The ArMee Infotech listing price was ₹375 on the NSE on 30 September 2026. That is exactly the issue price, so the stock opened flat. On the BSE it opened at ₹368.85, which is 1.64 per cent below the issue price.
Of the four mainboard companies that listed that morning, this was the one with the thinnest demand behind it. The ₹300 crore issue closed on 25 September at 2.44 times overall. Our ArMee Infotech IPO page showed the stock at ₹351.20 later in the morning, 6.35 per cent below the issue price.
The grey market read this one closely
GMP, the grey market premium, is an unofficial price dealers quote for IPO shares before they list. It is not an exchange price and nobody has to honour it. Unlike some of the other debuts that week, the quote here was small and it stayed small.
| Date | GMP | Implied gain |
|---|---|---|
| 25 September 2026 | ₹8 | 2.13% |
| 26 September 2026 | ₹8 | 2.13% |
| 27 September 2026 | ₹8 | 2.13% |
| 28 September 2026 | ₹6 | 1.60% |
| 29 September 2026 | ₹6 | 1.60% |
| 30 September 2026 | ₹6 | 1.60% |
The ₹6 quote on listing morning pointed to an open near ₹381. The NSE gave ₹375 and the BSE ₹368.85, so dealers were out by about ₹6 to ₹12. On our ArMee Infotech GMP page the quote had already slipped from ₹8 to ₹6 on 28 September, the day allotment was finalised. It came down before the listing, not after.
Who bid, and who did not
The category split shows where the interest stopped.
| Category | Times subscribed |
|---|---|
| QIB (institutions) | 2.99x |
| NII (total) | 2.09x |
| bNII (bids above ₹10 lakh) | 1.39x |
| sNII (bids of ₹2–10 lakh) | 3.49x |
| Retail | 2.47x |
| Total | 2.44x |
Read the bNII row first. Applications above ₹10 lakh covered their quota only 1.39 times. That is the money that usually chases a listing pop, and here it mostly stayed away. Every category cleared its quota, so the issue went through, but none of them cleared it by much. A flat open is what that book looked like from the start.
How the day's four listings compared
| Company | Issue price | NSE open | Change |
|---|---|---|---|
| Adroit Industries | ₹134 | ₹235 | +75.37% |
| Swastika Infra | ₹185 | ₹200 | +8.11% |
| ArMee Infotech | ₹375 | ₹375 | 0.00% |
| Elevate Campuses | ₹362 | ₹355.10 | -1.91% |
Four issues from the same week and one listing day, with results running from a 75 per cent gain to a small discount. The subscription numbers lined up with the listings in the same order. Adroit and Swastika Infra had the fuller books. ArMee Infotech and Elevate Campuses did not. How every past mainboard debut has gone is on our listing performance table.
What one lot cost
The lot size was 40 shares. At the upper band of ₹375 the minimum retail application came to ₹15,000. This was a fresh issue only, with no offer for sale, so the whole ₹300 crore goes to the company and none of it to selling shareholders.
The prospectus splits that money four ways. ₹155 crore is for winning new government and PSU projects, ₹60 crore for working capital, ₹6.50 crore to repay borrowings, and the balance for general corporate purposes. At ₹375 the post-issue market capitalisation works out to ₹1,189.93 crore and the post-issue P/E to 26.17 times, against 19.57 times before the issue.
The row to check in the accounts
| ₹ crore | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total income | 1,023.99 | 1,315.78 | 1,410.09 |
| EBITDA | 71.58 | 58.64 | 75.64 |
| Profit after tax | 50.13 | 41.67 | 45.47 |
| Net worth | 95.18 | 136.67 | 182.18 |
| Total borrowing | 27.26 | 48.10 | 174.36 |
Income grew by 38 per cent across the two years. Profit did not. It was ₹50.13 crore in FY2024, fell to ₹41.67 crore in FY2025 and came back to ₹45.47 crore in FY2026, still below where it started. On income of ₹1,410.09 crore the company kept ₹45.47 crore, a margin of 3.26 per cent.
The borrowing row moved the most. Debt went from ₹27.26 crore to ₹174.36 crore in two years, more than six times. Debt to equity stands at 0.96. That is the context for the ₹60 crore of issue money going into working capital and the ₹6.50 crore going to repay loans.
What the company does
ArMee Infotech was founded in 2003 and is based in Ahmedabad. It supplies IT hardware and software to government departments, banks, insurers, corporates and schools, and installs, integrates and maintains it. It also provides technical manpower and annual maintenance contracts, runs retail Experience Zones selling IT products and gaming merchandise, and has moved into solar EPC work, power purchase agreements and battery storage projects.
As on 30 June 2026 it had 99 ongoing projects: 65 in IT infrastructure, 21 in IT managed services, 10 in renewable energy EPC, one power purchase agreement and two battery storage projects. Of those 99, seventy-four were in Gujarat and eleven in Maharashtra. So it is a large business by revenue and a concentrated one by geography.
What happens next
The IPO steps are finished. Bidding ran from 23 to 25 September 2026, allotment was finalised on 28 September, refunds and demat credits went out on 29 September, and the shares listed on 30 September. The registrar was Cameo Corporate Services, and the issue was managed by Khandwala Securities and Saffron Capital Advisors.
From here it trades like any other listed stock on the NSE and the BSE. The next IPO-linked date to watch is the anchor investor lock-in, which frees up shares that anchors bought before the issue opened.
Frequently asked questions
What was the ArMee Infotech IPO listing price?
₹375 on the NSE on 30 September 2026, the same as the issue price, and ₹368.85 on the BSE, 1.64 per cent below it.
How many times was the ArMee Infotech IPO subscribed?
2.44 times overall. QIB 2.99 times, NII 2.09 times and retail 2.47 times.
What was the ArMee Infotech IPO lot size?
40 shares. At the upper band of ₹375 that meant ₹15,000 for one lot.
