CSM Technologies Summary
The business operates through the provision of IT solutions which specializes in GovTech and digital transformation, offering its solutions in industries such as mining, agriculture, trade, education, health, tourism, and government departments. Founded in 1998, CSM Technologies is one of the handful of companies that provide unique solutions to both governmental and private entities. The firm boasts of having 27 years of experience in providing e-governance services to government institutions. Solutions from this firm are meant to make decision making easy, improve efficiency, and provide services to citizens. The firm also offers advisory, consultancy services, and technologies aimed at automating customer facing business processes. The geographical scope of operations includes 12 countries including India, Ethiopia, Kenya, Rwanda, Gambia, Gabon, USA, and Canada.
With respect to the process that goes into the operations of the business, the company develops e-governance platforms and digital infrastructures by way of innovation and patented technologies. The company serves a variety of customers including governments, PSUs, development organizations, and corporates in 12 different countries. Revenue generation will not be an issue for the company due to the fact that the company possesses sector-specific knowledge in diverse sectors, patented technology, a broad geographical reach with scalable operations, high barrier to entry industry with strong presence, competent promoters and managerial personnel, and strong financial performance in the past. As on June 30, 2025, its order book was ₹31,732.96 lakhs (₹317.33 Cr).
BSE, NSE book-built issue by CSM Technologies Ltd., wherein face value is ₹10 per share with the price band of ₹107.00–₹113.00 per share. Issue size of ₹145.78 Cr (entirely fresh issue). Issue is bifurcated between QIBs (not more than 50% of the net issue), Retail Investors (not less than 35% of the net issue), and NII Investors (not less than 15% of the net issue), and tentative listing of the stock will be on BSE, NSE on 2nd July 2026.
CSM Technologies IPO Details:
CSM Technologies Limited Issue Management:
Keynote Financial Services Ltd. acts as the book-running lead manager for CSM Technologies NSE BSE Mainboard IPO, managing underwriting and compliance.
CSM Technologies Limited IPO RTA (Registrar) Details:
Kfin Technologies Ltd. handles allotment, refunds, and demat credits - contact at 04067162222, 04079611000 or csmtechnologies.ipo@kfintech.com.
CSM Technologies Limited IPO Allotment Status:
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Visit the Kfin Technologies Ltd. IPO Application Status page.
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CSM Technologies BSE, NSE IPO totals ₹145.78 Cr (entirely fresh issue). The face value is ₹10 per share and the price band is ₹107.00–₹113.00 per share (book-built issue on BSE, NSE Mainboard).
CSM Technologies Limited IPO proceeds from the fresh issue will be deployed towards:
CSM Technologies IPO offers 1,29,01,000 equity shares (fresh issue ₹145.78 Cr only).
The anchor bidding for CSM Technologies Ltd. BSE, NSE IPO is scheduled one working day before the issue opens on 24th June 2026 (i.e., 23rd June 2026). Anchor investors will be allotted shares from the QIB portion (within the overall QIB tranche, as per mainboard IPO structure). As per the IPO reservation details, the QIB portion accounts for not more than 50% of the net issue, with anchor investors getting a part of this QIB portion. The NII (HNI) portion is not less than 15% and the Retail portion is not less than 35%.
Lock-in: The anchor allocation follows standard mainboard IPO norms, where 50% of the anchor shares are locked in for 3 months and the remaining 50% for 6 months from the listing date. The issue is scheduled to list on 2nd July 2026 on BSE, NSE.
The anchor allocation details and investor list will be disclosed in the anchor book before the IPO opening. Keynote Financial Services Ltd. is the Book Running Lead Manager (BRLM) to the issue, and the registrar for the IPO is Kfin Technologies Ltd.
CSM Technologies Ltd. has demonstrated stable and healthy financial performance over the past three years. Profit generated by CSM Technologies Ltd. is through IT solutions specializing in GovTech and digital transformation across sectors like mining, agriculture, trade, education, healthcare, tourism, and public services for government and private clients across 12 countries.
Coming to performance analysis in terms of finances, the firm has shown consistent growth, seen from the increment in Total Income, which increased from ₹161.50 crore in FY23 to ₹198.65 crore in FY24, and further to ₹200.63 crore in FY25 (1% growth between FY24 and FY25). Further, the PAT of the firm has increased from ₹15.82 crore in FY23 to ₹12.55 crore in FY24, and to ₹14.09 crore in FY25 (12% growth between FY24 and FY25). Coming to the figure of EBITDA, it is ₹27.87 crore in FY23, ₹23.71 crore in FY24, and ₹29.27 crore in FY25 (23% growth between FY24 and FY25). It may be noted that the margins were favorable as the EBITDA and PAT margins were at 14.69% and 7.02%, respectively, in FY25. ROE and ROCE of the firm have been good at 20.73% and 22.62%, respectively, in FY25. RoNW is at 18.49% (FY25). Considering the Net Worth of the firm, it increased from ₹50.31 crore in FY23 to ₹59.75 crore in FY24, and ₹76.18 crore in FY25.
Action Links:
To apply for CSM Technologies Limited IPO, open a demat account here
CSM Technologies Limited IPO Subscription Status: Check live subscription here
CSM Technologies Limited IPO GMP Update: Check latest grey market premium here
CSM Technologies Key Highlights:
CSM Technologies Ltd is one of the few IT solution providers specializing in GovTech and digital transformation with 27 years of experience (incorporated in 1998).
CSM Technologies Limited’s strengths are industry-specific knowledge across diversified sectors (mining, agriculture, trading, education, health care, tourism, public service), technology-driven innovations and patent technology that is indigenous to the company, wide geographic reach with scalable operations in 12 countries (India, Ethiopia, Kenya, Rwanda, Gambia, Gabon, United States of America, Canada), established presence in an industry with a high entry barrier, competent promoters and management team with industry knowledge, sound financial performance in the past, and a good order book of Rs. 317.33 Cr (June 30, 2025). Projects include KRUSHAK Odisha (agriculture), SAMS Odisha (education), Mo Sarkar (public governance), and international projects in Kenya, Ethiopia, Rwanda, Gambia, and Mozambique.
However, currently, the organization has demonstrated consistent efficiency in the context of financial performance, where total profit generated by the organization amounts to ₹161.50 crore for FY23, ₹198.65 crore for FY24, and ₹200.63 crore for FY25 (1% growth). On the contrary, PAT has demonstrated resilience from ₹15.82 crore for FY23, ₹12.55 crore for FY24 to ₹14.09 crore for FY25 (12% growth from FY24), whereas EBITDA has witnessed growth from ₹27.87 crore for FY23, ₹23.71 crore for FY24 to ₹29.27 crore for FY25 (23% growth). Margins with respect to EBITDA and PAT are 14.69% for EBITDA and 7.02% for PAT (FY25). ROE and ROCE margins are robust at 20.73% and 22.62%, respectively (FY25), with RoNW at 18.49% (FY25). Growth has been witnessed in net worth from ₹50.31 crore for FY23 to ₹59.75 crore for FY24, and ₹76.18 crore for FY25.
CSM Technologies Risk Factors:
The risks of CSM Technologies Limited IPO are mentioned below:
Dependence of the Company's Business on IT Project from Government Sectors: Dependence on the projects of government departments, PSUs, and developmental bodies for IT projects. Delay in approval of projects by the government authorities, reduction in budget, and change in policies will negatively affect the bottom line.
Price Fluctuation of Major Components of Operating Expenses: Dependence on technology infrastructure, human resources, and cost of operations for IT services. Fluctuation in salary costs and cost of technology would adversely affect the profitability.
Concerns regarding Data Security & Compliance: The IT solutions have concerns about data security, privacy, and compliances with international laws; lack of compliances with data protection laws carries risks.
Risk due to Liquidity from Listing: Being listed in BSE, NSE Mainboard, the business of the firm is exposed to the risk of market fluctuations.
Increased Borrowings: Borrowings increased by ₹32.17 crore during FY25 (₹30.04 crore in FY24 and ₹5.55 crore in FY23).
Dilution Risk to Promoter Stake Post-IPO: Post IPO, promoter stake in the company shall continue to be 94.90% (no dilution). The promoters are not selling any shares.
Acquisition Risk: The plan to use the funds raised from IPO under "unidentified acquisitions and other strategic initiatives" (₹66.90 Cr = 46% of the amount raised through IPO) suggests that there are uncertainties in the area of acquisitions.
Customer Concentration Risk: Dependency on government agencies and PSU's; non-payment from government customers or cancellation of projects could adversely affect revenue.
Competitors in IT Solutions Business: Existence of competitors in the business of IT solutions and GovTech business.
Moderate PAT Growth: PAT growth of 12% from FY24 to FY25 is moderate.
CSM Technologies Expert Analysis:
CSM Technologies's BSE, NSE Mainboard IPO is a book-built issue with a price band of ₹107.00–₹113.00 per share (face value ₹10). The total issue size is ₹145.78 Cr (entirely fresh issue). The IPO is structured for QIB (not more than 50%), NII (not less than 15%), and Retail (not less than 35%) investors, with the tentative listing on BSE, NSE on 2nd July 2026.
Basic details of the IPO:
Type of IPO: Book‑built Mainboard IPO (BSE, NSE)
Uses of funds: Working capital requirements (₹53.00 Cr), Prepayment of borrowings (₹25.88 Cr), Unidentified acquisitions and strategic initiatives + general corporate purposes (₹66.90 Cr = 46% of proceeds)
Anchor bidding: 23rd June 2026 | Opens 24th June 2026 | Closes 29th June 2026 | Allotment 30th June 2026 | Listing 2nd July 2026 (BSE, NSE)
Lead Manager: Keynote Financial Services Ltd. | Registrar: Kfin Technologies Ltd.
Expert View on the IPO:
The particular firm operates in IT solutions in the domain of GovTech and digital transformation having 27 years of experience in 12 countries. The firm possesses healthy performance on financial front with revenue growth of 1% (FY24-FY25), 12% PAT growth (FY24-FY25) and 23% EBITDA growth (FY24-FY25). The stock of the company offers attractive profitability ratios (ROE 20.73%, ROCE 22.62%, RoNW 18.49%, EBITDA margin 14.69%, PAT margin 7.02%). In comparison to this, the sector competition in terms of profitability in IT solutions includes Silver Touch Technologies Ltd (P/E 11.91x, RoNW 16.6%), Dev Information Technology Ltd (P/E 6.29x, RoNW 21.54%), Allied Digital Service Ltd (P/E 24.44x, RoNW 5.34%), Trigyn Technologies Ltd (P/E 14.58x, RoNW 1.59%). The CSM Technologies enjoys competitive profitability ratios (RoNW 18.49% against 16.6%, 21.54%, 5.34%, 1.59%; EPS 3.72 against 17.5, 6.85, 4.98, 3.82). Other attributes include modest level of debt of ₹32.17 Cr, strong ROE/ROCE (>20%), positive PAT growth (12%), strong order book (₹317.33 Cr), no promoter dilution (94.90% remains unchanged), and extensive geographic footprint (12 countries). However, 46% of IPO proceeds for unidentified acquisitions creates execution uncertainty.
Should you invest in CSM Technologies?
An investor looking for a mainboard IT solutions company specializing in GovTech and digital transformation with 27 years of experience, exposure to 12 countries, strong ROE (20.73%) and ROCE (22.62%), healthy PAT growth (12%), strong order book (₹317.33 Cr), moderate debt (₹32.17 Cr), and no promoter dilution (94.90% remains) might find the IPO of CSM Technologies interesting. Recommended for investors seeking stable IT/govtech exposure with reasonable fundamentals.
Consider investing when:
Knowledge of IT solution providers which focus on GovTech and digital transformation of sectors like mining, agriculture, trading, education, healthcare, tourism, and public service for both governments and private companies in 12 countries (India, Ethiopia, Kenya, Rwanda, Gambia, Gabon, US, Canada) is needed, along with good ROE (20.73%), ROCE (22.62%), PAT growth (12%), healthy order book (₹317.33 Cr), and no promoter dilution.
Moderate debt (₹32.17 Cr) and 46% IPO funds for unknown acquisition are acceptable for you.
You are sure about the significant growth potential of the GovTech and digital transformation industry due to government digitization efforts.
You are certain that the management will spend IPO funds on working capital (₹53.00 Cr), debt prepayment (₹25.88 Cr), and acquisition (₹66.90 Cr).
Do not invest when:
You will be interested in investing in IT firms with high PAT growth (>50%), undervalued stocks, or better understanding of the acquisition target.
You are afraid of the medium PAT growth (12%), 46% IPO money spent on unknown acquisitions (execution risk), or heavy dependence on government clients.
The promoter does not dilute the stock (94.90% held), but the above risks are not ideal for you.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for CSM Technologies Limited IPO, open a demat account here
CSM Technologies Limited IPO Subscription Status: Check live subscription here
CSM Technologies Limited IPO GMP Update: Check latest grey market premium here
1. What is the CSM Technologies Limited IPO open and close date?
CSM Technologies BSE, NSE IPO opens on 24th June 2026 and closes on 29th June 2026. The tentative listing date on BSE, NSE is 2nd July 2026.
Track CSM Technologies Limited IPO subscription status live here from Finnpick.
2. What is the CSM Technologies Limited IPO price band and lot size?
The IPO is a book-built mainboard issue with a price band of ₹107.00–₹113.00 per share (face value ₹10). The minimum bid for retail investors is 132 shares (1 lot), with subsequent bids in multiples thereof. Minimum investment is ₹14,916.
3. What is CSM Technologies Limited IPO total size?
The total issue size is ₹145.78 Cr (entirely fresh issue). The IPO is structured for QIB (not more than 50% of the net issue), NII (not less than 15% of the net issue), and Retail (not less than 35% of the net issue).
4. How to apply for the CSM Technologies Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by June 29, 4 PM. Monitor CSM Technologies Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check CSM Technologies Limited IPO Allotment Status?
The allotment date is on June 30th and can be checked on Kfin Technologies Ltd. RTA portal using PAN/DP ID.
6. What is CSM Technologies Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 as of June 18, indicating listing at the price range of ₹113 - check daily updates of CSM Technologies Limited IPO GMP trends here and live subscription status here from June 24th opening only on Finnpick.
7. What does CSM Technologies Limited specialize in?
CSM Technologies is one of the few IT solution providers specializing in GovTech and digital transformation, offering solutions across sectors like mining, agriculture, trade, education, healthcare, tourism, and public services. Incorporated in 1998 with 27 years of experience in building e-governance platforms and digital infrastructure. The company works as long-term partners for government agencies across 12 countries (India, Ethiopia, Kenya, Rwanda, Gambia, Gabon, USA, Canada). Key projects include KRUSHAK Odisha (agriculture), SAMS Odisha (education), Mo Sarkar (governance), and international projects in Kenya, Ethiopia, Rwanda, Gambia, and Mozambique. Order book: ₹317.33 Cr (as of June 30, 2025).
8. When is the CSM Technologies Limited IPO listing date?
The IPO is scheduled to list on BSE, NSE on 2nd July 2026, subject to final confirmation from the exchange. Basis of allotment is tentatively on 30th June 2026, with refunds and demat credits around 1st July 2026.
9. What are the CSM Technologies Limited IPO proceeds utilization details?
The IPO proceeds will primarily be utilized towards: Working capital requirements: ₹53.00 Cr, Prepayment of borrowings: ₹25.88 Cr, Unidentified acquisitions and strategic initiatives + general corporate purposes: ₹66.90 Cr (46% of proceeds)
10. Who are the promoters of CSM Technologies Limited?
The promoters of CSM Technologies Ltd. are Priyadarshi Pany and Lagna Panda. Pre-IPO promoter holding is 94.90%, which will remain at 94.90% post-IPO (no dilution) — promoters are not selling any shares.
11. Should I apply for the CSM Technologies IPO?
You may consider applying if you are comfortable with a mainboard IT solutions company (GovTech and digital transformation) with 27 years of experience, exposure to 12 countries, strong ROE (20.73%) and ROCE (22.62%), healthy PAT growth (12%), strong order book (₹317.33 Cr), moderate debt (₹32.17 Cr), and no promoter dilution (94.90% remains unchanged). The company has competitive profitability metrics vs. peers (RONW 18.49% vs. peers' 1.59%-21.54%). Concerns include moderate PAT growth (12%), 46% IPO proceeds for unidentified acquisitions (execution uncertainty), and government client concentration. Recommended for investors seeking stable govtech/IT exposure with reasonable fundamentals. This is for informational purposes only and not investment advice; read the RHP/DRHP and consult a SEBI-registered advisor before investing.
