CSM Technologies
CSM Technologies is an IT company founded in 1998 that specializes in GovTech and digital transformation services. The firm develops e-governance platforms and technology solutions for government and private organizations across sectors like mining, agriculture, and healthcare.
Price Band
₹113 - ₹113
Lot Size
132 Shares
Issue Size
₹146.00 Cr
Fresh Issue
₹146.00 Cr
OFS
N/A
Registrar
AI Sentiment Score
Listing Price
₹113.00
vs Issue: ₹113 (0.00%)
📅 IPO Timeline
1
Open
TBD
2
Close
TBD
✓
Allotment
Jun 30
✓
Refund
Jul 1
✓
Demat
Jul 1
✓
Listing
Jul 2
✨ AI Analysis & Prediction
+2.0%
predicted listing gain
The listing gain is adjusted upward from the 0% GMP baseline due to a strong financial profile (ROE > 20%) and a small issue float creating a potential supply squeeze. The absence of an OFS component and the 100% fresh issue structure provide a positive sentiment boost, though the lack of current subscription data keeps the prediction moderate.
💪 Strengths
- Strong ROE (20.73%) and ROCE (22.62%)
- 100% Fresh Issue with no promoter offloading
- 27 years of domain expertise in GovTech
⚠️ Weaknesses
- Modest profit growth relative to revenue scale
- Concentration in government-sector clients
🚀 Opportunities
- Expansion of digital transformation initiatives across 12 countries
- Potential for inorganic growth through fresh capital
🛡️ Threats
- Changes in government policies or budget allocations for IT
- Intense competition from larger global IT consulting firms
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Funding working capital requirements of the Company | ₹53.00 |
| Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company | ₹25.88 |
| Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes | ₹67.12 |
📊 Key Financials
| Metric | 2023 | 2024 | 2025 | Dec 2025 |
|---|---|---|---|---|
| Revenue (₹ Cr) | 161.50 | 198.65 | 200.63 | 167.05 |
| PAT (₹ Cr) | 15.82 | 12.55 | 14.09 | 14.70 |
📋 Live Subscription Status
QIB
0.00x
NII
0.00x
Retail
0.00x
Total
0.00x
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in 1998, CSM Technologies has evolved over 27 years into a specialist provider of technology solutions. The company primarily focuses on the GovTech sector, helping governments transition to digital frameworks to improve operational efficiency and citizen service delivery.
Its business model revolves around the development of e-governance platforms and digital systems. These solutions are tailored for a diverse range of sectors, including agriculture, mining, education, tourism, healthcare, and public services. The company also provides high-value consulting, advisory services, and self-service automation technologies.
Operationally, CSM Technologies has expanded its footprint beyond India, now operating in 12 countries, including the United States and Canada. Its client base is diversified, consisting of national and state governments, Public Sector Undertakings (PSUs), and various development agencies.
The company's scale is evidenced by its steady revenue growth and its ability to deploy complex digital systems across multiple geographies. The leadership and vision of the company are driven by its promoters, Priyadarshi Pany and Lagna Panda, who maintain a significant stake in the entity.
CSM Technologies is launching a Mainboard IPO to raise approximately ₹146 Crore, consisting entirely of a fresh issue of shares with no Offer for Sale (OFS) component. The price band is set between ₹107 and ₹113 per share, with a minimum retail lot size of 132 shares (₹14,916). The issue opens on June 24, 2026, and closes on June 29, 2026, with listing on the BSE and NSE scheduled for July 2, 2026.
The proceeds from the fresh issue are earmarked for corporate growth and stability. Specifically, ₹53.00 Crore will be utilized for funding working capital requirements, while ₹25.88 Crore is allocated for the prepayment or repayment of certain outstanding borrowings.
Financially, the company has shown stable top-line performance, with revenues increasing from ₹161.50 Crore in 2023 to ₹200.63 Crore in 2025. While PAT saw a slight dip in 2024 (₹12.55 Crore) compared to 2023 (₹15.82 Crore), it recovered to ₹14.09 Crore in 2025, with a strong 9-month performance ending December 2025 at ₹14.70 Crore.
From a valuation perspective, the company reports a healthy Return on Equity (ROE) of 20.73% and a Return on Capital Employed (ROCE) of 22.62%. The Debt-to-Equity ratio stands at a manageable 0.46. While a formal P/E is not provided, the Net Asset Value (NAV) is reported at ₹118.73, suggesting the issue is priced near its book value.
Key strengths include the company's 27-year track record in the GovTech space and its international presence in 12 countries. However, investors should consider the reliance on government contracts as a potential risk factor, as these can be subject to policy changes and budget cycles.
Overall, the IPO presents a balanced proposition. The 100% fresh issue indicates that promoters are not exiting, which is a positive signal, although the growth in PAT has been modest compared to the revenue scale. Investors may view this as a long-term play on India's digital transformation journey.