The CSM Technologies IPO entered its third day of bidding on Thursday with 66% overall subscription as of 17:00 IST, showing continued strong investor interest. According to Business Standard, the issue received bids for 73.23 lakh shares against the 1.11 crore shares on offer, with the high-value non-institutional investor (NII) portion fully subscribed at 100% while the retail individual investor (RII) portion was subscribed 0.62 times. The employee reservation was subscribed 0.74 times, though the qualified institutional buyers (QIB) portion remains unsubscribed with no bids received as institutional investors typically bid on the final day. The public issue will remain open until June 29, 2026, with basis of allotment expected on June 30, 2026, and shares scheduled to debut on Thursday, July 2, 2026 on both NSE and BSE. The IPO price band has been set at ₹107 to ₹113 per share, with the lot size of 132 shares requiring a minimum investment of ₹14,916.
In the grey market, CSM Technologies shares are trading at a muted grey market premium of ₹4 or 3.6% over the upper price band, indicating mixed investor sentiment. As per Livemint, the grey market premium reflects current market expectations, with the potential listing price at ₹117 per share, representing a 3.54% premium to the issue price of ₹113. At the upper price band, CSM Technologies is valued at a pre-IPO market capitalisation of about ₹583 crore. The company's shares are expected to make their D-Street debut on July 2, 2026, marking the end of the subscription period and beginning of trading on the stock exchange.
Anand Rathi has recommended subscribing to the issue for long-term gains, stating the company is valued at about 41.6 times FY25 earnings and is fairly valued with a strong market position and consistent track record. According to Livemint, the brokerage firm noted that "CSM Technologies Ltd, with a strong market share in the industry valued at ~41.6x P/E on FY25 earnings (at the upper band) is valued fairly. Considering the company's consistent track record & superior financial metrics, the valuation is fully priced in." However, SBI Securities has assigned a neutral rating to the issue, noting that at 30.7x P/E on a post-issue basis, the IPO appears relatively attractive compared with peers. The research firm highlighted that CSM Technologies operates in the GovTech segment, providing digital transformation and e-governance platforms to government and regulated sectors.
According to The Economic Times, for FY25, CSM Technologies reported revenue of ₹180.67 crore, up from ₹167.71 crore in FY24. Profit after tax (PAT) increased to ₹15.82 crore from ₹12.63 crore during the same period, with earnings per share (EPS) standing at ₹3.64 for FY25. Based on FY25 earnings, the IPO is priced at a price-to-earnings (P/E) multiple of approximately 42.6x. As of March 31, 2026, the company's order book stood at ₹357.63 crore, providing revenue visibility for the coming years. The company successfully raised ₹20 crore from anchor investors on June 23, with allocation finalized to 1.77 million shares at ₹113 per share to two anchor investors including Nova Global Opportunities Fund PCC and Zeal Global Opportunities Fund. Recent financial data shows the company's revenue from operations was ₹165.5 crore for the nine months ended December 2025, with net profit of ₹14.7 crore.
The public issue is entirely a fresh issue with no offer for sale (OFS) component, seeking to raise ₹145.78 crore through the issue. According to Business Standard, the fresh issuance comprises 1.29 crore equity shares worth ₹145.78 crore at the upper price band of ₹113. The company plans to utilize proceeds for funding working capital requirements (₹56.0 crore), repayment of part of outstanding borrowings (₹22.63 crore), inorganic growth through unidentified acquisitions and strategic initiatives, and general corporate purposes. The net offer comprises 46.15 lakh shares for qualified institutional buyers, 19.15 lakh shares for non-institutional investors, and 44.69 lakh shares for retail investors, with an additional 1.3 lakh shares reserved for employees. The issue structure allocates half of the net issue to qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors. The minimum investment requirement is ₹14,916 for one lot of 132 shares, with a maximum investment of ₹1,93,908 for 13 lots. Keynote Financial Services Ltd. serves as the book running lead manager and Kfin Technologies Ltd. acts as the registrar for the issue.
