CSM Technologies IPO subscribed 23% so far on Day 1: Check price band, lot size and key dates

IT solutions company CSM Technologies' initial public offering has been subscribed 23% so far on the first day of bidding on Wednesday, June 24.

It has secured bids for 25,46,016 shares as against 20,28,180 shares on offering, according to the NSE data until 2:52 pm.

The category for retail investors got booked 34%, while non-institutional-investors portion got subscribed 51%. Qualified institutional buyers quota is yet to receive any bids.

The initial share sale, with a price band of ₹107 to ₹113 per share, will conclude on June 29. It is a fresh issuance of 1.29 crore shares aggregating to ₹145.78 crore.

Fresh issue proceeds will be used for working capital needs, debt repayment, inorganic growth via unidentified acquisitions and corporate general purposes.

"We expect to achieve the benefit of listing of our equity shares on the stock exchanges and enhancement of our company’s visibility and brand image and creation of a public market for our equity shares in India," the company said in its red herring prospectus.

A lot consists of 132 shares and in multiples thereof. Half of the net issue is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

CSM Technologies IPO timeline

Before the IPO, the company mobilised ₹20 crore in the anchor round from investors, including Nova Global Opportunities Fund PCC-Touchstone and Zeal Global Opportunities Fund.

CSM Technologies offers information technology (IT) solutions, including first-of-its-kind projects for private and government sectors. It specialises in providing GovTech solutions and digital transformation services.

CSM Technologies IPO GMP

According to investorgain.com and media reports, CSM Technologies' unlisted shares were trading at ₹117 per share, reflecting a grey market premium (GMP) of 3.54% over the upper price band of ₹113.