CSM Technologies' initial public offering (IPO), open from June 24 to June 29, was subscribed 1.37 times, indicating moderate investor interest. The company, a GovTech-focused IT solutions provider, plans to list its shares on the BSE and NSE on July 2.
The IPO comprised a fresh issue of 1.29 crore shares, raising Rs 145.78 crore at the upper end of the Rs 107-113 price band. Retail investors subscribed 1.63 times, while the qualified institutional buyers (QIB) category saw 1.02 times subscription. The non-institutional investor (NII) segment was subscribed 1.54 times, and the employee quota was subscribed 1.82 times.
Incorporated in 1998, CSM Technologies specializes in digital transformation projects for governments and enterprises, with a presence in 12 countries, including India, Ethiopia, and the US. As of March 31, 2026, the company had an order book worth Rs 357.6 crore.
For the financial year ending March 2025, CSM Technologies reported a total income of Rs 200.63 crore and a profit after tax of Rs 14.09 crore. In the nine months ending December 2025, it posted revenue of Rs 167.05 crore and a net profit of Rs 14.70 crore.
The IPO proceeds will be used for working capital, debt repayment, and strategic acquisitions. Despite full subscription, the lack of a grey market premium suggests cautious sentiment among investors.
Background
CSM Technologies' IPO reflects the ongoing interest in GovTech solutions, a sector poised for growth as governments increasingly adopt digital platforms. The company's projects include Odisha's KRUSHAK platform and Bihar's Online Facilitation System for Students.
Investors will be closely monitoring the stock's performance upon listing, with attention on institutional demand and broader market conditions to gauge its debut-day success.
