CSM Technologies IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 1.02x |
| NII | 1.54x |
| Retail (RII) | 1.63x |
| Total | 1.37x |
Bidding day 6 · final figures at close of bidding: 15 Jul 2026, 12:00 am IST
IPO Details
- Open Date
- 24 Jun 2026
- Close Date
- 29 Jun 2026
- Listing Date
- 2 Jul 2026
- Face Value
- ₹10
- Fresh Issue
- ₹145.78 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE, BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 132 | ₹14,916 |
| Retail (Max) | 14 | 1,848 | ₹2,08,824 |
| B-HNI (Min) | 68 | 8,976 | ₹10,14,288 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 17,70,120 | 13.72% |
| QIB (ex-anchor) | 46,15,380 | 35.78% |
| NII | 19,15,650 | 14.85% |
| — sNII (< ₹10L) | 6,38,550 | 4.95% |
| — bNII (> ₹10L) | 12,77,100 | 9.9% |
| Retail | 44,69,850 | 34.65% |
| Employee | 1,30,000 | 1.01% |
| Total | 1,29,01,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | EPS (₹) |
|---|---|---|---|---|---|---|
| FY 2023 | 161.5 | 15.82 | 27.87 | 50.31 | 80.02 | — |
| FY 2024 | 198.65 | 12.55 | 23.71 | 59.75 | 124.45 | — |
| FY 2025 | 200.63 | 14.09 | 29.27 | 76.18 | 154.55 | — |
| Dec 2025 (interim) | 167.05 | 14.7 | 30.07 | 88.88 | 206 | 3.64 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 31.05x
- P/E (post-issue)
- 29.75x
- RoNW
- 16.54%
- RoE
- 23.75%
- RoCE
- 24.4%
- Debt / Equity
- 0.86
- EPS (pre-issue)
- ₹3.64
- EPS (post-issue)
- ₹3.8
- EBITDA Margin
- 18.16%
- PAT Margin
- 8.8%
- P/BV
- 4.92x
- NAV / share
- ₹22.97
- Market Cap
- ₹583.12 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding working capital requirements of the Company | ₹56 Cr |
| Prepayment or repayment of all or a portion of certain outstanding borrowings availed by Company | ₹22.63 Cr |
| Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes | ₹50.16 Cr |
| Issue Expenses | ₹17 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to Book Running Lead Manager (including underwriting commission, brokerage and selling commission, as applicable) | ₹4.01 Cr |
| Commission/processing fee for SCSBs, Sponsor Banks and fees payable to sponsor bank(s) for bids made by RIBs, Bankers to the Issue, Brokerage and Syndicate Fees, bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹0.23 Cr |
| Fees Payable to the Registrar to the Issue | ₹0.03 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE and NSE Processing fees, book building software fees and other regulatory expenses | ₹1.05 Cr |
| Printing and Distribution of Stationery | ₹0.08 Cr |
| Advertising and Marketing expenses | ₹0.78 Cr |
| Fees payable to legal counsel | ₹1.49 Cr |
| Fees payable to other advisors to the Issue, including but not limited to Statutory Auditors, industry report provider, and practising company secretary | ₹9.08 Cr |
| Miscellaneous expenses | ₹0.25 Cr |
Promoters & Shareholding
Promoters: Priyadarshi Pany and Lagna Panda
- Holding (pre-issue)
- 94.9%
- Holding (post-issue)
- 71.18%
- Dilution
- 23.72%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE | FII/FPI | 8,85,060 | ₹113 | 10 | 50% |
| ZEAL GLOBAL OPPORTUNITES FUND | FII/FPI | 8,85,060 | ₹113 | 10 | 50% |
Anchor bidding took place on 23 Jun 2026. Anchor lock-in: 50% of shares unlock on 30 Jul 2026, the remainder on 28 Sept 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| CSM Technologies | 3.72 | 118.73 | — | 18.49% | — |
| Allied Digital Service Ltd | 4.98 | 106.73 | 24.44x | 5.34% | 1.12x |
| Dev Information Technology Ltd | 6.85 | 30.45 | 4.12x | 21.54% | 0.93x |
| Silver Touch Technologies Ltd | 17.5 | 105.44 | 11.91x | 16.6% | 1.98x |
| Trigyn Technologies Ltd. | 3.82 | 240.71 | 14.58x | 1.59% | 0.23x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Avoid |
Third-party analyst views on the CSM Technologies IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the CSM Technologies IPO
The CSM Technologies mainboard IPO runs from 24 Jun 2026 to 29 Jun 2026, offered at a price band of ₹107–113 per share, and is set to list on NSE and BSE. The company is looking to raise ₹145.78 crore through the offer. Retail investors bid in lots of 132 shares, a minimum application of ₹14,916.
Issue structure
The IPO is structured entirely as a fresh issue of ₹145.78 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements of the company (₹56 crore), alongside achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes (₹50.16 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2025, CSM Technologies reported revenue of ₹167.05 crore and a net profit of ₹14.7 crore. Revenue grew from ₹161.5 crore in FY2023 to ₹167.05 crore in FY2025 (+3.0%). Net worth stood at ₹88.88 crore at the end of FY2025. At the upper band, that puts the issue at roughly 31.0× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 29.75× post-issue earnings and 4.92× book value, against a return on net worth of 16.54% and a debt-to-equity ratio of 0.86. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Allied Digital Service Ltd and Dev Information Technology Ltd, with a median peer P/E of about 13.2×. The issue's own post-issue P/E works out to 29.75×.
Promoters
The promoters of the company are Priyadarshi Pany and Lagna Panda. Promoter holding stands at 94.9% before the issue and comes down to 71.18% after listing.
Grey market premium (GMP)
In the unofficial grey market, CSM Technologies shares are quoted at a premium of ₹0 implying an expected listing around ₹113, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The CSM Technologies IPO was subscribed 1.37 times overall. The strongest demand came from retail investors at 1.63 times, with qualified institutional buyers (QIB) at 1.02× and non-institutional investors (NII) at 1.54×.
Listing performance
CSM Technologies listed on 2 Jul 2026 at ₹113, a premium of +0.0% over the issue price of ₹113.
What to weigh
When evaluating the CSM Technologies IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About CSM Technologies
Incorporated in 1998, CSM Technologies is one of the few IT solution providers that have delivered unique projects for both government and private clients. It specializes in GovTech and digital transformation, offering solutions across sectors like mining, agriculture, trade, education, healthcare, tourism, and public services. The company has 27 years of experience in building e-governance platforms and digital infrastructure, working as long-term partners for government agencies. Its solutions help improve efficiency, enable data-driven decisions, and deliver citizen-focused services. The company also provides consulting, advisory, and self-service technologies to help governments and businesses automate and manage customer-facing processes. Key Projects Agriculture: Farmer empowerment systems like KRUSHAK Odisha , SAFAL (credit facilitation), and GO SUGAM (single-window for fisheries/animal resources). International projects include Kenya’s seed certification, Ethiopia’s Wheat Rust Warning System, and National Soil Information System. Education: Platforms like SAMS Odisha (student management), OFSS Bihar (admissions), eSikshakosh , and the Unified Scholarship Portal . These projects have won national awards. Governance: AI/ML-based grievance systems like Mo Sarkar , integrating call centers and analytics for real-time feedback. Industry & Trade: Digital Logistics Management System for JSW Steel, later adopted by state governments. Urban Development: Systems like ILMIS , Property Tax, and city administration platforms in Africa. Social Protection: Social Protection Delivery Platform (SPDP) in India, Ethiopia, and Gambia for welfare targeting. Investor Facilitation: GO-SWIFT in Odisha, and similar single-window systems in Chhattisgarh, Aurangabad (AURIC), and Himachal Pradesh. Analytics & Dashboards: Real-time performance monitoring for Odisha and Chhattisgarh. Donor Aid Management: Digital platforms in Rwanda and Mozambique for tracking grants and aid. As of June 30, 2025, its order book stood at Rs 31,732.96 lakhs. Its market presence spans across 12 countries, including India, Ethiopia, Kenya, Rwanda, Gambia, Gabon, the USA, and Canada. Its customer base comprises governments, PSUs, development agencies, and enterprises. Competitive strengths Deep sectoral expertise across a diversified spectrum of industries Proprietary technology driven innovations and patented technology developed in-house Extensive geographic footprint with scalable operations across key markets Established presence in a high-entry-barrier industry Experienced Promoters and Senior Management team, having domain knowledge Track record of healthy financial performance
CSM Technologies — Contact Details
- Registered office
- Plot No-E/56, Infocity-1, Chandrasekharpur, Dist.: Khurda, Khordha, Bhubaneshwar, Odisha, 751024
- Phone
- +0674 6635900
- secretarial@csm.tech
- Website
- www.csm.tech/
- Registrar (IPO queries)
- csmtechnologies.ipo@kfintech.com
Frequently asked questions
- What is the CSM Technologies IPO price band?
- The CSM Technologies IPO price band is ₹107 to ₹113 per share, with a lot size of 132 shares.
- What was the CSM Technologies IPO GMP before listing?
- The final grey market premium recorded before the CSM Technologies IPO listed was ₹0. The IPO listed on 2 Jul 2026 at ₹113, +0.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the CSM Technologies IPO open and close?
- The CSM Technologies IPO opens on 24 Jun 2026 and closes on 29 Jun 2026.
- When is the CSM Technologies IPO allotment and listing date?
- Allotment is expected on 30 Jun 2026. The shares are scheduled to list on 2 Jul 2026 on NSE and BSE.
- How many times was the CSM Technologies IPO subscribed?
- The CSM Technologies IPO was subscribed 1.37 times in total across all investor categories.
- What is the reservation split in the CSM Technologies IPO?
- Of the total shares offered, retail investors get 34.65%, QIBs 35.78% (plus 13.72% anchor), non-institutional investors 14.85%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of CSM Technologies and what is their holding?
- The promoters are Priyadarshi Pany and Lagna Panda. Promoter holding is 94.9% before the issue and 71.18% after listing.
- What is the P/E ratio of the CSM Technologies IPO?
- At the upper price band, the CSM Technologies IPO is valued at 31.05× pre-issue earnings and 29.75× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the CSM Technologies IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the CSM Technologies IPO?
- The book-running lead manager is Keynote Financial Services Ltd..
- Is CSM Technologies a Mainboard or SME IPO?
- CSM Technologies is a Mainboard IPO, listing on NSE and BSE.