ArMee Infotech IPO subscribed 53% on day 1

The offer received bids for 39.48 lakh shares as against 74.30 lakh shares on offer.

The initial public offer (IPO) of ArMee Infotech was subscribed 0.53 times on the first day of bidding on 23 September 2026, according to stock exchange data at 17:00 IST. The issue received bids for 39,48,960 shares against 74,30,356 shares on offer.

The IPO opened for subscription on 23 September 2026 and will close on 25 September 2026. The price band has been fixed at Rs 350 to Rs 375 per share. The minimum bid is 40 shares. The equity shares are proposed to be listed on the BSE and NSE.

The IPO is entirely a fresh issue of shares worth Rs 300 crore, with no offer-for-sale component. The post-issue promoter and promoter group shareholding is expected to stand at 69.35%.

The company plans to use Rs 155 crore from the IPO proceeds to secure performance bank guarantees for business expansion. Another Rs 60 crore will be used to fund working capital requirements, while Rs 6.50 crore will be used to repay certain borrowings. The balance will be used for general corporate purposes.

Armee Infotech is an IT infrastructure solutions and managed services company headquartered in Gujarat and part of the Armee Group. Its business segments include IT infrastructure, IT managed services, retail sales and renewable energy.

The IT infrastructure segment provides IT hardware and software along with installation, integration, maintenance and support services. Its managed services business provides technical manpower, skill development and training and annual maintenance services. The renewable energy segment undertakes solar power EPC projects, develops solar projects under power purchase agreements and undertakes battery energy storage system projects.

In FY2026, the IT infrastructure segment contributed 85.81% of revenue, followed by IT managed services at 5.26% and the renewable energy segment at 8.93%.

As of 30 June 2026, Armee Infotech had 99 ongoing projects, including 65 IT infrastructure projects, 21 IT managed services projects, 10 renewable energy EPC projects, one renewable energy PPA project and two BESS projects. Of the total projects, 74 were based in Gujarat and 11 in Maharashtra. The remaining projects were spread across Bihar, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh, Rajasthan, Telangana, Tamil Nadu, Uttarakhand and New Delhi.

The company's order book stood at Rs 3,287.37 crore as of 30 June 2026, providing revenue visibility in the near to medium term. Armee Infotech also plans to work with Acer to identify and finalise locations for up to 60 single-brand exclusive experience zones, which will be operated and managed by the company.

Armee Infotech has executed projects for government and public sector clients across sectors including education, healthcare, public distribution systems, rural and urban development, and science and technology. However, more than 83.84% of revenue was recognised from government and PSU clients as of 31 March 2026.

Financially, consolidated sales increased 6.3% to Rs 1,396.63 crore in FY2026 from Rs 1,313.31 crore in FY2025. Operating profit rose 29% to Rs 75.64 crore, while operating profit margin improved to 5.42% from 4.47%. Profit before tax increased 14.7% to Rs 60.99 crore, while profit after tax rose 9.1% to Rs 45.47 crore.

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