The CSM Technologies IPO opened for subscription on 24 June 2026 and will close on 29 June 2026, while the anchor investor portion opened on 23 June.
Ahead of the public issue, the company raised ₹20 crore from anchor investors by allotting 17,70,120 equity shares at ₹113 per share. Key anchor investors included Nova Global Opportunities Fund, PCC-Touchstone, and Zeal Global Opportunities Fund.
The CSM Technologies IPO price band has been fixed at ₹107-113 per equity share with a face value of ₹10. The CSM Technologies IPO lot size is 132 equity shares, and in multiples thereof.
Under the issue structure, up to 50% of the net offer has been reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and at least 35% for retail investors. Additionally, up to 1.30 lakh equity shares have been earmarked for eligible employees.
The CSM Technologies IPO allotment is expected to be finalised on 30 June 2026. Refunds are likely to be initiated on 1 July, while shares will be credited to successful applicants’ demat accounts on the same day. The CSM Technologies share price is expected to debut on the BSE and NSE on 2 July 2026.
CSM Technologies is among the few Indian IT solutions providers with a strong presence across both government and private-sector projects. The company specialises in GovTech and digital transformation services, offering technology-driven solutions across sectors such as mining, agriculture, trade, education, healthcare, tourism, and public services.
CSM Technologies IPO GMP today
CSM Technologies IPO GMP today is +4. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the CSM Technologies share was ₹117 apiece, which is 3.54% higher than the IPO price of ₹113.
Based on grey market trends over the last 12 sessions, today’s IPO GMP shows an upward trend and is anticipated to have a robust listing. Experts note that the lowest GMP recorded is ₹0.00, while the highest stands at ₹4.
‘Grey market premium‘ indicates investors’ readiness to pay more than the issue price.
CSM Technologies IPO review
Brokerages have offered mixed recommendations on the CSM Technologies IPO, weighing the company’s strong niche in the GovTech segment and healthy margins against its valuation and working capital challenges.
Anand Rathi recommends ‘Subscribe’ for long term
Anand Rathi Research has assigned a ‘Subscribe – Long Term’ rating to the issue. The brokerage noted that CSM Technologies has established a strong presence in the GovTech space and is valued at around 41.6x FY25 earnings at the upper end of the price band.
While acknowledging that the valuation largely reflects the company’s strengths, Anand Rathi believes CSM’s consistent operating performance, established market position and robust financial track record make it a suitable long-term investment.
Swastika Investmart stays neutral
Swastika Investmart has maintained a ‘Neutral’ rating on the IPO, citing valuation concerns.
According to the brokerage, the issue is priced at nearly 31x earnings, representing a premium to several listed peers despite CSM Technologies’ relatively smaller scale of operations. It believes the current pricing leaves limited room for near-term upside.
SBI Securities highlights strengths, flags receivables risk
SBI Securities has also assigned a ‘Neutral’ rating to the IPO.
The brokerage said CSM Technologies operates in the high-entry-barrier GovTech segment, providing mission-critical digital transformation and e-governance solutions to government departments and regulated industries. At the upper price band of ₹113, the issue is valued at 30.7x annualised 9MFY26 earnings on a post-issue basis, which SBI Securities considers relatively attractive compared with peers.
The brokerage highlighted the company’s strong operating margins, niche positioning, scalable technology platform and favourable long-term growth prospects driven by rising government spending on digital infrastructure.
However, SBI Securities expressed concerns over the company’s working capital profile. Receivable days increased from 58 days in FY23 and 55 days in FY24 to 89 days in FY25, and are expected to remain elevated at around 129 days during FY26-FY27. It said the extended receivables cycle, resulting from milestone-based revenue recognition and delayed customer payments, could weigh on cash flows and liquidity.
Given these risks, SBI Securities prefers to monitor the company’s execution and financial performance for a few quarters after listing before turning more constructive on the stock.
CSM Technologies IPO Subscription Status
CSM Technologies IPO subscription status was 66% on day 2, so far. The retail portion is subscribed 75%, and NII portion has been booked 1.09x, QIBs portion received 38% bids.
The company has received bids for 73,25,208 shares against 1,11,30,880 shares on offer at 17:00 IST, according to BSE data.
CSM Technologies IPO details
CSM Technologies is offering an IPO comprising a new issuance of 1.29 crore equity shares, with no offer-for-sale (OFS) component.
The provider of GovTech and digital transformation solutions intends to use the raised funds to support its growth strategy. Of the total capital raised, ₹53 crore is designated for working capital needs, while ₹25.88 crore will be allocated to repay existing debts. The remaining funds will be directed towards inorganic growth opportunities, including potential acquisitions, as well as general corporate uses.
Keynote Financial Services is serving as the book-running lead manager for the offering.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
