ArMee Infotech Shares List at 1.64% Discount at ₹368.85 on BSE

ArMee Infotech shares made their stock market debut on September 30, 2026, listing at ₹368.85 per share on the BSE, compared with the IPO issue price of ₹375 per share. The BSE listing represented a discount of 1.64% to the issue price.

On the NSE, ArMee Infotech shares listed at ₹375 per share, matching the IPO issue price and resulting in a flat debut.

The listing followed the company's IPO, which was open for subscription from September 23 to September 25, 2026. The issue received bids for 1.82 crore shares against 74.30 lakh shares available for subscription and was subscribed 2.44 times overall. QIBs subscribed 2.99 times, Individual Investors 2.47 times and NIIs 2.09 times.

The IPO price band was fixed at ₹350 to ₹375 per share, with the final issue price at the upper end of the band.
ArMee Infotech is an IT infrastructure solutions company that undertakes technology infrastructure projects across India. Its operations include IT hardware and infrastructure solutions, system integration and project implementation, while the company has also expanded into areas such as solar EPC and energy infrastructure.

ArMee Infotech IPO Listing Details

ArMee Infotech's IPO was a ₹300 crore book-built issue consisting entirely of a fresh issue of shares. There was no offer-for-sale component, meaning the proceeds from the fresh issue, after issue-related expenses, accrue to the company.

The IPO opened for subscription on September 23 and closed on September 25, 2026. The price band was fixed at ₹350 to ₹375 per share, with the final issue price set at ₹375.

The issue received an overall subscription of 2.44 times. QIBs subscribed 2.99 times, Individual Investors 2.47 times and NIIs 2.09 times.

On September 30, ArMee Infotech shares opened at ₹368.85 on the BSE, ₹6.15 below the issue price. This represented a listing discount of 1.64%. On the NSE, the shares listed at ₹375, matching the issue price.

- Issue Price: ₹375 per share
- BSE Listing Price: ₹368.85 per share
- BSE Listing Discount: 1.64%
- NSE Listing Price: ₹375 per share
- NSE Listing Premium/Discount: Nil
- Overall Subscription: 2.44 times
- QIB Subscription: 2.99 times
- NII Subscription: 2.09 times
- Individual Subscription: 2.47 times
- Fresh Issue: ₹300 crore
- Offer for Sale: Nil
- Price Band: ₹350 to ₹375 per share
- IPO Open Date: September 23, 2026
- IPO Close Date: September 25, 2026
- Listing Date: September 30, 2026
- Exchange: BSE and NSE

First-Day Trading Performance

Listing Price: ArMee Infotech share price listed at ₹368.85 on the BSE against the ₹375 issue price. The stock therefore opened ₹6.15 below its issue price, translating into a 1.64% listing discount.

On the NSE, ArMee Infotech listed at ₹375 per share, equal to the final IPO issue price.

The IPO received bids for approximately 1.82 crore shares against 74.30 lakh shares available for subscription. Overall subscription stood at 2.44 times at the end of the three-day bidding period.

Among the main investor categories, QIBs recorded the highest subscription at 2.99 times, followed by Individual Investors at 2.47 times and NIIs at 2.09 times.

Growth Drivers and Challenges

Growth Drivers

IT Infrastructure Portfolio: ArMee Infotech undertakes IT infrastructure and system-integration projects, giving the company exposure to technology infrastructure spending across its customer base.

Government and PSU Projects: The company's project portfolio includes assignments involving government departments and public-sector entities, providing access to large technology infrastructure requirements.

Geographical Presence: ArMee Infotech has executed multi-location IT infrastructure projects and has a presence across 14 Indian states.

Business Diversification: In addition to its core IT infrastructure operations, the company has expanded into areas including solar EPC, power purchase agreements and battery energy storage systems.

Revenue Scale: Revenue from operations stood at approximately ₹1,396.63 crore in FY26, compared with ₹1,313.31 crore in FY25 and ₹1,020.57 crore in FY24.

Challenges

Project Execution: Large technology and infrastructure projects require timely procurement, implementation and commissioning, making execution schedules important to operating performance.

Government Project Exposure: Projects involving government and PSU customers can be affected by tendering processes, approvals, project timelines and payment cycles.

Working Capital Requirements: Infrastructure projects can require substantial working capital to fund procurement and execution before customer payments are received.

Margin Movement: While revenue increased between FY24 and FY26, profitability and margins have fluctuated over the same period.

Borrowings: Changes in borrowing levels and working-capital funding requirements can affect finance costs and the company's financial position.

Utilisation of IPO Proceeds

ArMee Infotech's ₹300 crore IPO consisted entirely of a fresh issue, with no offer-for-sale component.
The company intends to use ₹155 crore of the proceeds towards margin deposits for securing performance bank guarantees required for expansion and procurement of new government and PSU projects.

Another ₹60 crore is proposed to be used towards funding the company's working-capital requirements.

The company also intends to use ₹6.50 crore for repayment or prepayment of certain borrowings, with the remaining proceeds allocated towards general corporate purposes.

The principal uses of the fresh issue proceeds are:
- ₹155 crore towards margin deposits for performance bank guarantees for new government and PSU projects
- ₹60 crore towards working-capital requirements
- ₹6.50 crore towards repayment or prepayment of borrowings
- Balance proceeds towards general corporate purposes

Business and IPO Overview

ArMee Infotech is an IT infrastructure solutions company engaged in executing technology infrastructure and system-integration projects. Its operations include procurement, deployment and implementation of technology solutions for customers across multiple locations.

The company has developed a geographically diversified operating presence, with project execution across 14 states in India.

Alongside its core IT infrastructure activities, ArMee Infotech has expanded into additional areas including solar EPC, power purchase agreements and battery energy storage systems.

For FY26, ArMee Infotech reported revenue from operations of approximately ₹1,396.63 crore, compared with ₹1,313.31 crore in FY25 and ₹1,020.57 crore in FY24. Profit after tax stood at approximately ₹45.47 crore in FY26, compared with ₹41.67 crore in FY25.

The company's IPO was a ₹300 crore book-built issue comprising entirely fresh equity shares. The price band was fixed at ₹350 to ₹375 per share.

The issue received an overall subscription of 2.44 times, with QIBs subscribing 2.99 times, Individual Investors 2.47 times and NIIs 2.09 times.

ArMee Infotech subsequently debuted on September 30 at ₹368.85 on the BSE, representing a 1.64% discount to the ₹375 issue price. On the NSE, the stock listed at ₹375, resulting in a flat debut.