The initial public offering (IPO) of CSM Technologies, an IT solutions provider, opened for subscription on June 24 and received a muted response from investors on the first day of bidding.
By the end of Day 1, the issue was subscribed 0.26 times, with bids received for 29.30 lakh shares against the 1.11 crore shares on offer, according to exchange data.
The retail portion was subscribed 0.42 times, while the non-institutional investor (NII) segment was subscribed 0.53 times. The qualified institutional buyers (QIB) portion is yet to open for bidding.
CSM Technologies IPO details
The ₹146-crore CSM Technologies IPO is entirely a fresh issue of equity shares with a face value of ₹10 each. The public offering does not include any offer-for-sale (OFS) component, meaning the entire proceeds from the issue will accrue to the company.
At the upper end of the price band of ₹113, CSM Technologies is expected to command a post-issue market valuation of approximately ₹583 crore.
The IPO has reserved up to 50% of the issue for qualified institutional buyers (QIBs), not less than 15% for non-institutional investors (NIIs), and not less than 35% for retail investors.
CSM Technologies IPO allotment and listing details
Tentatively, the basis of allotment for the CSM Technologies IPO is expected to be finalised on June 30. The company is likely to initiate refunds on July 1, while shares are expected to be credited to the demat accounts of successful applicants on the same day.
The shares of CSM Technologies are scheduled to be listed on both the BSE and NSE on July 2.
Meanwhile, the grey market premium (GMP) of CSM Technologies stood at ₹4 as of today, indicating a potential listing price of ₹117, which is 3.6% higher than the issue price of ₹113.
About CSM Technologies
The IT solutions company specialises in providing GovTech solutions and digital transformation services. As per the Red Herring Prospectus (RHP) of the public issue, the company provides technology solutions across sectors such as mining and allied services, government and public services, agriculture and allied services, industry and trade facilitation, education, healthcare and tourism.
In terms of financial performance, the company posted net profits of ₹15.82 crore, ₹12.55 crore and ₹14.09 crore in FY23, FY24 and FY25, respectively. In FY26, up to December 31, 2025, its profit stood at ₹14.70 crore.
Revenue from operations stood at ₹160.44 crore, ₹196.71 crore and ₹199.24 crore in FY23, FY24 and FY25, respectively. In FY26, up to December 31, 2025, its revenue stood at ₹165.52 crore.
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