Synopsis: ArMee Infotech Limited, an IT infrastructure and managed services provider based in Ahmedabad, has started with its Rs. 300 crore initial public offering (IPO). The date of the IPO is September 23, 2026, and the date of closing is September 25, 2026. The price band offered is Rs. 350-Rs. 375 per equity share, with a minimum lot size of 40 shares, making the minimum investment Rs. 15,000 at the upper price band.The company provides technology solutions to government organisations, corporates, BFSI institutions and educational institutions.
Alongside its core IT business, ArMee Infotech has diversified into retail sales and renewable energy, including solar EPC, solar projects and battery energy storage systems. The subscription of the retail category as of now is 0.04x and the listing gains is 12%.
IPO Details
ArMee Infotech Ltd is planning to make an offer to the public of Rs. 300 crores through an issue of new shares. The IPO of ArMee Infotech will have a price range of Rs. 350 to Rs. 375 per share with a lot size of 40 shares each, which means that one needs to have a minimum of Rs. 15,000 as investment at the highest price band. The subscription period for the issue will start from September 23, 2026, and end on September 25, 2026.
The allotment of the IPO will get over on September 28, 2026, and the shares will get listed on the stock exchanges on September 30, 2026. The listing will take place on both NSE and BSE with Khandwala Securities & Saffron Capital Advisors as the lead managers of the issue. It is to be noted here that the complete IPO of Rs. 300 crores is a fresh issue and not an OFS.
Renewable Energy Business
Other than technology services, ArMee Infotech has ventured into renewable energy space as well. The firm engages in engineering, procurement and construction (EPC) work of solar power projects. In addition, it develops solar projects via power purchase agreements (PPA) and has also entered into BESS segment.
During FY26, the income earned by the company was primarily based on IT infrastructure which contributed around 86% of the income. IT managed services have contributed above 5%, while renewable energy EPC contributed around 9%. It indicates that although renewable energy is one of the emerging segments of ArMee Infotech, yet financially it has been predominantly dependent on IT infrastructure.
Use of IPO Proceeds
ArMee Infotech plans to utilise the IPO proceeds across business expansion, working capital requirements, debt repayment and general corporate purposes. The largest allocation of Rs. 155 crore is proposed towards securing performance bank guarantees (PBGs), which will support the company’s expansion and enable it to undertake larger business opportunities.
The company has earmarked another Rs. 60 crore towards its working capital requirements, while Rs. 6.5 crore will be utilised for the repayment of certain outstanding debt. The remaining amount from the IPO proceeds will be used for general corporate purposes.
As of June 2026, ArMee Infotech had total outstanding borrowings of approximately Rs. 318.54 crore. Against this, the proposed repayment of Rs. 6.5 crore represents a relatively small portion of the company’s overall borrowings.
Valuation
At the upper price band of Rs. 375 per share, the IPO values ArMee Infotech at approximately Rs. 1,190 crore. This valuation needs to be assessed in the context of the company’s current earnings, profitability, debt levels and planned expansion.
A significant portion of the IPO proceeds is planned towards performance bank guarantees and working capital, which are intended to support the company’s future business growth. The ability to convert this additional financial capacity into higher revenue and sustainable profitability will be an important factor for investors to monitor.
The company also has outstanding borrowings of around Rs. 318.54 crore as of June 2026, while only Rs. 6.5 crore of the IPO proceeds is proposed to be used for debt repayment. As a result, the IPO is primarily aimed at supporting business expansion and liquidity rather than materially reducing the company’s overall debt burden.
IPO Timeline
The ArMee Infotech IPO opened on September 23, 2026, and will remain open until September 25. The tentative allotment date is September 28, followed by share credit and refund initiation on September 29. The company is scheduled to list its shares on September 30, 2026.
Investor Perspective
ArMee Infotech’s IPO provides investors exposure to an established IT infrastructure and managed services business, with additional operations in retail and renewable energy. The company has demonstrated growth in revenue and PAT in FY26, while the IPO proceeds are largely targeted towards business expansion through performance bank guarantees and working capital.
At the same time, investors should consider the company’s high dependence on IT infrastructure, borrowings, working-capital requirements and IPO valuation. The renewable energy business adds diversification, but it currently represents a smaller portion of overall revenue than the core IT infrastructure segment.