Q2. Why is the company raising funds via IPO?

Armee Infotech is raising funds via IPO to support working capital, prepay debt and finance business expansion.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO is ₹300 Cr, of which 100% is a fresh book-built. It will be listed on the BSE & NSE platform.

Q4. What are the risks to an investor?

Dependence on government/PSU orders, geographic concentration of business, limited trading history

Q5. What are the potential upsides?

Strong growth in digital infrastructure demand, expanding service portfolio, recurring managed services revenue, and strategic diversification into emerging tech and renewable segments.

Q6. How to apply for the IPO?

You can apply for the IPO through ASBA via bank/UPI in trading apps or broker platforms when the IPO window open.

Q 7. When is the tentative listing date?

Expected listing date is yet to be announced.

Armee Infotech Limited: New IPO, GMP, Price, Analysis, IPO Score

Open

Armee Infotech Limited: New IPO, GMP, Price, Analysis, IPO Score

Market Cap

₹1,189.93 Cr

IPO Issue Size

~₹300 Cr

Expected Price by IPOCorner

₹350 to ₹375

IPO Score

*Score varies on actual price

Armee Infotech Limited provides IT infrastructure solutions and IT managed services, delivering end-to-end technology support, integration of hardware and software, and related services to a diversified client base that includes government/public sector undertakings (PSUs) and private sector organizations. It has a significant presence in Gujarat and is expanding into retail experience zones and renewable energy (solar EPC/PPA) areas as part of its broader business strategy.

Armee Infotech has filed its DRHP with the SEBI for an IPO of ~₹300 Cr consisting entirely as a Fresh issue of ₹300 Cr and no Offer.

Itwas incorporated in the year 2003 & currently Mr. Ridhish Kiritbhai Patel is Chairman and Managing Director of the company.

It offers provides IT infrastructure solutions, system integration, and managed IT services (including hardware/software supply, integration, maintenance, and digital transformation projects) primarily for government, PSUs, and corporate clients. It has expanded into retail Experience Zones for consumer electronics and gaming products, and renewable energy EPC/PPA initiatives as strategic business diversifications. It has a presence across 14+ locations in India serving a broad base of government, PSU, corporate and educational clients nationwide.

Subscription date to apply for Armee Infotech Limited begins on 23rd Sep’26 & closes on 25th Sep’26. Price band for the IPO is ₹350 to ₹375 with a lot size of 40 Shares.

Year	2025
Networth	₹ 136.7 Cr
Revenue	₹ 1313.3 Cr
EBITDA	₹ 58.6 Cr
PAT	₹ 41.7 Cr
EBITDA Margin	~4.47%
PAT Margin	~3.17%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	Wed, Sep 23, 2026
Close Date	Fri, Sep 25, 2026
Anchor Investor Bidding	Wed, Sep 22, 2026
Allotment Date	Mon, Sep 28, 2026
Refunds& Demat Credit	Tue, Sep 29, 2026
Tentative Listing Date	Wed, Sep 30, 2026

Use Of Proceeds

Purpose	Amount
Borrowing payment	~ ₹ 7.5 Cr
Technology & Infrastructure & projects	~ ₹ 155 Cr
Working Capital Requirement	~ ₹ 60 Cr
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	502.69	1020.57	1313.31
PAT (₹ Cr)	16.57	50.13	41.66
Asset (₹ Cr)	216.04	673.5	828.54
Net Worth (₹ Cr)	46.69	95.17	136.66

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
23-Sep	₹ 350 - 375	₹ –	₹ –
22-Sep	₹ 350 - 375	₹ –	₹ –
21-Sep	₹ 350 - 375	₹ –	₹ –
20-Sep	₹ 350 - 375	₹ 02	₹ 80
19-Sep	₹ 350 - 375	₹ 00	₹ 00

Pros

Established IT infrastructure and system integration player with strong exposure to government and PSU contracts.
Asset-light, project-based business model with recurring opportunities through managed services.
Long operating track record with experienced promoter-led management.
Expansion into new verticals such as Experience Zones and renewable energy EPC provides growth optionality.
Increasing digitalization and public sector IT spending support long-term demand outlook.

Cons

High dependence on government and PSU orders exposes the business to policy, tender, and payment-cycle risks.
Revenue concentration risk due to project-based nature and limited long-term annuity income.
Competitive and low-margin IT infrastructure space with pressure from larger, well-capitalized peers.
Diversification into non-core segments (retail, solar) may dilute focus and execution efficiency.
IPO pricing, valuations, and post-issue financial performance visibility remain uncertain until final disclosures.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Ridhish Kiritbhai Patel	~5.91%
Kiritkumar Chimanbhai Patel	~10.62%
Ami Ridhish Patel	~76.19%
-	-
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	40	1	40	₹ 15,000
Retail (Max)	40	13	520	₹ 195,000
HNI (Min)	40	14	560	₹ 210,000
HNI (Max)	40	66	2,640	₹ 990,000
Big HNI (Min)	40	67	2,680	₹ 1,005,000

Key Performance Index (KPI)

ROE	35.94%
ROCE	32.43%
RoNW	30.49%

Lead / Book Running Lead Managers

Khandwala Securities Limited Saffron Capital Advisors Private Limited

Registrar (RTA)

Cameo Corporate Services Limited

Q1. What is the business of Armee Infotech Limited?

It is an IT infrastructure solutions and managed services provider executing government/PSU and private sector digital projects, including hardware/software integration and IT support across multiple sectors.

Q2. Why is the company raising funds via IPO?
Armee Infotech is raising funds via IPO to support working capital, prepay debt and finance business expansion.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO is ₹300 Cr, of which 100% is a fresh book-built. It will be listed on the BSE & NSE platform.
Q4. What are the risks to an investor?
Dependence on government/PSU orders, geographic concentration of business, limited trading history
Q5. What are the potential upsides?
Strong growth in digital infrastructure demand, expanding service portfolio, recurring managed services revenue, and strategic diversification into emerging tech and renewable segments.
Q6. How to apply for the IPO?
You can apply for the IPO through ASBA via bank/UPI in trading apps or broker platforms when the IPO window open.
Q 7. When is the tentative listing date?
Expected listing date is yet to be announced.