CSM Technologies IPO

CSM Technologies Limitedcsm.tech

ListedMainboardInformation TechnologyNSE · BSE

Price band: ₹107 – ₹113
Issue size: ₹146 Cr
Lot size: 132 sh
Bidding: 24 – 29 Jun
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

CSM Technologies, incorporated in July 1998 and headquartered in Bhubaneswar, builds and runs e-governance software for Indian government departments and employs 1,327 people. The Rs 145.78 Cr issue was entirely fresh with nil offer for sale, priced in a band of Rs 107 to Rs 113, and the book is recorded on its closing day at 1.36 times overall, with QIB at 1.02x, NII at 1.54x and retail at 1.62x. Revenue was Rs 160.44 Cr in FY23 and Rs 199.24 Cr in FY25, while total borrowings were Rs 5.55 Cr at FY23 and Rs 32.17 Cr at FY25, reaching Rs 74.50 Cr at 31 December 2025. The shares listed at Rs 113, the top of the band, a listing gain the record puts at 0%, closed the first day at Rs 107.35 and last traded at Rs 83.43 on 23 October 2026, 26.17% below the issue price.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

58Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for CSM Technologies, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1998 · Bhubaneswar, Odisha · 1,327 employees

CSM Technologies builds and runs e-governance software for Indian government departments. Incorporated at Cuttack in July 1998 as Cybertech Software & Multimedia and headquartered in Bhubaneswar, it writes the systems departments use to do their work: ore and royalty accounting for mining authorities, satellite-imagery checks that screen crop-procurement claims, college admission portals, claims handling and hospital empanelment for a state health-coverage scheme, and building-plan approvals. Government customers accounted for 63.45% of revenue from operations in the nine months to December 2025, with public-sector undertakings a further 11.89%; Odisha alone supplied 62.56%. The company also sells to private enterprises, and has executed projects in Ethiopia, The Gambia, Gabon, Kenya and Rwanda, and more recently in Canada and the United States.

Revenue comes from government contracts won by tender — 70.59% of projects awarded in the nine months to December 2025 were secured through competitive bidding from government entities — booked mostly as services, with a hardware component that varies by tender scope. People are the dominant cost: employee benefits expense was Rs 9,345.08 lakhs in Fiscal 2025, or 46.58% of total income, with cost of services rendered a further 24.14%. The structural constraint is working capital. Despite Rs 1,470.14 lakhs of profit after tax in the nine months to December 2025, operating cash flow was negative Rs 2,420.28 lakhs, and total borrowings rose from Rs 3,217.24 lakhs at March 2025 to Rs 7,449.61 lakhs at December 2025. Rs 5,600.00 lakhs of the issue was earmarked for working capital.

The company on paper

Legal name: CSM Technologies Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 15 Jul 1998
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U62090OR1998PLC005380
Sector: Information Technology · E-governance platforms and digital transformation services for government departments
Employees: 1,327
Registered office: Bhubaneswar, Odisha
Promoters: Priyadarshi Pany, Lagna Panda
Promoter holding, pre-issue: 94.9%
Promoter holding, post-issue: 71.2%
Website: csm.tech

The numbers

Financial performance

Revenue has compounded at 11.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹146 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹146 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 23.7% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 4. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.36×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹113.00
Listed at: ₹113.00
Listing gain: unchanged 0.0%
Since listing: down 29.2%
Against the issue price: down 29.2%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 132
At cut-off price: ₹113.00
Amount blocked: ₹14,916

One lot is 132 shares at ₹14,916. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~62%

chance of one lot, per application

Retail subscription: 1.62×
Applicants per share available: 1.6× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹113.00

listed at, 0.0% against the issue price

Issue price: ₹113.00
Premium said: —
If allotted 132 shares: ₹0

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue was Rs 160.44 Cr in FY23 and rose in both subsequent annual periods: Rs 196.71 Cr in FY24, up 22.61%, and Rs 199.24 Cr in FY25, up 1.29%.
The nine months to December 2025 already carry higher figures than the whole of FY25 on two lines: EBITDA of Rs 30.07 Cr against Rs 29.27 Cr, and profit after tax of Rs 14.70 Cr against Rs 14.09 Cr. Revenue of Rs 165.52 Cr over those nine months is 10.77% above three-quarters of FY25's Rs 199.24 Cr, which is Rs 149.43 Cr — a pro-rata comparison, not a recorded full-year figure.
EBITDA margin computed from the financials table was 17.37% in FY23 (Rs 27.87 Cr on Rs 160.44 Cr), 12.05% in FY24 (Rs 23.71 Cr on Rs 196.71 Cr), 14.69% in FY25 (Rs 29.27 Cr on Rs 199.24 Cr) and 18.17% in the part-year nine months to December 2025 (Rs 30.07 Cr on Rs 165.52 Cr).
Net worth was Rs 50.31 Cr at FY23 and rose at every period thereafter: Rs 59.75 Cr at FY24, Rs 76.18 Cr at FY25 and Rs 88.88 Cr at 31 December 2025. The issue raised Rs 145.78 Cr entirely as fresh capital with nil offer for sale, and promoter holding is recorded at 94.9% before the issue and 71.18% after, a fall of 23.72 percentage points.

What to weigh against it

Total borrowings were Rs 5.55 Cr at FY23 and rose at every period thereafter — Rs 30.04 Cr at FY24, Rs 32.17 Cr at FY25 and Rs 74.50 Cr at 31 December 2025, which is 13.42 times the FY23 figure. Measured against net worth in the same four periods the ratio was 0.11x (Rs 5.55 Cr on Rs 50.31 Cr), 0.50x (Rs 30.04 Cr on Rs 59.75 Cr), 0.42x (Rs 32.17 Cr on Rs 76.18 Cr) and 0.84x (Rs 74.50 Cr on Rs 88.88 Cr); it did not move in one direction across those periods.
The business description reports operating cash flow of negative Rs 2,420.28 lakhs in the nine months to December 2025 alongside profit after tax of Rs 1,470.14 lakhs in the same period, the Rs 14.70 Cr that appears in the financials table. No operating cash flow figure is tabulated for any of the four periods. The same description states that Rs 5,600.00 lakhs of the issue — Rs 56.00 Cr, or 38.41% of the Rs 145.78 Cr raised — was earmarked for working capital.
On the business description's own figures for the nine months to December 2025, government customers supplied 63.45% of revenue from operations and public-sector undertakings a further 11.89%, 75.34% between them, with Odisha alone at 62.56%. It also states that 70.59% of projects awarded in that period were secured through competitive bidding from government entities.
The business description puts employee benefits expense at Rs 9,345.08 lakhs in Fiscal 2025, which it states was 46.58% of total income, with cost of services rendered a further 24.14% — 70.72% of total income between the two. The financials table carries no expense line for any period against which to check this.

Easy to miss in the prospectus

The financials stop at 31 December 2025. Borrowings of Rs 74.50 Cr and net worth of Rs 88.88 Cr are the latest balance-sheet figures recorded, while the traded price of Rs 83.43 is marked as of 23 October 2026, roughly ten months later.
No valuation metrics, peer group, anchor book or category-wise allotment are recorded, so the Rs 113 issue price is not set against any multiple or comparable within this record.
Only the closing day of the subscription book is recorded — day 4, 29 June 2026. No earlier day's figures and no employee category are present.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

CSM Technologies — Abridged ProspectusThe statutory summary that goes out with the application form — a dozen pages, not the full filing.Opens on sebi.gov.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Keynote Financial Services Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to CSM Technologies's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

SEBI — CSM Technologies Limited, Abridged Prospectus (salient features of RHP dated 17 June 2026) · read 16 Oct 2026
NSE archives — CSM Technologies Limited, Draft Red Herring Prospectus · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 24 Jun 2026
Closes: 29 Jun 2026
Allotment: 30 Jun 2026
Lists: 2 Jul 2026
Revenue (FY25): ₹199 Cr
Profit (FY25): ₹14.09 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.