ArMee Infotech Limited IPO
ListedMainboardIT - Software
2.62×
Subscribed
Price band
₹350 – ₹375
Lot size
40
1 lot = ₹15,000
Issue size
₹300 Cr
Open – close
23 Sept 2026
to 25 Sept 2026
Listing
30 Sept 2026
Listing gain
+0.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong3 of 7 dimensions read
The disclosed numbers are strong — 2 of 3 signals read positive
Strength78/100
- Conservative balance sheetDebt/equity of 0.96×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutional book coveredQIB portion subscribed 3.20×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens23 Sept 2026
- Closes25 Sept 2026
- Allotment28 Sept 2026
- Listing30 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB3.20x
Non-institutionalNII / HNI2.24x
Big NIIabove ₹10L1.49x
Small NII₹2L – ₹10L3.74x
Retail individualRII2.65x
2,49,675 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 25 Sept 2026.
Chance of allotment
Retail2.65× subscribed
~1 in 2.7
Minimum 1 lot · 40 shares · ₹15,000 blocked
Retail is 2.65× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 2.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII2.24× subscribed
~1 in 2.2
Minimum 14 lots · 560 shares · ₹2,10,000 blocked
HNI is 2.24× subscribed. This category is allotted proportionately, so a bid receives roughly 1/2.2 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹51+13.6%
over the upper band · last seen 18 Oct 2026 · rising since 22 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹350 – ₹375
Face value₹10
Lot size40shares
Minimum application₹15,000at cut-off
Total issue size₹300 Cr
Fresh issue₹300 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
Debt / equity0.96×
ROE28.52%
ROCE24.10%
RoNW24.96%
PAT Margin3.26%
EBITDA Margin5.42%
NAV76.77
Price to Book Value4.88
ISININE0TWE01016
RegistrarCAMEO
Lead managersKhandwala Securities Limited, Saffron Capital Advisors Private Limited
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 20,00,000 | — |
| Anchor Investor | 10,65,000 | — |
| QIB (Ex. Anchor) | 9,35,000 | — |
| NII (HNI) | 18,00,000 | — |
| bNII > ₹10L | 12,00,000 | 2142.00% |
| sNII < ₹10L | 6,00,000 | 1071.00% |
| Retail | 42,00,000 | 105000.00% |
Total issue 80,00,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹15,0001 lot · 40 sh
Retail (Max)₹1,95,00013 lots · 520 sh
S-HNI (Min)₹2,10,00014 lots · 560 sh
S-HNI (Max)₹9,90,00066 lots · 2,640 sh
B-HNI (Min)₹10,05,00067 lots · 2,680 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted10,65,000
Anchor portion₹39.94 Cr
Bid date22 Sept 2026
Lock-in ends (50%)28 Oct 2026
Lock-in ends (rest)27 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funds for the purpose of securing PBGs for expansion of business₹155 Cr
- 02Funding our working capital requirements₹60 Cr
- 03Prepayment or repayment of certain outstanding borrowings availed by our Company₹6.5 Cr
- 04General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2026 | 24.26 | — | — | — | — |
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumMore than 86% of revenue was recognized from projects executed in the states of Gujarat, Maharashtra and Tamil Nadu as of March 31, 2026.
mediumMore than 83.84% of revenue was recognized from Government/PSU clients as of March 31, 2026.
Positives the filing discloses (1)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.6%
Listed up
8 of 8
Best
+65.3%
BLS Polymers Limited
Worst
0.6%
EAAA India Alternatives Limited
Bombay Coated and Special Steels Limitedsame segment
60.8× sub+11.0%
M. K. Sons Fine Jewels Limitedsame segment
5.1× sub+5.6%
BLS Polymers Limitedsame segment
241.2× sub+65.3%
SFC Environmental Technologies Limitedsame segment
9.5× sub+7.6%
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About ArMee Infotech Limited
ArMee Infotech is an IT infrastructure and IT managed services company that also operates in retail sales and renewable energy. Its IT infrastructure business provides hardware and software, including computers, servers, interactive panels and peripherals, along with installation, integration, maintenance and functional training services. The company undertakes projects such as setting up ICT labs and smart classes, installing digital infrastructure for public distribution systems, and supplying and installing IT hardware for government entities. In the retail segment, ArMee operates Experience Zones that sell IT products, consumer electronics, gaming products and merchandise. In renewable energy, the company undertakes engineering, procurement and construction (EPC) of solar power projects, develops solar power projects under power purchase agreements (PPAs), and works on Battery Energy Storage Systems (BESS). ArMee is headquartered in Ahmedabad, Gujarat, and serves government and public sector undertakings (PSUs), as well as private sector clients across various industries. Most of its revenue comes from government and PSU projects.
Founded 2011MD Mr Ridhish K. PatelSector IT - Software
Offer documents
The primary sources everything above is drawn from
Common questions
What is the ArMee Infotech Limited IPO GMP today?
The most recent grey-market premium recorded for ArMee Infotech Limited is ₹51 per share — about 13.6% over the ₹375 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the ArMee Infotech Limited IPO subscribed?
ArMee Infotech Limited is subscribed 2.62× overall (QIB 3.20×, NII 2.24×, retail 2.65×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, CAMEO.
What is the minimum investment in the ArMee Infotech Limited IPO?
One lot is 40 shares, so a retail application at the ₹375 cut-off price blocks ₹15,000. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the ArMee Infotech Limited IPO?
The retail portion is subscribed 2.65×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 3. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the ArMee Infotech Limited IPO allotment date?
Allotment is scheduled for 2026-09-28, with listing on 2026-09-30. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, CAMEO.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.