Shares of CSM Technologies are set to make their Dalal Street debut on Thursday, July 2. Ahead of the listing, sentiment in the grey market remains subdued, with the IPO commanding a nil premium, indicating expectations of a flat market debut.
However, investors should note that grey market premiums are unofficial indicators of listing sentiment in the unlisted market and can change rapidly.
The company raised ₹145.78 crore through its book-built initial public offering (IPO), which comprised a fresh issue of 1.29 crore equity shares. The price band for the issue was fixed at ₹107-113 per share.
The IPO, which was open for subscription from June 24 to June 29, received bids for 1.51 crore shares against 1.11 crore shares on offer, resulting in an overall subscription of 1.36 times.
The retail investor portion saw the highest demand, with a subscription of 1.62 times. The non-institutional investor (NII) category was subscribed 1.54 times, while the qualified institutional buyer (QIB) segment was booked 1.02 times.
Founded in 1998, CSM Technologies is a digital transformation and GovTech solutions provider offering software products, consulting, and system integration services to government agencies, public sector organisations, and private enterprises.
The company's offerings span sectors such as mining, agriculture, e-governance, public services, education, healthcare, and tourism. Its technology portfolio includes artificial intelligence (AI), cloud computing, cybersecurity, enterprise applications, and digital governance solutions. CSM Technologies also has operations across India, Africa, and North America.
CSM Technologies has delivered steady financial growth over the past three fiscal years. In FY25, the company reported revenue of ₹180.67 crore, compared with ₹167.71 crore in FY24. Profit after tax (PAT) rose to ₹15.82 crore from ₹12.63 crore a year earlier, while earnings per share (EPS) stood at ₹3.64.
Based on its FY25 earnings, the IPO was priced at a price-to-earnings (P/E) multiple of about 42.6x.