CSM Technologies shares list flat at IPO price of Rs 113 on BSE, NSE

Shares of CSM Technologies made a muted Dalal Street debut on Thursday, listing at the IPO price of Rs 113 on BSE and NSE. The Rs 146 crore public issue, which was open for subscription between June 24 and June 29, was subscribed 1.37 times overall.

The retail investor portion was booked 1.63 times, while the qualified institutional buyers (QIB) category saw 1.02 times subscription and the non-institutional investor (NII) segment was subscribed 1.54 times. The employee quota was subscribed 1.82 times.

The IPO was entirely a fresh issue of 1.29 crore shares aggregating Rs 145.78 crore, priced at the upper end of the Rs 107-113 price band. The company is expected to finalise share allotment on June 30, with listing on the BSE and NSE scheduled for July 2.


Incorporated in 1998, CSM Technologies is a GovTech-focused IT solutions provider specialising in digital transformation projects for governments and enterprises. The company has over 27 years of experience in developing e-governance platforms across sectors including agriculture, mining, education, healthcare, tourism and public services.

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Its portfolio includes projects such as Odisha's KRUSHAK farmer platform, Bihar's Online Facilitation System for Students (OFSS), AI-based grievance redressal platform Mo Sarkar, investor facilitation portal GO-SWIFT and multiple digital governance solutions deployed across Africa.

As of March 31, 2026, the company had an order book worth Rs 357.6 crore and a presence across 12 countries, including India, Ethiopia, Kenya, Rwanda, Gambia, Gabon, the US and Canada. It serves governments, public sector enterprises, development agencies and private companies.

For the financial year ended March 2025, CSM Technologies reported total income of Rs 200.63 crore and profit after tax of Rs 14.09 crore. For the nine months ended December 2025, it posted revenue of Rs 167.05 crore and net profit of Rs 14.70 crore.

The company plans to utilise the IPO proceeds towards working capital requirements, repayment of borrowings, and inorganic growth through acquisitions and strategic initiatives.

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