ArMee Infotech Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹350 - ₹375
- Lot size
- 40 shares
- Issue amount
- ₹300 cr
- Total subscription
- 2.62×
- Opens
- 23 Sept 2026
- Closes
- 25 Sept 2026
- Allotment
- 28 Sept 2026
- Listing
- 30 Sept 2026
Offer at a glance
Issue overview
- Issue size
- 80,00,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹14,000
- Fresh issue
- ₹300 cr
- Offer for sale
- ₹0 cr
- Registrar
- Cameo Corporate Services Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹15,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 2,37,31,386
- Shares after issue
- 3,02,37,31,386
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 40 | ₹15,000 |
| sHNI | 14 | 560 | ₹2,10,000 |
| bHNI | 67 | 2,680 | ₹10,05,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 25 Sept 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,05,000 | 2,44,296 |
| HNIs(10L +) | 2,143 | 504 |
| HNIs (2-10L) | 1,071 | 3,777 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 35.06 | 112.36 |
| RETAIL | 157.5 | 417.14 |
| NIB | 67.5 | 151.34 |
| HNIs 2+ | 22.5 | 84.18 |
| HNIs 10+ | 45 | 67.16 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 19.16 | 17.56 | 21.12 |
| ROE | 28.52 | 35.94 | 70.67 |
| ROCE | 24.1 | 32.43 | 57.55 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 19.57 | 0 | 0 |
| POST IPO(PE) | 26.17 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| ArMee Infotech Limited | 19.57 | 375 | 10 | 76.77 | 24.96 | 19.16 |
| Dynacons Systems & Solutions Limited | 16.41 | 1,093.70 | 10 | 247.54 | 26.90 | 66.64 |
| Orient Technologies Limited | 243.15 | 243.15 | 10 | 73.44 | 1.36 | 1.00 |
| Oriana Power Limited | 9.62 | 1,194.40 | 10 | 379.55 | 32.72 | 124.19 |
| Kpi Green Energy Limited | 12.77 | 307.05 | 5 | 159.86 | 16.14 | 24.13 |
Company information
Company profile
ArMee Infotech Limited (AIL), founded in 2003 and based in Ahmedabad, is an IT infrastructure solutions and managed services company offering end-to-end IT services across sectors like government, corporate, BFSI, and education; as part of the ArMee Group, it operates in key areas such as IT infrastructure (including hardware, software, installation, and maintenance), IT managed services (technical manpower, training, and AMC services), retail sales through experience zones for electronics and gaming, and renewable energy through solar EPC projects and power purchase agreements. As of September 30, 2024, the company had 20 ongoing projects and 183 completed projects under warranty, with a strong presence mainly in Gujarat along with operations in Maharashtra and other states, and a workforce of 1,772 employees.
Strengths
- Diversified Sector & Project Expertise: The company works with Government/PSUs and private-sector clients across education, healthcare, public distribution, rural and urban development, science and technology, and other sectors. It has also expanded into Renewable Energy EPC, PPA, BESS projects and Experience Zones.
- Experienced Management Team: Promoters Kiritkumar Chimanbhai Patel and Ami Ridhish Patel have been associated with the company since its inception and bring over 20 years of experience . Ridhish Kiritbhai Patel has more than 10 years of experience with the company.
- Strong Government & PSU Execution Track Record: The company completed 116 projects in FY2026, 97 in FY2025 and 62 in FY2024 for Government and PSU clients, demonstrating its experience in executing projects across different sectors.
Risk factors
- Renewable Energy Procurement & Construction Risk: The company handles procurement for renewable energy projects, exposing it to supplier warranty issues, unexpected costs and construction-related risks. Delays or higher project costs could affect profitability and project execution.
- Limited Experience in Renewable Energy Business: Renewable Energy EPC and PPA are relatively new areas for the company. Its promoters and senior management have limited experience in solar EPC, solar PPAs and renewable energy development, which may involve regulatory, financial, technological and execution challenges.
- Performance Bank Guarantee (PBG) Risk: The company generally needs to provide PBGs of 3% to 10% of project value for Government/PSU projects. Difficulty in arranging required margins or invocation of guarantees could impact cash flows and its ability to secure new projects.
Promoters
Ami Ridhish Patel
Kiritkumar Chimanbhai Patel
Ridhish Kiritbhai Patel
Registrar & documents
Lead manager
Khandwala Securities Limited, Saffron Capital Advisors Private Limited
Registrar & contacts
Cameo Corporate Services Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
17, Goyal Intercity, B/h Drive in Cinema, Thaltej Road Ahmedabad, Gujarat, 380058
+ 91 79 4911 491
[email protected]Company website ↗Understanding ARMEE IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.