IPO Details

Bidding Dates

To be announced

Minimum Investment

To be announced

Price Range

To be announced

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

Up to [●] equity shares aggregating up to ₹ 25,000 lakh

Investor category and sub category

Qualified Institutional Buyers  |   Retail Individual Investors  |   Non-institutional Investors  |  

About Armee Infotech Limited

Armee Infotech Limited, headquartered in Ahmedabad, Gujarat, specialises in IT Infrastructure solutions and managed services. The company caters to a diverse range of clients, focusing predominantly on Government and public sector undertakings (PSUs) projects. Key services include providing IT hardware and software, installation and integration, and maintenance of the installed infrastructure. The company also offers functional training for seamless client transitions.

Significant projects under the IT Infrastructure solutions segment include setting up ICT labs, smart classes, digital infrastructure for public distribution systems, mobile workforce management, and digitalisation of primary agriculture credit societies. For the nine months ended December 31, 2023, this segment contributed ₹49,998.43 lakhs, or 89.25% of total revenue, reflecting a compound annual growth rate (CAGR) of 156.12% from Fiscal 2021 to Fiscal 2023.

In the IT managed services category, Armee Infotech provides technical manpower, skill development training, and annual maintenance services. These services are delivered under service-level agreements, with payments made at pre-defined intervals. Revenue from this segment was ₹6,019.54 lakh, or 10.75% of total revenue for the nine months ended December 31, 2023, with a CAGR of 48.42% from Fiscal 2021 to Fiscal 2023.

The company relies on third-party providers for certain activities, such as site preparation, electrification, and maintenance. As of December 31, 2023, the majority of projects were government-related, contributing significantly to the company's revenue. Armee Infotech has 13 ongoing projects, with most based in Gujarat.

The company employs 1,686 individuals, including 1,640 skilled and semi-skilled technical staff. Additionally, 820 employees are engaged on a contractual basis through third-party providers.

Armee Infotech's comprehensive approach and experienced team position the company well for future growth opportunities.

Industry Outlook:

  1. The projected 13.2% growth in overall IT spending in 2024, especially in software and IT services, presents lucrative opportunities for Armeé to expand its service offerings and client base.
  2. Certain segments within the Indian IT industry, such as software (expected growth rate of 18.6% in 2024) and IT services (projected to reach USD 26.1 billion in 2024), are poised for substantial growth. Armee Infotech, with its expertise in these areas, can strategically position itself to capture a larger market share and increase revenue.
  3. Digital adoption and cloud services continue to surge, accelerated by the pandemic. Investments in AI, ML, and cybersecurity are enhancing operational efficiencies and customer experiences across industries. Armeé can leverage this growth to scale operations, attract talent, and contribute to India's digital transformation initiatives.

Armee Infotech Limited IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. To enhance working capital for business growth, project bidding, and securing bank guarantees.
  2. To reduce existing borrowings to improve the debt-equity ratio and free up internal accruals, with an allocation of ₹1,063.22 lakhs for specific loans.
  3. Allocate remaining funds for general corporate purposes to support overall business operations and flexibility.

Peer Details

As per the DRHP, Dynacons Systems & Solutions Limited is the only listed peer of Armee Infotech Limited.

How to Check the Allotment Status of the Armee Infotech Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the individual order details page of the IPO that you had applied for.
  • Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email, and SMS.

Contact Details of Armee Infotech Limited IPO

  • Registered office: 17, Goyal Intercity, B/h Drive in Cinema, ThaltejRoad, Ahmedabad, Gujarat –380058, India
  • Phone: +917949114911
  • E-mail: cs@armeeinfotech.com

IPO Financials

Particulars For the year Ended December 31, 2023 For the year ended 31 March 2023 For the year ended 31 March 2022 For the year ended 31 March 2021
Revenue from Operations (in ₹ lakh) 56,017.97 50,269.51 12,517.98 10,505.29
Profit After Tax (PAT) (in ₹ lakh) 2,496.40 1,657.46 336.41 372.60
Cash & Cash Equivalents (in ₹ lakh) 400.62 46.07 24.15 202.01
Return on Net Worth (%) 35.66 35.49 11.53 13.96
Earnings Per Share 63.12 41.91 8.51 9.42
EBITDA (in ₹ lakh) 3,659.31 1,704.05 1,223.01 1,130.25
Return On Equity (%) 42.78 43.17 11.85 15.01
ROCE (%) 31.57 32.27 18.08 16.16

Know before investing


  1. The company has a proven track record of executing large-scale government and PSU projects.

  2. Armee’s diverse sector service provides IT solutions across education, healthcare, and more.

  3. The company is Led by industry veterans with over two decades of experience.

  4. Leveraging new technologies like experience zones and payment devices.

  5. Armee is increasing its presence across India with projects in multiple states.

  6. The company is expanding operations to attract both government and private clients.


  1. Armee Infotech's reliance on government contracts exposes them to uncertainties in awarding new projects and potential policy changes.

  2. Dependence on a few technology partners creates vulnerability to disruptions if those partners face issues or raise prices.

  3. Winning new projects can be challenging due to the competitive nature of the bidding process, especially for large contracts.

  4. Armee Infotech's business concentration in Gujarat exposes them to economic downturns or changes in government IT spending within that region.

  5. Past instances of negative cash flow limit Armee Infotech's ability to grow and operate effectively.

  6. Reliance on a small number of major clients makes Armee Infotech vulnerable to significant financial impact if they lose a key client.

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Armee Infotech IPO FAQs

What is Armee Infotech Limited's IPO?

Armee Infotech Limited IPO is a book-built issue IPO. The exact dates and price range are yet to be announced. 

When will Armee Infotech Limited's IPO be allotted?

The date of the basis of allotment has not yet been announced.

When will Armee Infotech Limited's IPO open for subscription?

The IPO subscription window is not announced yet.

What minimum lot size can retail investors subscribe to?

The lot size has not been announced yet.

When will Armee Infotech Limited list on exchanges?

The exact date is not announced yet.

How do I check the allotment status of the Armee Infotech Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the individual order details page of the IPO that you had applied for. 
  • Check the IPO allotment status as such, Angel One will notify you of your IPO allotment status via push notification, email, and SMS.

What would be the listing gains on the Armee Infotech Limited?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for the Armee Infotech Limited IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Armee Infotech Limited IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Armee Infotech Limited using one PAN?

You can submit only one application using your PAN card.