Subscribe for ArMee Infotech Ltd IPO; Anand Rathi

According to fresh market updates, Anand Rathi, ArMee Infotech Ltd

ArMee Infotech Limited is an IT infrastructure and IT managed services Firm, which has ventured into the retail sales space through Experience Zones engaged in the sale of IT, consumer electronics, and gaming and merchandise products, and engaged in the Renewable Energy Space, including engineering, procurement and construction (“EPC”) of solar power projects and development of solar power projects under power purchase agreements (“PPAs”) and Battery Energy Storage System (“BESS”). The firm is headquartered in Ahmedabad, Gujarat and services both Government/public sector undertakings (PSUs) and private sector clients including wherein the end users are Government / PSUs which operate across a wide variety of industries. A majority of the firm’s revenues are at present derived from servicing Government/PSU projects.

At the upper price range, the firm is valued at 26.2x FY26 P/E and 17.83x FY26 EV/EBITDA, implying a post-offering market capitalization of ₹11,899 million. The firm’s established presence in IT Infrastructure and IT Managed Services, sizeable Government/PSU client base, firm ongoing project pipeline and expansion into Renewable Energy provide multiple avenues for expansion. Accordingly, we recommend a “Subscribe – Long Term” rating for the offering.

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