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The initial public offering of CSM Technologies launched for public subscription today, with the bidding window set to close on June 29, 2026. The capital raise is structured entirely as a fresh issue of 1.29 crore equity shares. Ahead of the public opening, the company successfully secured ₹20 crore by allocating 17.70 lakh shares to anchor investors.
The IPO is priced between Rs. 107-Rs. 113 and the minimum application size is 132 shares, which is equal to Rs. 14,916 at the upper price band. The company plans to go public on the BSE and the NSE on 2 July 2026.
On 23 June, CSM Technologies allotted shares worth Rs. 20 crore to anchor investors. According to the company, key players included Nova Global Opportunities Fund, PCC-Touchstone, and Zeal Global Opportunities Fund.
The IPO reserves 50% for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Investors. Approximately 1.3 crore equity shares are also being allotted to eligible employees.
The company plans to use Rs. 25.88 crore of the proceeds to repay debt, and the balance will be used for acquisitions and other corporate purposes.
Bhubaneswar-based CSM Technologies has specialized in GovTech and digital transformation solutions for various sectors, including mining, agriculture, education, healthcare, tourism, trade, and public services, since its inception in 1998.
The company's revenue for the financial year FY25 stood at Rs. 200.63 crore, while its net profit came in at Rs. 14.09 crore. The revenue for the nine months ended on 31st December 2025 was Rs. 167.05 crore and the net profit was Rs. 14.70 crore.
The CSM Technologies IPO GMP today is Rs. 4 as per the grey market. The upper price band of Rs. 113 suggests that the estimated listing price will be around Rs. 117, a 3.5% premium.
Investor sentiment has been conservative in the last week, with the grey market premium in the range of Rs. 0 to Rs. 4.
IPO Opens: 24 June 2026
IPO Closes: 29 June 2026
Allotment: 30 June 2026
Refunds & Demat Credit: 1 July 2026
Listing: 2 July 2026
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CSM Technologies, with a strong market share in the industry valued at 41.6 times P/E on FY25 earnings, is valued fairly, said Anand Rathi. "Considering the company’s consistent track record & superior financial metrics, the valuation is fully priced in. Hence, we recommend subscribing for long-term gains," it added.
CSM Technologies operates in the high‑entry‑barrier GovTech space, providing mission‑critical digital transformation and e‑governance platforms to government and regulated sectors. It has reported a CAGR of 11.4% in revenue, 2.5% in EBITDA and -5.6% in PAT between FY23 and FY25. The issue looks relatively attractive to its peers, said SBI Securities.
Swastika Investmart and Arihant Capital Markets have given a ‘Neutral’ rating to the IPO as it seems to be priced in line with its size and earnings profile.
Meanwhile, Marwadi Financial Services said its peers are mainly trading at a valuation in line with it. "We assign an 'avoid' rating to this IPO due to the company's modest financial growth and negative operating cash flows in the recent past," it added.
