The Rs 145.78 crore IPO of GovTech firm CSM Technologies was subscribed 0.8 times by 11 AM on Monday, June 29, the final day of bidding, with retail, NII and employee portions fully booked while QIB demand remained muted. The issue, open since June 24, drew steady but not overwhelming demand heading into its final hours.
Final Day Subscription Status at a Glance
According to available subscription data from June 29, bids were received for 88.53 lakh shares against 1.11 crore shares on offer.
| Investor Category | Shares on Offer | Subscription (11 AM, June 29) |
|---|---|---|
| Retail Individual Investors (RII) | 44.69 lakh | 1.03x |
| Non-Institutional Investors (NII) | 19.15 lakh | 1.21x |
| — NII above Rs 10 lakh | — | 1.49x |
| — NII Rs 2–10 lakh | — | 0.66x |
| Qualified Institutional Buyers (QIB) | 46.15 lakh | 0.38x |
| Employee Reservation | 1.30 lakh | 1.24x |
| Overall | 1.11 crore | 0.80x |
Ahead of the issue opening, the company raised Rs 20 crore from anchor investors on June 23 by allotting 1.77 million shares. QIB participation, which typically accelerates on the final day, remained the key variable heading into the afternoon close.
IPO Details: Price Band, Lot Size, and Timeline
The IPO consists entirely of a fresh issue of 1.29 crore shares aggregating to Rs 145.78 crore, with a price band of Rs 107 to Rs 113 per share and a lot size of 132 shares. Allotment is expected on June 30, 2026, with credit to demat accounts and initiation of refunds on July 1, and listing on BSE and NSE on July 2, 2026.
| IPO Parameter | Details |
|---|---|
| Issue Size | Rs 145.78 crore (100% fresh issue) |
| Price Band | Rs 107–Rs 113 per share |
| Lot Size | 132 shares |
| Minimum Investment (Retail) | Rs 14,916 |
| Pre-IPO Market Cap (upper band) | ~Rs 583 crore |
| Allotment Date | June 30, 2026 |
| Listing Date | July 2, 2026 (BSE & NSE) |
| Book Running Lead Manager | Keynote Financial Services |
| Registrar | KFin Technologies |
For more details Click here: CSM Technologies IPO
Use of IPO Proceeds
The company plans to deploy Rs 56 crore from the net proceeds toward working capital requirements and Rs 22.63 crore for repayment or prepayment of outstanding borrowings, as disclosed in the RHP. The remainder is earmarked for inorganic growth through unidentified acquisitions and general corporate purposes.
About CSM Technologies: 27 Years in GovTech
Founded in 1998, CSM Technologies is a GovTech and digital transformation company specialising in e-governance solutions across sectors such as agriculture, education, governance, healthcare, tourism, trade, mining, and public services. The company operates across 12 countries, including India, Ethiopia, Kenya, Rwanda, Canada, and the United States.
The company’s order book stands at approximately Rs 357.63 crore, which is nearly 1.8 times its FY25 revenue, providing strong near-term revenue visibility.
Financial Performance: Steady Revenue from Operations, Moderate Profitability
| Metric | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue from Operations | Rs 160.44 cr | Rs 196.71 cr | Rs 199.24 cr | Rs 165.52 cr |
| Profit After Tax (PAT) | Rs 15.82 cr | Rs 12.55 cr | Rs 14.09 cr | Rs 14.70 cr |
Revenue from operations grew steadily from FY23 to FY24 but was largely flat between FY24 and FY25, a concern for investors who typically expect double-digit annual growth from IT companies. PAT recovered to Rs 14.09 crore in FY25 after dipping in FY24, with 9M FY26 already at Rs 14.70 crore.
Grey Market Premium: Modest Listing Expectations
The grey market premium as of June 28, 2026 stood at Rs 4, indicating approximately 3.54% premium over the upper price band of Rs 113. Both ET and Mint point to a muted GMP signal, suggesting modest listing expectations rather than any strong first-day pop.
Key Risks to Watch
Government revenue concentration, tender dependency, and geographic concentration are the three primary risks flagged in the RHP. Government clients contributed 74.15% of FY25 revenue from operations, while Odisha alone accounted for 72.97% of FY25 revenue. Any slowdown in government tender issuance, policy changes, or contract delays could directly impact revenue visibility and order inflows.
Debt-to-equity increased from 0.46 in FY25 to 0.86 as of December 2025, adding a leverage watchpoint for prospective investors alongside the revenue concentration risk.
Also Check: Latest & Upcoming IPOs List 2026
FAQs
What is the CSM Technologies IPO subscription status on the final day?
As of 11 AM on June 29, the final day of bidding, CSM Technologies IPO was subscribed 0.8 times overall, with retail at 1.03x, NII at 1.21x, employee at 1.24x, and QIB at 0.38x, per NSE data.
What is the CSM Technologies IPO allotment date?
The basis of allotment is expected to be finalised on June 30, 2026.
What is the CSM Technologies IPO listing date?
CSM Technologies shares are scheduled to list on BSE and NSE on July 2, 2026.
What is the minimum investment for CSM Technologies IPO?
Retail investors must apply for a minimum of one lot of 132 shares at Rs 113 per share (upper band), requiring an investment of Rs 14,916.
What does CSM Technologies do?
CSM Technologies is a GovTech and digital transformation company with 27 years of experience building e-governance platforms and digital infrastructure for government and private sector clients across 12 countries.
What is the CSM Technologies IPO GMP today?
As of June 28, 2026, the grey market premium stood at Rs 4 per share, implying a modest listing premium of approximately 3.5% over the issue price of Rs 113.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult a SEBI-registered financial advisor before making any investment decisions.
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