Armee Infotech files for ₹250 crore IPO

Armee Infotech, an IT infrastructure solutions company based in Ahmedabad, has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise ₹250 crore through an initial public offering (IPO). The IPO will consist solely of a fresh issue, with no offer-for-sale component.

The funds raised will primarily be used to meet the company’s working capital requirements, amounting to ₹160 crore. Additionally, ₹10.63 crore will be allocated to repay debts, with the remaining amount earmarked for general corporate purposes.


As of April this year, Armee Infotech’s outstanding borrowings stood at ₹79.8 crore. The company is largely owned by the Patel family, who hold a 92.72% share, while the remaining shares are owned by public shareholders.

Armee Infotech has already surpassed its financial performance from the fiscal year 2023 in the nine-month period ending December FY24. The company reported a profit of ₹24.96 crore on a revenue of ₹560.2 crore during this period. In the financial year 2023, profit grew by 393% to ₹16.6 crore compared to ₹3.4 crore in the previous year. Revenue from operations increased by 301.6% to ₹502.7 crore in the same period.

However, in the financial year ending March FY22, the company’s profit was ₹3.4 crore, a 9.7% decrease from ₹3.7 crore in FY21. Revenue during this time increased by 19.2% to ₹125.2 crore.

Khandwala Securities and Saffron Capital Advisors are the book running lead managers for the IPO.