CSM Technologies IPO - Day 1: 0.26x Subscribed & GMP at ₹4 (3.54%)
Key takeaways:
- The CSM Technologies IPO is a book-built offering of ₹145.78 crore, which is a 100% fresh issue, with no OFS.
- The price band is fixed at ₹107 to ₹113 per share, with a minimum lot size of 132 shares, which will cost ₹14,916 at the upper price band to retail investors.
- The IPO was subscribed 0.26 times at the end of Day 1.
- The grey market premium (GMP) was at ₹4 on Day 1, which means the stock could deliver a listing gain of around 3.54% on the upper price band.
- CSM Technologies is a GovTech firm based in Bhubaneswar with 27 years of experience in providing e-governance and digital transformation solutions to government clients in India and 12+ countries.
CSM Technologies IPO commenced today, June 24, 2026, and is one of the oldest GovTech and digital transformation firms in India to make its debut on the mainboard. The Bhubaneswar-based IT solutions provider, which has more than 27 years of experience in developing e-governance solutions for government bodies, is seeking ₹145.78 crore exclusively through a fresh issue of 1,29,01,000 equity shares, and has no offer-for-sale (OFS) component. The subscription window will stay open till June 29, 2026.
CSM Technologies sold 17.7 lakh shares at the upper price band of ₹113 per share to anchor investors on June 23, 2026, raising ₹20 crore. The total subscription at the end of Day 1 was 0.26 times. The grey market premium (GMP) was at ₹4 per share, which translates to an estimated listing price of around ₹117, with a potential listing gain of 3.54% over the upper price band of ₹113.
Let’s explore what occurred on Day 1 of the CSM Technologies IPO.
Key dates for the CSM Technologies IPO
The IPO Allotment will be finalised on 30th June 2026. The shares will be credited to the demat accounts, and refunds will be initiated from July 1, 2026. The listing of the shares is slated to take place on July 2, 2026, on both the BSE and NSE.
The IPO is priced between ₹107 and ₹113 per share. The minimum lot size is 132 shares, which means that the minimum investment is ₹14,916 at the higher price band for retail investors. Keynote Financial Services Limited is the book-running lead manager, and KFin Technologies Ltd. is the registrar.
About CSM Technologies
Incorporated in 1998 and headquartered in Bhubaneswar, Odisha, CSM Technologies Limited is a GovTech and digital transformation company specialising in IT solutions for government and private sector clients. The company has more than 27 years of experience and has become a technology partner for government agencies in various sectors such as mining, agriculture, education, healthcare, tourism, trade, and public services.
CSM Technologies is a developer and implementer of e-governance solutions, digital infrastructure and citizen facing technology systems. It has its presence in over 12 countries, including India. As of March 31, 2026, its order book stood at ₹357.63 crore. CSM Technologies' financial results have been under pressure in recent years.
Its total income has increased from ₹161.50 crore in FY23 to ₹200.63 crore in FY25, while PAT has declined from ₹15.82 crore in FY23 to ₹14.09 crore in FY25, indicating some margin compression over the period. The company has posted total income of ₹167.05 crore and PAT of ₹14.70 crore for the first nine months of FY26 ended December 31, 2025, which shows a recovery trend in FY26.
Subscription and GMP on Day 1
The CSM Technologies IPO began Day 1 with a cautious start. Overall subscription was 0.26 times at the end of Day 1. The qualified institutional buyers (QIBs) and non-institutional investors (NIIs) subscribed to their quota by 0.00 times and 0.53 times, respectively. While the retail investors and employees had subscripted their quota by 0.40 times and 0.44 times.
The grey market premium (GMP) of CSM Technologies was at ₹4 per share on Day 1. At the upper price band of ₹113, this indicates an estimated listing price of ₹117, and a potential listing gain of around 3.54%.
Investor sentiment on Day 1
The CSM Technologies' IPO was backed by its niche presence in the GovTech space, long-term customer relationships with the government, and structural growth in government spending on digital infrastructure in India and globally. The order book of the company is valued at ₹357.63 crore, which gives visibility to the company’s near-term revenue. These are some factors that are attracting investors towards this IPO.
But investors reacted cautiously on Day 1 as the company's margins have been compressed in the past two fiscal years, and PAT has been on a downward trend. Also, high receivables from government clients, who have longer payment cycles, represent an ongoing working capital pressure for the company.
The listing expectations are modest with the current GMP of ₹4. Therefore, investors are expected to keep an eye on the QIB subscription build-up on Days 2 and 3 as a measure of institutional conviction. The IPO subscription window will remain open till June 29, 2026.
