CSM Technologies IPO - Day 2: 0.66x Subscribed & GMP at ₹4 (3.5%)
Key takeaways:
- It is a fresh issue of 1.29 crore equity shares that the company is selling to raise ₹145.78 crore.
- The bidding period, which was opened on Wednesday, June 24, will be closed on Monday, June 29, 2026.
- CSM Technologies is a GovTech company with a strong order book of ₹357.63 crore and a presence in 12+ countries.
- At the end of Day 2 of bidding, the CSM Technologies IPO was subscribed 0.66 times.
- The current Grey Market Premium (GMP) is at ₹4, which translates to an estimated listing price of ₹117 per share.
The public issue witnessed a slow start on Day 1, and the demand gradually increased, with the overall subscription at 0.66 times by the end of the bidding on Day 2, while the Grey Market Premium (GMP) is currently at ₹4.
The IPO is a book build issue of ₹145.78 crore, which is 100% fresh issue and has no offer for sale (OFS) element. The fresh issue proceeds will be utilised in working capital requirements, prepayment/repayment of existing borrowings, inorganic growth through strategic acquisitions, and general corporate purposes.
Here, we will discuss the events of Day 2 of the IPO of CSM Technologies.
Key dates for the CSM Technologies IPO
The CSM Technologies IPO is currently in its subscription window, which started on Wednesday, June 24, 2026. Potential investors can apply until Monday, June 29, 2026. After the closing of the bidding window on Tuesday, June 30, 2026, the IPO allotments will be finalised. The refunds and credits of shares to the demat accounts will initiate from Wednesday, July 1, 2026. The equity shares will be listed on the BSE and NSE officially on Thursday, July 2, 2026.
The IPO is offering shares in the price band of ₹107 to ₹113 per share. Retail investors need to buy a minimum of one lot of 132 shares to invest in this IPO, with an investment of ₹14,916. KFin Technologies Limited is the registrar for the IPO, and Keynote Financial Services Limited is the book-running lead manager.
About CSM Technologies
CSM Technologies Limited is a GovTech solutions, digital transformation, and e-governance platform company that was founded in 1998. The company has over 27 years of experience in offering technology solutions to government agencies, public sector organisations, and enterprises. It develops platforms that are aimed at enhancing operational effectiveness, enabling data-driven decision-making, and delivering citizen-centric services.
The company has developed a strong global presence in 12+ countries, such as India, Africa, and North America, with projects in agriculture, mining, education, healthcare, and tourism. It has built up a substantial digital infrastructure, which translates to a healthy order book of ₹357.63 crore as per the latest filings.
In terms of finances, CSM Technologies had reported total income of ₹220.63 crore and a profit after tax (PAT) of ₹14.09 crore in FY25. This financial strength indicates its scalable cash-generation model within the GovTech high-barrier-to-entry market.
Recent GMP and subscription status on day 2
On the second day of bidding (June 25, 2026), the overall IPO subscription stood at 0.66 times. The Non-Institutional Investors (NII) segment subscribed 1.09 times their quota allocated, followed by the Retail Individual Investors (RII) segment, which subscribed 0.75 times the quota allocated. While the employee segment had subscribed 0.92 times. The Qualified Institutional Buyer (QIB) segment had a muted response with 0.38 times subscription.
Before opening bids to the general public, CSM Technologies successfully raised ₹20 crore from marquee anchor investors. At the upper price band of ₹113, it sold 17,70,120 equity shares to the anchor investors. At the end of Day 2, the Grey Market Premium (GMP) was at ₹4. This signals a potential listing price of ₹117, and a small listing gain of 3.54% at the upper price band of ₹113.
What is next?
Investors are having a cautiously optimistic opinion on this IPO. As the company is a market leader in the GovTech market, it has patents, proprietary technology, and a consistent track record of success, which is drawing investors to its IPO. But investors are wary of the relatively high valuation, dependence on government tenders, and geographic concentration risks.
With the last day of bidding (June 29) approaching, the market is focusing on Qualified Institutional Buyers (QIBs). The last day of investment by the QIBs tends to influence the final subscription multiple and sets expectations for the July 2 listing on BSE and NSE.
