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CSM Technologies IPO
1.34xsubscribed

CSM Technologies IPO

IT - Software
listed
₹14,124Min. investment

CSM Technologies Limited IPO Details

SectorIT - Software
Price range₹107 – ₹113
IPO type
Regular
Lot size132 shares
Issue size₹146Cr
Red Herring Prospectus
Read
Market cap
₹583CrLower than sector avg
RevenueApr 8 - Mar 9
₹199CrLower than sector avg
Growth rate3Y CAGR
11.44%Higher than sector avg

CSM Technologies IPO Subscription Status

Date
QIB
NII
Retail
Total
24-Jun-26
0.0 times (X)
0.53 times (X)
0.41 times (X)
0.26 times (X)
25-Jun-26
0.29X
1.09X
0.75X
0.66X
29-Jun-26
0.68X
1.53X
1.59X
1.34X

As on 24-Jun-26, 5:30 PM

CSM Technologies IPO Timeline

  1. Pre-apply
    23 Jun 2026
  2. Bid start
    24 Jun 2026
  3. Bid end
    29 Jun 2026
  4. Allotment
    30 Jun 2026
  5. Release of funds
    1 Jul 2026
  6. Demat transfer
    1 Jul 2026
  7. Listing
    2 Jul 2026

About CSM Technologies Limited

Incorporated in 1998, CSM Technologies is an IT solutions company having experience in designing, developing, and implementing e-governance platforms and digital infrastructure. The company specialises in GovTech solutions and digital transformation services and operates as a long-term technology partner to government agencies across sectors, which include mining and allied services, government and public services, agriculture and allied services, industry and trade facilitation, education, healthcare, and tourism. It delivers end-to-end technology services ranging from consulting and development to operations and maintenance, using technologies such as AI, IoT, cloud computing, and data analytics.
The company also provides self-service technologies that enable government organisations and corporate clients to migrate, automate, and manage customer-facing business processes through digital channels. It has presence in 14 countries and within India, it has executed projects across 20 cities across states, including Odisha, Bihar, New Delhi, Uttar Pradesh, and Jharkhand. Odisha was the dominant revenue geography, which contributed 62.56% of revenue from operations in 9MFY26. Globally, the company has executed projects across Africa and has recently expanded into North America, with early-stage presence in Canada and parts of the USA.
CSM Technologies has a diversified client base that includes central and state government departments, PSUs, development agencies, and private enterprises. Government clients accounted for 63.45% of revenue in 9MFY26, compared to 74.15% in FY25 and 77.13% in FY23. Top 10 customers include the Department of Steel and Mines (Odisha), Chhattisgarh Infotech Promotion Society, Inspira Enterprise India Limited, Spatial Planning and Analysis Research Centre Private Limited, and Odisha Bridge and Construction Corporation Limited. The Government and Public Services were the largest segment, which contributed 31.51% of revenue, followed by Mining and Allied Services at 24.65%, Agriculture and Allied Services at 14.56%, and Industry and Trade Facilitation at 12.99% in 9MFY26.
As of March 31, 2026, the outstanding order book stood at ₹357.63 crore. The order book as of 9MFY26 was ₹376.39 crore, out of which non-government clients (including PSUs) accounted for 57.81% of the total. Agriculture and allied services from non-government clients was the single largest order book component at 27.04%. The company has completed several first-time projects in both the government and private domains.
Digital mineral management system has been implemented in three states (Odisha, Jharkhand, Chhattisgarh), constituting over 80% of the country’s mineral output. It has also implemented world's first paddy analytics system for the state of Odisha (using satellite and remote sensing for crop classification using GIS), the Biju Kalyan Swasthya Yojana platform for the state of Odisha to help in administration of the healthcare scheme, World Bank supported school mapping system for Ethiopia, and a timber traceability system in Gabon using RFID-based electronic tracking of timber from forest produce to processing. Existing customers accounted for 95.71% of revenue from operations in 9MFY26, and 95.01% in FY25, while new customers contributed the remaining 4 to 5%.
The Indian e-governance and digital transformation in the public sector is expected to grow at 4.8% CAGR to $178 million (₹1,632 crore) by FY31. Government IT and digital expenditure in India is expected to grow at a CAGR of 7.2% from FY26-FY31 to $1,738 million (₹15,935 crore). Among the new-age technologies in government IT, spending on data analytics is expected to register the highest CAGR of 25.6%, while investments in artificial intelligence and cloud infrastructure are expected to rise at a CAGR of 21.7% and 18.5%, respectively, by FY31. Globally, the IT and IT-enabled services (IT-ITeS) market was $5,285 billion (₹4,845.32 crore) by the end of FY25 and is projected to rise at a CAGR of 4.7% until FY30.
CSM Tech’s strategy for growth has three key focus areas: (i) enhancing and scaling technology infrastructure (hardware and cybersecurity upgrades),, (ii) strengthening AI and ML capabilities for developing client solutions and for enhancing internal productivity, and (iii) expanding into new geographies via judicious strategic mergers, acquisitions and partnerships in the areas of cybersecurity, CRM, AI/ML. The company also aims to consolidate its market share in North America and Africa and will capitalise on government policy incentives like its 100% EOU status under the STPI scheme.
Now, CSM Technologies Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹145.78 crore only. Its shares will be listed on the NSE and BSE.

How to pre-apply for CSM Technologies IPO?

You can pre-apply for CSM Technologies IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘CSM Technologies IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for CSM Technologies IPO?

If you are interested in this investment opportunity but unsure how to apply for CSM Technologies IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for CSM Technologies IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘CSM Technologies IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check the CSM Technologies IPO allotment status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the CSM Technologies IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your CSM Technologies IPO allotment status will be mentioned.

Csm Technologies Limited IPO Analysis

IPO REVIEW

CSM Technologies IPO | Analysis Video

Should you apply?

Watch our analysts break down the Csm Technologies Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

High market share and exclusivity

Odisha, Jharkhand and Chhattisgarh governments (using mining authorities) exclusively utilise the company’s proprietary end-to-end mineral management system for full ore and royalty accounting. With close to 80% share of the total major mineral output of the country, these three states showcase the huge scale and high degree of dependence on their platforms.

Extensive and expanding global footprint

The company has successfully de-risked region concentration by building a diversified global reach through operations across multiple domestic and international locations. It has successfully delivered projects across 20 cities in India and 14 countries globally, with considerable deployment of e-governance solutions and digital infrastructure across Africa, including Ethiopia, Gabon, Kenya, Gambia and Rwanda.

Strong entry barriers and tier-1 certifications

Operating in the highly regulated e-governance segment (IT-ITeS), entry barriers in terms of domain expertise, long qualification timelines and stringent eligibility requirements are significant. CSM Technologies is well-positioned within this domain, owing to strong execution credentials and significant certifications like CMMI Level-5, SOC 2 Type II, etc.

Strong order book

The order book stood at ₹357.6 crore as at 31st March 2026. The company manages its pipeline carefully through three gates (LAC, PAC, EQ Board) in the project lifecycle, ensuring won contracts align with specific profitability standards.

Gradual reduction in customer concentration

In March, the company’s top three customer concentrations fell to 40.62% from 58.40% in FY23 to 50.69% in FY25. Its top 10 customers account for 69.58% revenue versus 81.82% in FY23, a 12%improvement.

Objectives of Csm Technologies Limited IPO

General corporate purposes and inorganic growth
46.10%
Proceeds will support corporate needs and future unidentified acquisitions.
Working capital
38.40%
The company will use ₹56 crore for the working capital needs of the company.
Repayment of debt
15.50%
The company will use ₹22.63 crore for repayment of borrowings availed by the company.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹199Cr11.44%₹14.08Cr₹583Cr30.380.46
This sector (avg.)₹2,461.47Cr0.05%₹373.09Cr₹14,720.51Cr148.010.31
₹2,55,324Cr---₹48,797Cr₹11,30,254Cr23.690.10
₹1,62,990Cr---₹26,750Cr₹6,63,897.8Cr24.310.09
₹1,17,055Cr---₹17,399Cr₹4,58,746.3Cr27.940.09

*Revenue for financial year 8-9. Lower P/E and D/E ratios are generally preferred.

CSM Technologies IPO Contact Details

Company NameCSM Technologies Limited

How to apply for CSM Technologies IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Csm Technologies Limited IPO FAQs

Investors can apply for the CSM Technologies IPO through their Demat account via the stock exchange or through their broker.
The issue size of the CSM Technologies IPO is 146 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
CSM Technologies IPO will be open between 2026-06-24 and 2026-06-29.
CSM Technologies IPO allotment date is 2026-07-01. For CSM Technologies IPO allotment status check, you can visit the website of the registrar of the IPO.
For CSM Technologies IPO, the IPO registrar is KFin Technologies Limited. You can check CSM Technologies IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The CSM Technologies IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The CSM Technologies IPO lot size is 132 and minimum order quantity is 132.
CSM Technologies IPO has set the price band for its IPO at 113 per equity share with a face value of 10.