before investing.
ArMee Infotech IPO — Frequently Asked Questions
What is ArMee Infotech IPO GMP today?
ArMee Infotech IPO GMP (grey market premium) today is +₹6, suggesting an estimated listing gain of +2%. GMP is indicative and subject to change.
What is the price band of ArMee Infotech IPO?
The price band for ArMee Infotech IPO is ₹350 - ₹375 with a lot size of 40 shares. The minimum investment required is ₹15,000.
When is ArMee Infotech IPO allotment date?
ArMee Infotech IPO allotment is expected to be finalised on September 28, 2026. You can check your allotment status on the registrar's website (Cameo Corporate Services Ltd.) using your PAN number.
When will ArMee Infotech IPO list on NSE/BSE?
ArMee Infotech IPO is expected to list on BSE, NSE on September 30, 2026.
How to check ArMee Infotech IPO allotment status?
To check ArMee Infotech IPO allotment status, visit the registrar's website (Cameo Corporate Services Ltd.) and enter your PAN number, application number, or DP/Client ID. You can also check on the BSE IPO allotment page at https://www.bseindia.com/investors/appli_check.aspx.
Should I apply for ArMee Infotech IPO?
ArMee Infotech IPO has a GMP of +₹6. Before applying, review the company's financials, business model, issue structure (OFS vs fresh issue), and sector outlook. IPOLyst is not a SEBI-registered investment advisor — please consult a qualified financial advisor before investing.
What is the lot size of ArMee Infotech IPO?
The lot size for ArMee Infotech IPO is 40 shares per lot. The minimum investment for retail investors is ₹15,000. Retail investors can apply for a maximum of 13 lots or up to ₹2 lakh, whichever is lower.