ARMEE INFOTECH LTD IPO: Company Review, Subscription and Allotment Updates
2026-09-23 — Company overview and issue details ARMEE INFOTECH LTD IPO (ABOUT THE COMPANY) ARMEE INFOTECH LTD – COMPANY BACKGROUND ArMee Infotech Ltd is an IT infrastructure solutions and managed services company. It provides end-to-end…
2026-09-23 — Company overview and issue details
ARMEE INFOTECH LTD IPO (ABOUT THE COMPANY)
ARMEE INFOTECH LTD – COMPANY BACKGROUND
ArMee Infotech Ltd is an IT infrastructure solutions and managed services company. It provides end-to-end technology solutions across government, corporate, BFSI, and education sectors. It has diversified beyond IT services to also encompass retail sales and renewable energy services. In terms of specific offerings; the company offers IT hardware & software installation and maintenance; skill development training, experience zones for consumer electronic companies, undertakes solar EPC contracts and BESS projects for the renewable energy segment. It currently has 99 projects across all its verticals. Nearly 75% of the projects are based out of Gujarat, while the others are distributed across India.
The promoters of ArMee Infotech Ltd are Ami Ridhish Patel, Kiritkumar Chimanbhai Patel, and Ridhish Kiritkumar Patel. The IPO will be entirely a fresh issue of shares with no offer for sale (OFS) component in the IPO. The fresh issue proceeds will be used for Expansion of business via new government projects, funding working capital expenses, repayment of loans, and general corporate expenses. The issue is being lead-managed by Khandwala Securities and Saffron Capital Advisors; while Cameo Corporate Services Ltd is the IPO registrar.
HIGHLIGHTS OF THE IPO ISSUE OF ARMEE INFOTECH LTD
Here are the key highlights of the public issue of ArMee Infotech Ltd.
The IPO is open from September 23rd, 2026 to September 25th, 2026. It has a face value of ₹10 per share and the IPO price band has been fixed in the range of ₹350 to ₹375 per share.
The IPO of ArMee Infotech Ltd will be entirely comprising of a fresh issue of shares and there will be no offer for sale (OFS) component in the IPO.
The Fresh Issue portion of the IPO comprises the issue of 80,00,000 shares (80.00 lakh shares), which at the upper price band of ₹375 per share, translates into a fresh issue size of ₹300.00 crore.
Since there is no OFS component in the IPO, the overall IPO will also comprise only of the fresh issue of 80,00,000 shares (80.00 lakh shares), which at the upper price band of ₹375 per share translates into an overall issue size of ₹300.00 crore.
Due to dilutive impact of the fresh issue, the promoter stake in the company will reduce from 92.72% pre-IPO to 69.35% post-IPO.
The IPO of ArMee Infotech Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on September 22, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of ArMee Infotech Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wednesday, 23 September, 2026 |
| IPO Close Date | Friday, 25 September, 2026 |
| Basis of Allotment | Monday, 28 September, 2026 |
| Initiation of Refunds to non-allottees | Tuesday, 29 September, 2026 |
| Credit of Shares to Demat | Tuesday, 29 September, 2026 |
| Listing Date on NSE and BSE | Wednesday, 30 September, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 10,65,000 shares | 12.54% of total IPO size |
| QIB Shares Offered | 10,01,784 shares | 11.79% of total IPO size |
| NII (HNI) Shares Offered | 19,28,572 shares | 22.70% of total IPO size |
| Retail Shares Offered | 45,00,000 shares | 52.97% of total IPO size |
| Total Shares Offered | 84,95,356 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of ArMee Infotech Ltd for various categories of investors.
| Application | 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 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 40 shares)
FINANCIAL HIGHLIGHTS OF ARMEE INFOTECH LTD
The table captures the key financials of ArMee Infotech Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 1,396.63 | 1,313.31 | 1,020.57 |
| Sales Growth (%) | 6.34% | 28.68% | |
| Profit after Tax (₹ in crore) | 45.47 | 41.67 | 50.13 |
| PAT Margins (%) | 3.26% | 3.17% | 4.91% |
| Total Equity (₹ in crore) | 182.18 | 136.67 | 95.18 |
| Total Assets (₹ in crore) | 958.87 | 828.54 | 673.50 |
| Return on Equity (%) | 24.96% | 30.49% | 52.67% |
| Return on Assets (%) | 4.74% | 5.03% | 7.44% |
| Asset Turnover Ratio (X) | 1.46 | 1.59 | 1.52 |
| Earnings per share (₹) | 19.16 | 17.56 | 21.12 |
| EBITDA (₹ in Crore) | 75.64 | 58.64 | 71.58 |
| EBITDA Margins (%) | 5.42% | 4.47% | 7.01% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
Between FY24 and FY26, the net margins have narrowed from 4.91% to 3.26%, while the EBITDA margins have also narrowed from 7.01% to 5.42%. The PAT margins have been fairly low for an IT services company; and the falling profitability margins as well as the ROE and the ROA trending lower, are not positive signals for the stock.
VALUATION METRICS OF ARMEE INFOTECH LTD IPO
At the IPO price of ₹375 (upper band), the stock gets discounted at a P/E ratio of 19.6X, based on the latest FY26 EPS of ₹19.16. If one were to compare with other similar companies in the peer group, the margins look very low compared to other similar IT service companies, and the company also lags other major green energy companies on margins.
Apart from the financial numbers, there are also advantages that the company brings to the table. For instance, it has a good mix of clients although the diversification from IT services to green energy and BESS is hard to fathom. The company has 55% of its assets locked up as trade receivables. Investors in the IPO have to look at the stock as a high-risk bet.
2026-09-23 — Anchor allocation
ARMEE INFOTECH LTD IPO (ANCHOR ALLOCATION 12.54%)
BRIEF ON ANCHOR ALLOCATION OF ARMEE INFOTECH LTD
The anchor issue of ArMee Infotech Ltd saw a modest response on 22nd September 2026 with 12.54% of the IPO size absorbed by anchors. Out of 84,95,356 shares (84.95 lakh shares) on offer in the IPO; anchors picked up 10,65,000 shares (10.65 lakh shares) accounting for 12.54% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹375 per share. This includes the face value of ₹10 per share plus a share premium of ₹365 per share. The anchor bidding opened and closed on 22nd September 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of ArMee Infotech Ltd
| Bid Date | September 22, 2026 |
|---|---|
| Shares Offered | 10,65,000 shares |
| Anchor Portion Size (₹ in crore) | ₹39.94 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Oct 27, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Dec 26, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN ARMEE INFOTECH LTD
On 22nd September 2026, ArMee Infotech Ltd allotted 10,65,000 shares to a total of 4 anchor investors. The allocation was done at the upper IPO price band of ₹375 per share which resulted in overall anchor allocation of ₹39.94 crore. The anchors have already absorbed 12.54% of the total issue size of ₹318.58 crore, after factoring in the employee discount offered in the IPO, if any.
Listed below are the Top 4 IPO anchor investors who accounted for anchor collection of ₹39.94 crores, or, 100.00% of the overall anchor allocation of shares, one trading day ahead of the IPO of ArMee Infotech Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Abundantia Capital III | 5,31,720 | 49.93% | ₹ 19.94 |
| 02 | Vikasa India EIF-I Fund – Incube Global | 2,66,560 | 25.03% | ₹ 10.00 |
| 03 | AMITSG Ventures Fund | 1,33,360 | 12.52% | ₹ 5.00 |
| 04 | VBCUBE Ventures Trust – Fund II | 1,33,360 | 12.52% | ₹ 5.00 |
| Grand Total | 10,65,000 | 100.00% | ₹ 39.94 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 10,65,000 shares allocated to the anchors in the IPO, there was no allocation of shares made to mutual funds regulated by SEBI. Also, there was no allocation made to life insurance companies regulated by IRDAI.
The anchor allocation was spread across alternate investment funds (AIFs).
NEXT STEPS IN ARMEE INFOTECH LTD IPO
Post the closure of the IPO subscription on 25th September 2026, the basis of allotment will be finalized on 28th September 2026 and the refunds will be initiated on 29th September 2026. In addition, the demat credits are expected to also happen on 29th September 2026 and the stock will list on 30th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 29th September 2026 under ISIN (INE0TWE01016).
2026-09-25 — Day-3 subscription update
ArMee Infotech Ltd (Day-3 Final Subscription at 2.44 times)
ARMEE INFOTECH LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.10 pm on 25th September 2026, out of the 74.30 lakh shares on offer in the IPO (excluding anchor portion), ArMee Infotech Ltd saw bids for 181.59 lakh shares. This implies an overall subscription of 2.44X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of ArMee Infotech Ltd was as under:
| Employees (N.A.) | QIBs (2.99X) | HNI / NII (2.09X) | Retail (2.47X) |
|---|
The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day, as the bulk of the institutional, corporate and financed subscriptions come in on the last day. In this case, the overall response was quite muted.
The IPO of ArMee Infotech Ltd had seen modest anchor participation a day ahead of the IPO opening with just about 12.54% of the overall IPO size absorbed by anchor investors, due to limited institutional interest in the IPO. Here is the category-wise subscription. The overall subscription ratio in the table below excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 10,65,000 | 10,65,000 | 39.94 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 2.99 | 10,01,784 | 29,96,200 | 112.36 |
| HNIs / NIIs | 2.09 | 19,28,572 | 40,36,760 | 151.38 |
| Retail Investors | 2.47 | 45,00,000 | 1,11,26,280 | 417.24 |
| Total | 2.44 | 74,30,356 | 1,81,59,240 | 680.97 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of ArMee Infotech Ltd was open up to September 25, 2026, and has closed for subscription as of the close of trading hours on September 25, 2026. The subscription ratios presented above represent the final subscription numbers for each category and also for the IPO overall. Total bid value as of close (including anchor allocation) was at ₹720.91 crore.
Normally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. Here are the key steps between the IPO closure and the stock listing.
NEXT STEPS IN THE ARMEE INFOTECH LTD IPO
Post the closure of the IPO subscription on 25th September 2026, the basis of allotment will be finalized on 28th September 2026 and the refunds will be initiated on 29th September 2026. In addition, the demat credits are expected to also happen on 29th September 2026 and the stock will list on 30th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 29th September 2026 under ISIN (INE0TWE01016).
2026-09-25 — Allotment guidance and next steps
ArMee Infotech Ltd IPO (How to check allotment status)
ABOUT THE ARMEE INFOTECH LTD IPO
The IPO of ArMee Infotech Ltd opened on September 23rd, 2026 and closed on September 25th, 2026. The overall IPO comprised of a fresh issue of 84,95,356 shares (84.95 lakh shares) worth ₹318.58 crore at the upper price band of ₹375 per share. The allotment status will be finalized by end of day (EOD) of September 28, 2026. Here is how to check your allotment status for the IPO of ArMee Infotech Ltd. You can check IPO status on the BSE website or on the NSE website or on IPO Registrar website (Cameo Corporate Services Ltd).
CHECKING THE ALLOTMENT STATUS OF ARMEE INFOTECH LTD IPO ON BSE WEBSITE
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select ArMee Infotech Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip .OR.
Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of ArMee Infotech Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.
CHECKING ALLOTMENT STATUS OF ARMEE INFOTECH LTD IPO ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select ARMEE from the dropdown box
Enter the Application Number / CAF exactly as in the acknowledgement slip .AND.
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of ArMee Infotech Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF ARMEE INFOTECH LTD ON CAMEO CORPORATE SERVICES LTD (REGISTRAR TO THE IPO)
Here are the steps to follow. Visit the Cameo Corporate Services Ltd website for IPO status by clicking on the link below:
The first thing you see is 6 links viz. Link 1, Link 2, Link 3, Link 4, Link 5, and Link 6. These are just different servers and in case you find too much traffic causing delays on one server, you can check the other server. The output will be the same, irrespective of which server you choose.
Once you click on the Server Link page, you go to the main landing page, where you have the option to either display all IPOs or only recent IPOs. Select Recent IPOs. Then you have to select the company name from the IPO drop-down list, for which you need to query on IPO allotment.
There are 3 options available to you to access the allotment status, and you can use any of these options to query.
The First option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
Secondly, you can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Ensure to verify your PAN before entering.
Thirdly, you can also query allotment status on DPID-Client ID combination. For NSDL, combination is alphanumeric, while for CDSL, combination is numeric. These details are available in your demat holding statement or transaction statement.
Once you enter the query input, you need input a 6-character Captcha Code, to confirm that you are not using robotic querying.
Finally, click on the SUBMIT button and the allotment status is right in front of you. You can save the screenshot for future reference and reconciling with demat account.
In case, you have any issues with the output, register an investor query with Cameo Corporate Services Ltd. You can either send an email with all requisite details and problem to cameo@cameoindia.com or you can call on (+91)-44-2846.0390 or (+91)-44-2846.0129 for voice call.
NEXT STEPS IN THE ARMEE INFOTECH LTD IPO
Post the closure of the IPO subscription on 25th September 2026, the basis of allotment will be finalized on 28th September 2026 and the refunds will be initiated on 29th September 2026. In addition, the demat credits are expected to also happen on 29th September 2026 and the stock will list on 30th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 29th September 2026 under ISIN (INE0TWE01016).
Interested in applying for this IPO?
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