CSM Technologies IPO Day 2: The three-day subscription window for the initial public offering (IPO) of IT solution provider CSM Technologies Limited opened on Wednesday, June 24, and today is the second day of the bidding process. It will remain open for public subscription until Monday, June 29. The Indian stock markets – NSE and BSE – are closed on Friday, June 26, 2026, on account of Muharram.
According to several websites that track grey market activities, the shares of CSM Technologies are trading with modest GMP, signalling decent gains for investors.
Created with AI. Errors are possibleCSM Technologies IPO price band, size
CSM Technologies has a price band in the range of Rs 107 to Rs 113 per share for the public issue. The IPO size is Rs 145.78 crore, comprising a fresh issue of 12,901,000 shares.
The company’s post-issue market capitalisation is estimated to be Rs 583 crore at the upper end of the price band.
CSM Technologies IPO Subscription Status Day 1
CSM Technologies IPO was subscribed to 26 per cent on the first day of the share sale on Wednesday. The issue received bids for 28,52,784 shares against 1,11,30,880 shares on offer, according to data from the NSE.
The portion for Non-Institutional Investors received a 53 per cent subscription, while Retail Individual Investors (RIIs) subscribed for 40 per cent.
The Qualified Institutional Buyers (QIBs) category saw no participation so far.
CSM Technologies raised Rs 20 crore from anchor investors on Tuesday.
CSM Technologies IPO Review: Should investors bid for the issue
SMIFS: ‘Subscribe’ rating for CSM Technologies IPO
Brokerage house SMIFS has assigned a ‘subscribe’ rating to the public issue of CSM Technologies.
According to the brokerage, the increasing adoption of digital governance and technology-enabled public service delivery continues to create a favourable growth environment for GovTech companies.
It further stated that CSM Technologies is well-positioned to capitalise on this opportunity. The company possesses over 27 years of GovTech expertise, diversified presence across key sectors including mining, governance, agriculture, education, healthcare and trade facilitation, and a proven track record of executing mission-critical digital transformation projects.
“The company benefits from proprietary technology platforms, patented solutions, strong domain expertise, high client stickiness (95.7% of 9MFY26 revenue from existing customers), and a healthy order book of Rs 3,764 mn, providing strong revenue visibility. Its expanding presence across India, Africa and North America, coupled with investments in AI/ML, cybersecurity, CRM and automation capabilities, provides multiple growth avenues,” it said.
Further, industry-leading EBITDA margins among peers, healthy return ratios, and a strengthened balance sheet post debt repayment support its long-term growth outlook.
Stating that given the company’s niche GovTech positioning, scalable business model, proprietary technology platforms, strong client relationships and long-term growth opportunities, the brokerage stated, “we expect CSM Technologies to deliver strong earnings growth over the medium term. With revenue having the potential to nearly double over the next 2-3 years, supported by a healthy order book, expanding digital transformation opportunities and continued investments in AI-led capabilities, we recommend subscribing to the issue from a long-term investment perspective.”
SBI Securities: ‘Neutral’ rating for CSM Technologies IPO
Brokerage house SBI Securities has assigned a ‘Neutral’ rating to the IPO. The brokerage noted that CSM Tech operates in the GovTech sector, which is characterised by high barriers to entry. The company provides critical digital transformation and e-governance platforms to the government and other regulated sectors. During the FY23–25 period, the company recorded a CAGR of 11.4% in revenue, 2.5% in EBITDA, and -5.6% in profit (PAT).
At the upper price band of Rs 113, the issue is valued at 30.7 times P/E (based on annualised 9MFY26 figures), which appears attractive compared to peers. The company boasts a strong margin profile and is benefiting from opportunities arising from its niche market position, scalable technology platforms, and increasing government spending on digital infrastructure.
CSM Technologies IPO Proceeds
The proceeds from the fresh issue will be utilised to fund working capital requirements and repay debt, with the remainder allocated towards achieving inorganic growth.
CSM Technologies IPO GMP Today
According to several websites that track grey market premium, CSM Technologies IPO is commanding a GMP of Rs 4 over the issue price. With the price band of Rs 113, CSM Technologies IPO’s estimated listing price is Rs 117 (cap price + today’s GMP). The expected percentage gain per share is 3.54 per cent.
CSM Technologies IPO allotment date
The basis of allotment is expected to be finalised on June 30, 2026.
CSM Technologies IPO Listing
CSM Technologies Financials
The company’s revenue from operations was Rs 165.5 crore for the nine months ended December 2025, and its net profit was Rs 14.7 crore.
Its revenue from operations was Rs 199.24 crore during FY25 as against Rs 196.71 crore during FY24. Its net profit was Rs 14.08 crore during FY25, compared to Rs 12.54 crore during FY24.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
