ArMee Infotech IPO opens today: Should you subscribe? Check price band, reviews, latest GMP & more

The initial public offering (IPO) of ArMee Infotech kicks-off for subscription on Wednesday, September 23. The IT infra solutions is selling its shares in the price band of Rs 350-375 apiece and investors can apply for a minimum of 40 equity shares and its multiples thereafter. The issue will closed for bidding on Friday, September 25.

ArMee Infotech aims to raise a total of Rs 300 crore from its IPO, which is entirely a fresh share sale of 80,00,000 shares. The net proceeds from the issue shall be utilized towards expansion of business by procuring new projects, funding working capital needs, repayment of debt and general corporate purposes.

Founded in 2003, Ahmedabad-based ArMee Infotech is an IT infra solutions and managed services company. As part of the ArMee Group, it provides end-to-end technology solutions across sectors including government, corporates, banking, financial services and insurance (BFSI), and education. It has diversified into retail sales and renewable energy, expanding its business beyond its core IT services.

Ahead of its IPO, ArMee Infotech raised Rs 39.94 crore from four anchor investors as it allocated 10,65,000 equity shares at Rs 375 apiece. Investors like Abundantia Capital UCC, Vikasa India EIF-I Fund, AMUTSG Ventures Fund and VBCUBE Ventures Trust participated in the anchor book.

ArMee Infotech reported a net profit Rs 45.47 crore with a revenue of Rs 1,410.09 crore for the financial year ended on March 31, 2026. It clocked a net profit at Rs 41.67 crore with a revenue of Rs 1,315.78 crore for the financial year 2024-25. At the current valuations, the company is commanding a market capitalization close to Rs 1,190 crore.

ArMee Infotech has reserved 25 per cent of the issue for qualified institutional bidders (QIBs)  while non-institutional investors (NIIs) will get 22.25 per cent issue. Retail investors will have the highest chunk of 52.50 per cent of allocation in the IPO. Last heard, ArMee Infotech was commanding a grey market premium of Rs 45-50, suggesting a 12-13 per cent listing pop for the investors.

Khandwala Securities and Saffron Capital Advisors are the book running lead managers of ArMee Infotech IPO and Cameo Corporate Services is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on September 30, Wednesday. Here's what a host of brokerage firms say about the IPO of ArMee Infotech:

Swastika Investmart
Rating: Neutral
ArMee Infotech is an IT Infra & managed services provider with a strong presence in Government/PSU projects. Revenue increased to Rs 1,397 crore in FY26. The issue is valued at 19.6 times FY26 P/E, below the peer average of 70.6 times and close to Dynacons Systems at 16.4 times. PAT margin declined to 3.26 per cent, while RoNW fell to 24.96 per cent, said Swastika Invesrmart.

"Its debt-to-equity ratio also increased to 0.96 times, indicating higher leverage. The top five customers contributed 76.66 per cent of FY26 revenue, increasing dependence on a limited client base. The valuation appears reasonable, but declining profitability, higher leverage and customer concentration remain key risks," it added with a 'neutral' rating.

Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
The company is valued at 26.2 times FY26 P/E and 17.83 times FY26 EV/EBITDA. Its established presence in IT Infrastructure and IT managed services, sizeable Government/PSU client base, strong ongoing project pipeline and expansion into renewable energy provide multiple avenues for growth, said Anand Rathi Shares & Stock Brokers Ltd with a 'subscribe for long-term' rating for the IPO.

BP Equities
Rating: Avoid
While the large renewable energy order book provides growth potential, the combination of uncertain earnings conversion, limited margin visibility, rising financial leverage and execution risks associated with the transition into a new business segment limits confidence in the sustainability of future profitability, said BP Equites with an 'avoid' rating.

SBI Securities
Rating: Neutral
ArMee Infotech delivered revenue, EBITDA and PAT CAGR of 17 per cent, 2.8 per cent and -4.8 per cent , respectively, during the FY24-FY26 period, indicating that healthy revenue growth has not translated into commensurate earnings growth. It has ventured into Renewable Energy PPA segments, which are capital-intensive and may further impact its return ratios, said SBI Securities.

"Considering its order-book visibility and business diversification, balanced against weak earnings growth, capital-intensive expansion and execution risks, we assign a 'neutral' rating to the issue and would prefer to track its performance for a few quarters post-listing," it added.

Religare Broking
Rating: Neutral
ArMee also faces client concentration risk, with a significant contribution from a limited customer base. The declining bid success ratio highlights challenges in securing new projects. Compared with its listed peers, the company remains weaker on key profitability and efficiency parameters. Considering these factors, we assign a 'neutral' rating, said Religare Broking.

Master Capital Services
Rating: Subscribe for long-term
ArMee Infotech Limited is well positioned to benefit from these parallel growth trends, with proven track record of executing Government/PSU projects across IT infrastructure, managed services and renewable energy, and a diversified project base spanning 99 ongoing projects across multiple states as of June 30, 2026, said Master Capital Services.

"Its presence across IT infrastructure, managed services, retail technology and renewable energy EPC, PPA and BESS provides diversified growth opportunities, while its management experience and track record support its ability to undertake larger and more complex Government/PSU projects. Investors may consider the IPO as a potential long-term investment opportunity," it said.

Ventura Securities
Rating: Subscribe
ArMee Infotech manages the complete project execution lifecycle, including procurement, system integration, installation, implementation and after-sales support. Key strengths include its experience in government and PSU projects, established customer relationships, execution capabilities and diversified technology portfolio, said Ventura.

The company aims to strengthen its presence in government and enterprise technology projects, Key risks include dependence on government and PSU-led projects, competitive intensity, execution delays, working capital requirements and margin pressure due to the system integration and technology supply-oriented business model, it said with a 'subscribe' rating.