ArMee Infotech IPO Date & Timeline
Tentative schedule from the RHP.
ArMee Infotech IPO GMP Today
Unofficial, aggregated from market sources. It never feeds our score.
Full GMP history (25 updates)
| Date & time (IST) | GMP | Change | GMP % | Est. listing |
|---|---|---|---|---|
| Sep 29, 2026 · 4:30 PM | ₹4 | ₹0 | 1.1% | ₹379 |
| Sep 29, 2026 · 8:30 AM | ₹4 | ₹0 | 1.1% | ₹379 |
| Sep 28, 2026 · 9:00 PM | ₹4 | ₹0 | 1.1% | ₹379 |
| Sep 28, 2026 · 5:45 PM | ₹4 | ₹0 | 1.1% | ₹379 |
| Sep 28, 2026 · 12:00 PM | ₹4 | −₹1 | 1.1% | ₹379 |
| Sep 27, 2026 · 11:59 PM | ₹5 | ₹0 | 1.3% | ₹380 |
| Sep 26, 2026 · 11:59 PM | ₹5 | ₹0 | 1.3% | ₹380 |
| Sep 25, 2026 · 6:00 PM | ₹5 | ₹0 | 1.3% | ₹380 |
| Sep 25, 2026 · 1:30 PM | ₹5 | −₹1 | 1.3% | ₹380 |
| Sep 25, 2026 · 11:45 AM | ₹6 | −₹1 | 1.6% | ₹381 |
| Sep 25, 2026 · 9:30 AM | ₹7 | −₹1 | 1.9% | ₹382 |
| Sep 24, 2026 · 10:15 PM | ₹8 | −₹2 | 2.1% | ₹383 |
| Sep 24, 2026 · 2:15 PM | ₹10 | −₹2 | 2.7% | ₹385 |
| Sep 24, 2026 · 1:45 PM | ₹12 | −₹3 | 3.2% | ₹387 |
| Sep 24, 2026 · 12:25 PM | ₹15 | −₹5 | 4.0% | ₹390 |
| Sep 24, 2026 · 12:15 PM | ₹20 | −₹2 | 5.3% | ₹395 |
| Sep 24, 2026 · 12:00 PM | ₹22 | −₹6 | 5.9% | ₹397 |
| Sep 24, 2026 · 9:15 AM | ₹28 | ₹0 | 7.5% | ₹403 |
| Sep 24, 2026 · 6:15 AM | ₹28 | ₹0 | 7.5% | ₹403 |
| Sep 23, 2026 · 7:15 PM | ₹28 | ₹0 | 7.5% | ₹403 |
| Sep 23, 2026 · 2:45 PM | ₹28 | +₹3 | 7.5% | ₹403 |
| Sep 23, 2026 · 12:00 PM | ₹25 | +₹5 | 6.7% | ₹400 |
| Sep 23, 2026 · 9:00 AM | ₹20 | +₹10 | 5.3% | ₹395 |
| Sep 23, 2026 · 6:30 AM | ₹10 | ₹0 | 2.7% | ₹385 |
| Sep 22, 2026 · 11:59 PM | ₹10 | — | 2.7% | ₹385 |
ArMee Infotech IPO Subscription Status
From NSE + BSE bid data, excluding the anchor portion.
Day-wise subscription
| Day | QIB | bHNI | sHNI | NII total | Retail | Total |
|---|---|---|---|---|---|---|
| Shares offered | 9,35,000 | 12,00,000 | 6,00,000 | 18,00,000 | 42,00,000 | 69,35,000 |
| Day 1 · Sep 23 | 1.00× | 0.41× | 0.44× | 0.42× | 0.54× | 0.57× |
| Day 2 · Sep 24 | 1.01× | 0.77× | 1.23× | 0.93× | 1.45× | 1.26× |
| Day 3 · Sep 25 | 3.20× | 1.49× | 3.74× | 2.24× | 2.65× | 2.62× |
ArMee Infotech IPO Details
Checked against the RHP and cross-checked on NSE and BSE.
| IPO date | Sep 23 – 25, 2026 |
| Price band | ₹350 – 375 per share |
| Face value | ₹10 per share |
| Lot size | 40 shares |
| Total issue size | 80,00,000 shares ₹300.00 Cr |
| Fresh issue | 80,00,000 shares ₹300.00 Cr |
| Issue type | Book Built · Mainboard |
| Listing at | BSE, NSE |
| Market cap | ≈ ₹1,189.93 Cr |
| Lead managers | Khandwala Securities Ltd., Saffron Capital Advisors Pvt. Ltd. |
| Registrar | Cameo Corporate Services Ltd. |
Offer documents
ArMee Infotech IPO Lot Size
Minimum and maximum bids by investor type at the upper band of ₹375.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 40 | ₹15,000 |
| Retail (max) | 13 | 520 | ₹1,95,000 |
| sHNI (min) | 14 | 560 | ₹2,10,000 |
| sHNI (max) | 66 | 2,640 | ₹9,90,000 |
| bHNI (min) | 67 | 2,680 | ₹10,05,000 |
ArMee Infotech IPO Reservation
Shares set aside for each category, and the maximum number of applicants who can get an allotment.
| Category | Shares offered | % of issue | Max. allottees |
|---|---|---|---|
| Anchor investors | 10,65,000 | 13.3% | — |
| QIB (ex-anchor) | 9,35,000 | 11.7% | — |
| NII (HNI) | 18,00,000 | 22.5% | — |
| ↳ bHNI (>₹10L) | 12,00,000 | 15% | 2,143 |
| ↳ sHNI (₹2–10L) | 6,00,000 | 7.5% | 1,071 |
| Retail | 42,00,000 | 52.5% | 1,05,000 |
| Total | 80,00,000 | 100% |
ArMee Infotech Financials (FY24 – FY26)
Restated consolidated figures from the RHP, ₹ crore. Years end March 31.
Financial statement
| ₹ Cr | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Revenue | 1,023.99 | 1,315.78 | 1,410.09 | +7.2% |
| EBITDA | 71.58 | 58.64 | 75.64 | +29.0% |
| Profit after tax | 50.13 | 41.67 | 45.47 | +9.1% |
| Total assets | 673.50 | 828.54 | 958.87 | +15.7% |
| Net worth | 95.18 | 136.67 | 182.18 | +33.3% |
| Total borrowing | 27.26 | 48.10 | 174.36 | +262.5% |
ArMee Infotech IPO Valuation & Peer Comparison
At the upper band of ₹375. Peers from the RHP "Basis for Offer Price".
Peer comparison
| Company | P/E | P/B | RoNW |
|---|---|---|---|
| ArMee Infotech | 19.6× | 4.88× | 24.96% |
| Dynacons Systems | 16.4× | 4.43× | 26.90% |
| KPI Green Energy | 12.7× | 1.93× | 16.10% |
| Oriana Power | 9.6× | 3.15× | 32.70% |
| Orient Technologies | 243.1× | 3.33× | 1.30% |
About ArMee Infotech
Business profile from the RHP.
- 2003Founded · head office in Ahmedabad, Gujarat
- 116 projectsGovernment/PSU projects executed in FY26 (97 in FY25, 62 in FY24)
- 99 ongoingProjects as of Jun 30, 2026 (74 in Gujarat)
- 263 + 1,648Employees + contractual staff (Jun 30, 2026)
Promoters & holding
Ami Ridhish Patel, Kiritkumar Chimanbhai Patel, Ridhish Kiritbhai Patel
Objects of the issue
Anchor investors
Allotted Sep 22, 2026 · 10,65,000 shares. Participants include Abundantia Capital VCC – Abundantia Capital III, Vikasa India EIF I Fund – Incube Global Opportunities, AMITSG Ventures Fund and VBCUBE Ventures Trust – VBCUBE Ventures Fund II.
ArMee Infotech IPO Review: Should You Apply?
Our 100-point score, and both sides of the case.
Our view: A fast-growing government IT-infrastructure integrator (~17% revenue CAGR, 116 government projects in FY26) that is raising only fresh capital. But margins are thin (~5% EBITDA), profit is still below FY24, debt has risen sharply, and at ~26× post-issue earnings it is priced above most listed peers.
- Revenue grew ~17% a year (FY24–26) to ₹1,410 Cr, with 99 projects in progress as of Jun 30, 2026.
- Proven execution: 116 government/PSU projects completed in FY26, up from 97 in FY25 and 62 in FY24.
- Serves government, corporate, BFSI and education clients, and is adding renewable EPC and battery-storage work.
- Entirely a fresh issue (₹300 Cr): promoters are not selling, and the money goes into new projects and working capital.
- High returns on a small equity base (ROE ~28.5%, RoNW ~25%).
- Thin margins: EBITDA ~5.4% and PAT ~3.3%. FY26 profit (₹45.5 Cr) is still below FY24 (₹50.1 Cr).
- Priced at ~26× post-issue earnings, above Dynacons Systems (16.4×) and the renewable peers (10–13×).
- Borrowings rose to ₹174 Cr from ₹27 Cr in FY24 (D/E ~0.96). Government projects lock up working capital and need bank guarantees of 3–10% of project value.
- Concentration: 74 of 99 ongoing projects are in Gujarat, and most work comes from government/PSU tenders.
- Renewable EPC and PPAs are new for the company and its management, and the anchor book had no mutual funds.
ArMee Infotech Listing Performance Updates after Sep 30
We close the loop: issue vs listing price, and whether our call was right.
ArMee Infotech IPO Allotment Status & Contact Details
Allotment was finalised on Sep 28. Check it with your PAN or application number.
Cameo Corporate Services Ltd.
- Phone
- 044-28460390 / 28460391 / 28460392
- ArMee@cameoindia.com
ArMee Infotech Ltd.
- Address
- ArMee House, 17, Goyal Intercity, Thaltej Road, Thaltej, Ahmedabad, Gujarat 380054
- Phone
- +91 79 4911 4911
- cs@armeeinfotech.com
- Website
- armeeinfotech.com
ArMee Infotech IPO FAQs
GMP, price, lot size, dates, allotment and how to apply.
What is ArMee Infotech IPO?
ArMee Infotech IPO is a ₹300.00 Cr Mainboard book built issue, entirely a fresh issue. The shares will list on BSE and NSE.
What is ArMee Infotech IPO GMP today?
As of Sep 29 · 4:30 PM IST, the grey market premium is ₹4 (≈1.1%), implying an estimated listing price of about ₹379. The GMP has ranged ₹4 – 28 since Sep 22. GMP is unofficial and not a guarantee of the listing price.
What is the price band of ArMee Infotech IPO?
The price band is ₹350 – ₹375 per equity share of face value ₹10.
What is the lot size of ArMee Infotech IPO?
The minimum lot is 40 shares. Retail investors can apply for 1 to 13 lots (40 to 520 shares).
What is the minimum investment for ArMee Infotech IPO?
The minimum retail investment is ₹15,000 (40 shares at ₹375). The maximum retail application is ₹1,95,000 (13 lots).
When does ArMee Infotech IPO open and close?
The IPO opens on Sep 23, 2026 and closes on Sep 25, 2026.
What is the allotment date of ArMee Infotech IPO?
The basis of allotment is finalised on Sep 28, 2026. Refunds and demat credit are expected on Sep 29, 2026.
When will ArMee Infotech IPO be listed?
The tentative listing date is Sep 30, 2026 on BSE and NSE.
What is ArMee Infotech IPO subscription status?
At close (Sep 25 · 5:00 PM IST), the issue was subscribed 2.62× overall — QIB 3.20×, bHNI 1.49×, sHNI 3.74×, Retail 2.65×.
What is the P/E ratio and valuation of ArMee Infotech IPO?
At the upper band, the P/E is 19.6× pre-issue and 26.2× post-issue, with a market cap of about ₹1,189.93 Cr. Listed peers include Dynacons Systems (16.4×) and KPI Green Energy (12.7×).
Should I apply for ArMee Infotech IPO?
IPOSignal's view is High Risk · Thin Margins, Rich Price (49/100). A fast-growing government IT-infrastructure integrator (~17% revenue CAGR, 116 government projects in FY26) that is raising only fresh capital. But margins are thin (~5% EBITDA), profit is still below FY24, debt has risen sharply, and at ~26× post-issue earnings it is priced above most listed peers. This is research, not investment advice.
How to check ArMee Infotech IPO allotment status?
Check on the registrar Cameo Corporate Services Ltd.'s site (ipo.cameoindia.com), or on the BSE / NSE allotment pages, using your PAN or application number.
Who is the registrar and lead manager of ArMee Infotech IPO?
The registrar is Cameo Corporate Services Ltd.. The book-running lead managers are Khandwala Securities Ltd. and Saffron Capital Advisors Pvt. Ltd..