CSM Technologies IPO
ListedMainboardOpens 24 June 2026Closes 29 June 2026
CSM Technologies Limited, incorporated in 1998, is a highly specialized IT solutions provider focusing on GovTech, digital governance infrastructure, and large-scale enterprise transformation. With over 27 years of…
CSM Technologies Limited, incorporated in 1998, is a highly specialized IT solutions provider focusing on GovTech, digital governance infrastructure, and large-scale enterprise transformation. With over 27 years of operating heritage, the company functions as a trusted technological implementation partner for state, national, and international sovereign agencies. Its robust product and platform architecture handles complex end-to-end ecosystems crossing agricultural management (KRUSHAK Odisha, GO SUGAM), centralized admissions (SAMS Odisha, OFSS Bihar), real-time AI/ML-driven public service analytics (Mo Sarkar), and business investor single-window clearings (GO-SWIFT). CSM maintains a diversified global footprint, delivering digital products and consulting across 12 countries spanning India, Africa (Ethiopia, Kenya, Rwanda, Gambia), and North America.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
24 Jun 2026
IPO Closes
29 Jun 2026
Allotment
30 Jun 2026
Listing
2 Jul 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 24 June 2026 |
| IPO Close Date | 29 June 2026 |
| Allotment Date | 30 June 2026 |
| Listing Date | 2 July 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,916 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,93,908 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,08,824 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,99,372 |
BHNIAbove ₹10,00,000 | 68 | ₹10,14,288 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 35.00% |
| Total | 100.00% |
IPO Objectives
- Funding the comprehensive long-term working capital requirements of the Company (₹56.00 Cr).
- Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the Company from commercial banks (₹22.63 Cr).
- Funding inorganic growth through strategic unidentified acquisitions, joint ventures, and generic corporate development layouts.
Strengths
- The company establishes a Formidable GovTech Moat, backed by over 27 years of deep domain experience building and executing massive, multi-sector digital transformation blueprints for government bodies.
- It is supported by a Substantial Visible Order Book, giving high revenue visibility with a verified outstanding order book pipeline standing at ₹357.63 Crores as of March 2026.
- The business maintains a Geographically Diversified Risk Profile, with an operational footprint spanning across 12 independent country corridors, managing sovereign contracts and donor-funded welfare initiatives in the US, Canada, and East Africa.
- The firm delivers Premium Capital Efficiency, generating robust operational return metrics, tracking a restated financial RoCE of 24.40% and a standard ROE of 23.75% for late 2025.
- It benefits from a Clean Structural Capital Inflow, where 100% of the public issue sizing (₹145.78 Cr) consists entirely of fresh issue capital, ensuring entire fund lines route straight into business scaling and bank de-leveraging.
Weaknesses
- The operations face significant Sovereign Concentration Risks, leaving its financial performance deeply exposed to public tender renewals, political policy changes, and extended working capital clearance timelines typical of government clients.
- It demonstrates Inconsistent Historical Bottom Lines, with restated profits showing a historical dip from ₹15.82 Cr in FY23 to ₹12.55 Cr in FY24 before adjusting upward into modern digital governance tracks.
- The business shows Plateauing Near-Term Revenues, where annualized income numbers for the 9-month window ending December 2025 (₹167.05 Cr) signal a flattening revenue curve relative to the complete prior fiscal year baseline of ₹200.63 Cr.
- The issue experiences a Highly Restrained Unofficial Appetite, with initial grey market attention tracking quiet and highly conservative, as an early quote sits at a minor premium of ₹4 per share (~3.54% scaling).
Financial Performance
| Period Ended | 31 Dec 2025 (9M) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 206 | 154.55 | 124.45 | 80.02 |
| Revenue (₹ Cr.) | 167.05 | 200.63 | 198.65 | 161.5 |
| PAT (₹ Cr.) | 14.7 | 14.09 | 12.55 | 15.82 |
| Net Worth (₹ Cr.) | 88.88 | 76.18 | 59.75 | 50.31 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| CSM Technologies | 4.92 | 29.75 | 23.75% | 88.88 |
| Silver Touch | 13.89 | 65.9 | 21.06% | 134.02 |
| Dev Information | 1.45 | 2.1 | 1.04% | 69.21 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0.38x | 1.02x |
| NII | 0.53x | 1.09x | 1.54x |
| S-HNI | 0.18x | 0.45x | 1.33x |
| B-HNI | 0.71x | 1.42x | 1.65x |
| RII | 0.42x | 0.75x | 1.63x |
| EMP | 0.48x | 0.92x | 1.82x |
| Total | 0.26x | 0.66x | 1.37x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 46,15,380 | 47,08,968 | 53.21 |
| NII | 19,15,650 | 29,58,912 | 33.44 |
| Small NII | 6,38,550 | 8,48,232 | 9.59 |
| Big NII | 12,77,100 | 21,10,680 | 23.85 |
| RII | 44,69,850 | 72,97,488 | 82.46 |
| EMP | 1,30,000 | 2,36,808 | 2.68 |
| Total | 1,11,30,880 | 1,52,02,176 | 171.78 |
Company Details
- CSM Technologies Ltd.
- Plot No - E/56, Infocity-1, Chandrasekharpur, Dist.: Khurda, Khordha, Bhubaneshwar, Odisha, 751024
- +91 674 6635900
- secretarial@csm.tech
- https://www.csm.tech/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- csmtechnologies.ipo@kfintech.com
- https://ipostatus.kfintech.com/
Frequently Asked Questions
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CSM Technologies IPO News & Updates
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CSM Technologies IPO IPO Pages
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CSM Technologies IPO Details
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CSM Technologies IPO GMP
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CSM Technologies IPO Subscription
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CSM Technologies IPO Allotment
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CSM Technologies IPO Review
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CSM Technologies IPO Registrar
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Sources
We match CSM Technologies IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Kfin Technologies Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.