ArMee Infotech IPO
LISTEDMAINBOARDListing Performance
▲ 0.00%
Issue Price
₹375
Listing Price
₹375
Listed On
30 Sep 2026
- Price Band
- ₹350 – ₹375
- Lot Size
- 40
- Lot Value
- ₹15,000
- Open Date
- 23 Sep23 Sep 2026
- Close Date
- 25 Sep25 Sep 2026
- Min Investment
- ₹15,000
ArMee Infotech — Stock Performance
About ArMee Infotech
Use of IPO Proceeds
Total allocation: ₹223.99 Cr (excludes issue expenses)
Promoters
Ami Ridhish Patel
Pre-issue: 76.19%
Kiritkumar Chimanbhai Patel
Pre-issue: 10.62%
Ridhish Kiritbhai Patel
Pre-issue: 5.91%
Investment Analysis
Quick Analysis: 2 strengths · 6 risk factors· Exchange: Equity
Strengths (2)
- •Diversified revenue streams across IT, renewable energy, and retail sectors
- •Established customer relationships in government and PSU sectors
Risk Factors (6)
- •Over 83.65% revenue from Government/PSU clients; loss of major contracts could severely impact financial condition and operations.
- •91.99% revenue concentrated among top five clients; client loss poses material adverse risk to business and prospects.
- •39.72% revenue from Gujarat projects; geographic concentration restricts growth potential based on regional economic conditions.
- •Dependent on three technology partners for 84.29% of purchases; supply failures could disrupt project delivery timelines.
- •History of negative cash flows; future deficits could impair operational capability and growth plan implementation.
- •Government contracts contain pre-determined terms with limited negotiation scope; unfavorable provisions could materially impact financial results.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 1.38x (QIB 0.94x, NII 1.50x, Retail 1.43x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 40 | ₹15,000 |
| Retail (max) | 13 | 520 | ₹1,95,000 |
| S-HNI (min) | 14 | 560 | ₹2,10,000 |
| S-HNI (max) | 66 | 2,640 | ₹9,90,000 |
| B-HNI (min) | 67 | 2,680 | ₹10,05,000 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.93x | 0.94x | 0.94x |
| sNII (S-HNI) | 0.28x | 0.79x | 2.43x |
| bNII (B-HNI) | 0.33x | 0.56x | 1.03x |
| Retail | 0.30x | 0.79x | 1.43x |
| Total | 0.39x | 0.77x | 1.38x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
1.43x
Allotment Ratio
1 lot per 2 applicants
Allotment Probability
~69.9%
Non-Institutional Investors (NII / HNI)
Subscription
1.50x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
0.94x
Allotment Type
Discretionary allotment
Total Subscription
1.38x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
23 Sep 2026 · Wed
Issue Closes
25 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
25 Sep 2026 · 5:00 PM IST
Allotment
28 Sep 2026 · Mon
Listing
30 Sep 2026 · Wed
Issue Opens
23 Sep 2026 · Wed
Issue Closes
25 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
25 Sep 2026 · 5:00 PM IST
Allotment
28 Sep 2026 · Mon
Listing
30 Sep 2026 · Wed
IPO Details
| Registrar | Cameo Corporate Services Limited |
| Exchange | Equity |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹300.00 Cr |
| Fresh Issue | ₹300.00 Cr |
| OFS Size | — |
| Lead Managers | Khandwala Securities Limited, Saffron Capital Advisors Private Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY24
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY24 | 1,020.57 | 50.13 | — | — | 52.67% |
| FY23 | 502.7 | 16.57 | — | — | 35.49% |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 |
|---|---|---|
| Total Income | 515.67 | 1,023.99 |
| Net Worth | 46.7 | 95.18 |
| Total Borrowings | 32.08 | 27.26 |
| Cash Flow — Operating | -6.78 | 55.19 |
| Cash Flow — Investing | 5.51 | -21.32 |
| Cash Flow — Financing | 1.49 | -13.05 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
—
Price ÷ EPS
EPS (FY24)
—
Earnings per share
RoNW
52.67%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
—
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
10 sections extracted from this filingCapital Structure
Capital structure not disclosed in this filing.The capital-structure table was not found in ArMee Infotech's offer document (common in abridged prospectuses).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in ArMee Infotech's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in ArMee Infotech's filing.
Source: ArMee Infotech offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: ArMee Infotech offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Ridhish Kiritbhai Patel₹0.98 Cr p.a.
Chairman and Managing Director
Bachelor's degree in science from the Gujarat University
Associated with the Company since 2012 and has over 17 years of work experience in the IT infrastructure sector
- Ami Ridhish Patel₹0.43 Cr p.a.
Executive Director
Bachelor's degree in commerce from the Maharaja Sayajirao University of Baroda
Associated with the Company from 2011 to 2012 as an executive director and subsequently SMP; over 21 years of work experience in the IT infrastructure sector
- Dukhabandhu Rath
Independent Director
Bachelor of Arts degree from the Utkal University; certified associate of the Indian Institute of Bankers
Over 40 years of work experience in the banking sector; retired from the State Bank of India as a Chief General Manager
- Preet Prakashbhai Shah
Independent Director
Bachelor's degree in commerce from the Gujarat University; Master's degree in business administration from the Esade Business School, Ramon Liull University
Over 10 years of work experience in pharma, biotech and specialty chemicals; founder and chief executive officer of Molkem Chemicals Private Limited since 2014
- Sudhin Bhagwandas Choksey
Independent Director
Bachelor's degree in commerce from the University of Bombay; member of the Institute of Chartered Accountants of India
Previously associated with Gruh Finance Limited as managing director and Bandhan Bank as executive director (designate); experience in the banking sector
- Sujit Gulati
Independent Director
Bachelor of Technology degree in Mechanical Engineering from the Indian Institute of Technology, Delhi
Indian Administration Service officer of the Gujarat cadre; previously served as a Joint Secretary to the Government of India, Ministry of Textiles, New Delhi
Key Managerial Personnel (2)
- Aruna Maheshwari₹0.02 Cr p.a.
Chief Financial Officer
Bachelor's degree in commerce from Maharshi Dayanand Saraswati University, Ajmer; associate member of the Institute of Chartered Accountants of India
Joined on February 12, 2024; experience in the field of accounting and finance; previously associated with CIMS Hospital Private Limited as a Unit Head (AGM) – Finance & Accounts
- Purnima Jain
Company Secretary and Compliance Officer
Bachelor's degree in commerce from the University of Bikaner; associate member of the Institute of Company Secretaries of India
Joined on May 9, 2024; experience in the field of legal, secretarial and corporate matters; previously associated with Sterling Greenwoods Limited as Company Secretary & Compliance Officer
Source: ArMee Infotech offer document (DRHP/RHP).
Industry & Market
Industry & market data not disclosed in this filing.Market-size/industry detail was not extracted from ArMee Infotech's filing.
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Criminal | Company | 1 | 2.781 |
| Tax | Promoters | 1 | — |
| Civil | Directors | 1 | 0.029 |
Notice under Section 138(b) of Negotiable Instruments Act, 1881 for dishonoured cheque; interim stay granted by Telangana High Court on July 27, 2023 Show cause notices regarding alleged delay in TDS payment for assessment year 2023-24 under Section 276B of Income-tax Act, 1961; matter pending Lendingkart Finance Limited suit for recovery of security deposit balance of ₹2.86 lakhs plus 18% per annum interest against Ridhish Kiritbhai Patel and Ami Ridhish Patel
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Cameo Corporate Services Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the ArMee Infotech IPO opening?
The ArMee Infotech IPO opens on 23 Sep 2026 and closes on 25 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the ArMee Infotech IPO?
The price band for the ArMee Infotech IPO is ₹350 to ₹375. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the ArMee Infotech IPO?
The minimum lot size is 40 shares with a minimum investment of ₹15,000. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of ArMee Infotech IPO today?
The latest Grey Market Premium for ArMee Infotech is ₹6 (+1.60%). GMP is unofficial data and is not a guarantee of listing price.
When will the ArMee Infotech IPO list on NSE and BSE?
The ArMee Infotech IPO is expected to list on 30 Sep 2026 on Equity. Actual listing day trading begins at the start of the normal market session.
How can I check the ArMee Infotech IPO allotment status?
The registrar for this IPO is Cameo Corporate Services Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the ArMee Infotech IPO a mainboard or SME issue?
ArMee Infotech is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the ArMee Infotech IPO?
You can apply for the ArMee Infotech IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of ArMee Infotech IPO?
The GMP-implied price (unofficial, not a forecast) is ₹381: the upper price band of ₹375 plus the latest grey market premium of ₹6, as of 30 Sep 2026, 11:33 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for ArMee Infotech IPO?
Based on the retail subscription of 1.43x, the estimated allotment ratio is 1 lot per 2 applicants (approximately 69.9% chance of allotment). This is an estimate and actual allotment may vary.
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