Gujarat-based IT infrastructure and services provider ArMee Infotech will launch its maiden public issue worth ₹300 crore today, September 23, 2026, with the price band fixed at ₹350-₹375 per equity share. This will be the third mainboard IPO to open next week, alongside Varmora Granito and A-One Steels India. The initial public offering comprises an entirely fresh issue of shares by the company, with no offer-for-sale (OFS) component. The anchor book opened for bidding on September 22, while the issue will close for public subscription on September 25. Investors can bid for a minimum of 40 shares and in multiples thereof, with 25% reserved for qualified institutional buyers (QIBs), 22.5% for non-institutional investors (NIIs), and the remaining 52.5% for retail investors. At the upper end of the price band, ArMee Infotech is expected to command a post-listing market capitalisation of ₹1,190 crore. The minimum investment by retail investors is set at ₹15,000, while the maximum investment would be ₹1.95 lakh.
The IPO is currently open for subscription from 10:00 AM to 5:00 PM on public issue days, with subscription data available in real-time. The IPO share allotment is likely to be finalised by September 28, 2026, while trading in ArMee Infotech shares is expected to begin on September 30, 2026. The company approached capital markets regulator by refiling DRHP in September 2025, while SEBI approved the draft document in February 2026. Khandwala Securities and Saffron Capital Advisors have been appointed as merchant bankers to manage the IPO. The IPO listing date is September 30, 2026, with credit to demat accounts scheduled for September 29, 2026. The registrar to the issue is Cameo Corporate Services Ltd., while Khandwala Securities Ltd. serves as the book-running lead manager.
According to reports from Moneycontrol, under its IT infrastructure segment, ArMee Infotech provides IT hardware and software, including computers, servers, interactive panels and peripherals, along with installation, integration and maintenance services. Under IT managed services, the company provides technical manpower, skill-development training and annual maintenance services. The IT infrastructure segment contributed nearly 86 percent of revenue in FY26, while IT managed services accounted for more than 5 percent and renewable energy EPC contributed nearly 9 percent. As of June 30, 2026, the company has completed 99 ongoing projects, including 65 IT Infrastructure projects, 21 IT Managed Services, 10 Renewable Energy EPC, 1 Renewable Energy PPA, and 2 Renewable Energy BESS projects across multiple states. The company has recently diversified into renewable energy EPC and solar power development under power purchase agreements (PPAs), with renewable energy EPC constituting 68.19% of the order book as of August 31, 2025. Additionally, ArMee Infotech has ventured into the retail sales space through experience zones selling IT, consumer electronics, gaming and merchandise products. The company is headquartered in Ahmedabad, Gujarat and services both Government/public sector undertakings (PSUs) and private sector clients, with a majority of revenues currently derived from servicing Government/PSU projects.
As reported by Moneycontrol, ArMee Infotech intends to use ₹155 crore of the net fresh issue proceeds to secure performance bank guarantees (PBGs) for business expansion and ₹60 crore for working capital requirements. A further ₹6.5 crore will be utilised to repay certain debt, with the remaining proceeds earmarked for general corporate purposes. As of June 2026, the company's total outstanding borrowings stood at ₹318.54 crore. The company's debt to equity ratio stands at 0.96 with a Return on Net Worth (RoNW) of 24.96% and Net Asset Value (NAV) of ₹76.77.
According to reports from Moneycontrol, for the fiscal year ended March 2026, profit grew 9.1 percent to ₹45.5 crore from ₹41.7 crore in the previous year. Revenue increased 6.3 percent to ₹1,396.6 crore from ₹1,313.3 crore during the same period. The company's Earnings Per Share (EPS) stands at ₹19.16 (Basic). The most recent restated financial figures available show revenue from operations at around ₹515.67 crore in FY23, up sharply from ₹127.45 crore in FY22, with profit after tax of around ₹16.57 crore, up from ₹3.36 crore in FY22. Anand Rathi has recommended a 'Subscribe - Long Term' rating for the IPO, citing the company's established presence in IT Infrastructure and IT Managed Services, sizeable Government/PSU client base, strong ongoing project pipeline and expansion into Renewable Energy. At the upper price band, the company is valued at 26.2x FY26 P/E and 17.83x FY26 EV/EBITDA, implying a post-issue market capitalisation of ₹11,899 million.
