CSM Technologies IPO is a book-built issue worth ₹146 crore. The IPO consists entirely of a fresh issue of 1.29 crore equity shares worth ₹146 crore, with no offer-for-sale component. The IPO opens for subscription on June 24, 2026, and closes on June 29, 2026. The allotment is expected to be finalised on June 30, 2026, with tentative listing on the BSE and NSE scheduled for July 2, 2026.
The IPO is priced in a band of ₹107 – ₹113 per share. Retail investors must apply for a minimum of 1 lot comprising 132 shares, requiring an investment of ₹14,916 at the upper price band. Non-institutional investors applying in the sNII category must apply for a minimum of 14 lots (1,848 shares), amounting to ₹2,08,824, while bNII investors must apply for a minimum of 68 lots (8,976 shares), amounting to ₹10,14,288.
Keynote Financial Services Ltd. is the book-running lead manager to the issue, and Kfin Technologies Ltd. is the registrar.
Industry Outlook
India’s IT-ITeS and e-governance market is expanding rapidly, supported by rising internet penetration, a massive shift towards digital public infrastructure, and growing enterprise demand for digital transformation across various sectors.
Government digital spending as a percentage of GDP remains relatively low at around 0.03%, highlighting significant scope for growth as investments in e-governance, smart cities, and digital infrastructure are expected to rise further.
The Indian IT-ITeS market is projected to increase from approximately USD 308 billion in FY2026 to USD 430 billion by FY2031, driven by a skilled workforce, cost competitiveness, a massive internet user base, and a strong regulatory push towards technology adoption.
Digital transformation models, particularly through the adoption of cloud computing, artificial intelligence (AI), and data analytics, are playing a key role in expanding reach, modernising legacy systems, and enabling real-time service delivery across both urban and rural regions.
The sector remains highly competitive with both local and global players such as Trigyn Technologies, Allied Digital Services, Silver Touch Technologies, and Dev Information Technology, where deep domain expertise, proven execution track records, and technological innovation are critical differentiators.
Technology-enabled platforms and integrated digital solutions are central to improving public service delivery, automating core workflows, and fostering transparent, data-led decision-making across government agencies and the enterprise value chain.
CSM Technologies IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
Allocate funds to meet incremental working capital needs for executing large-scale technology implementation and digital transformation projects, which involve significant upfront costs for manpower deployment, software development, and hardware procurement.
Utilise proceeds towards the full or partial prepayment or repayment of certain outstanding borrowings to reduce indebtedness, maintain a favourable debt-equity ratio, and enable the use of internal accruals for further business growth and expansion.
Invest in unidentified strategic acquisitions and other inorganic growth initiatives to expand service capabilities, enter new geographies, access new customer bases, and enhance overall operational efficiency and profitability.
Deploy funds for general corporate purposes, which include meeting routine business fund requirements, strengthening lead generation capabilities through marketing, upgrading technology, and managing ongoing corporate contingencies and administrative expenses.
About CSM Technologies Limited
CSM Technologies Limited was incorporated in 1998 and operates as a technology solutions company focused on e-governance platforms, digital infrastructure, GovTech solutions, and digital transformation services. The company provides technology-driven solutions across sectors including government and public services, agriculture, mining and allied services, industry and trade facilitation, education, healthcare, tourism, and social welfare.
With over 27 years of experience, CSM Technologies has established itself as a long-term digital transformation partner to government agencies and enterprises. The company designs, develops, and implements technology platforms that help streamline operations, improve data-driven decision-making, and enhance citizen-centric service delivery. It also offers consulting and advisory services, along with self-service technologies that enable organisations to automate and manage customer-facing business processes.
CSM Technologies has delivered public digital infrastructure and e-governance projects across India, Africa, and other international markets. Its solutions span agriculture, education, governance, social welfare, land management, investor facilitation, and public finance, including platforms such as KRUSHAK Odisha, SAMS, OFSS, and eSikshakosh.
The company serves government agencies, PSUs, development organizations, and enterprises. Its customer base includes central and state government departments, public institutions, and private sector entities, with long-standing relationships with organisations such as Odisha Computer Application Centre (OCAC), JSW Steel Limited, Varanasi Smart City Limited, Odisha Bridge and Construction Corporation Limited, and Chhattisgarh Infotech Promotion Society.
As per the RHP, CSM Technologies has a presence in 14 countries, including India, Ethiopia, Kenya, Rwanda, Gambia, Gabon, Malawi, Cape Verde, the United States, and Canada. The company continues to expand its geographical footprint while diversifying its customer base and strengthening its position as a technology partner for digital transformation and public sector modernisation initiatives.
How To Check the Allotment Status of the CSM Technologies IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for CSM Technologies IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the CSM Technologies IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of CSM Technologies IPO
Registered Office: Plot No - E/56, Infocity-1 Chandrasekharpur, Dist.: Khurda, Khordha, Bhubaneshwar, Odisha, 751024.
Phone: +0674 6635900
E-mail: secretarial@csm.tech
CSM Technologies IPO Reservation
Investor Category | Shares Offered |
Employee Shares Offered | 1,30,000 (1.01%) |
QIB Shares Offered | 63,85,500 (49.50%) |
− Anchor Investor Shares Offered | 38,31,300 (29.70%) |
− QIB (Ex. Anchor) Shares Offered | 25,54,200 (19.80%) |
NII (HNI) Shares Offered | 19,15,650 (14.85%) |
Retail Shares Offered | 44,69,850 (34.65%)
|
Total Shares Offered | 1,29,01,000 (100.00%)
|
CSM Technologies IPO Promoter Holding
The promoters of the company are Priyadarshi Pany and Lagna Panda.
Share Holding Pre-Issue
| 94.90% |
Share Holding Post Issue | 94.90% |
Key Performance Indicators for CSM Technologies IPO
KPI | Value (FY25) |
EBITDA Margin (%) | 14.69 |
PAT Margin (%) | 7.02 |
Return on Equity RoE (%) | 20.73 |
Return on Capital Employed RoCE (%) | 22.62 |
CSM Technologies IPO Prospectus
CSM Technologies IPO Registrar and Lead Managers
CSM Technologies IPO Lead Managers
Keynote Financial Services Ltd
Registrar for CSM Technologies IPO
KFin Technologies Limited
Contact Number: +91 040 67162222
Email Address: csmtechnologies.ipo@kfintech.com
CSM Technologies IPO Registrar
Financial Performance of CSM Technologies Limited
Particulars | Year ended March 31, 2025 | Year ended March 31, 2024 | Year ended March 31, 2023 |
Revenue from Operations (₹ lakh) | 19,924.42 | 19,671.05 | 16,043.87 |
Growth in Revenue from Operations (%) | 1.29% | 22.61% | - |
EBITDA (₹ lakh) | 2,927.00 | 2,370.94 | 2,787.23 |
EBITDA Margin (%) | 14.69% | 12.05% | 17.37% |
PAT (₹ lakh) | 1,408.65 | 1,254.93 | 1,582.40 |
PAT Margin (%) | 7.02% | 6.32% | 9.80% |
RoE (%) | 20.73% | 22.80% | 37.26% |
RoCE (%) | 22.62% | 23.85% | 46.90% |
Debt-to-Equity Ratio | 0.46 | 0.57 | 0.18 |
CSM Technologies Limited Peer Details Comparison
Company Name | Face Value (₹) | EPS (Diluted) | RONW (%) | NAV (₹) | Revenue from Operation (₹ Lakh) |
CSM Technologies Limited | 10 | 3.72 | 18.49 | 118.73 | 19,924.42 |
Trigyn Technologies Limited | 10 | 3.82 | 1.59 | 240.71 | 89,805.18 |
Allied Digital Service Limited | 5 | 4.91 | 5.34 | 106.73 | 80,707.00 |
Dev Information Technology Limited | 2 | 6.84 | 21.54 | 30.45 | 17,066.38 |
Silver Touch Technologies Limited | 10 | 17.50 | 16.60 | 105.44 | 28,838.01 |
Strengths and Opportunities of CSM Technologies IPO
Strong expertise in delivering large-scale GovTech, e-governance, and digital transformation projects across sectors such as agriculture, education, healthcare, governance, and mining.
Proprietary technology portfolio comprising a Low Code No Code (LCNC) framework, AI Model Orchestration Platform, Document Management System (DMS), and patented technology solutions.
High entry barriers supported by a long operating history, domain expertise, project execution capabilities, and certifications such as CMMI Level 5 and SOC-2 Type II.
Diversified geographic presence across 20 cities in India and 14 countries, reducing dependence on a single market and supporting international growth.
Experienced leadership team with extensive expertise in technology, strategy, project management, and public sector digital transformation.
Established financial track record with revenue visibility supported by a diversified project portfolio and order pipeline.
Growth opportunities from rising adoption of AI, cloud computing, and cybersecurity solutions in developed international markets.
Potential to benefit from increasing government and enterprise spending on digital infrastructure, smart governance, and e-governance initiatives.
Expanding demand for technology solutions in sectors such as agriculture, healthcare, and mining, creating opportunities for sector-specific digital platforms.
Scope for growth through strategic acquisitions, partnerships, and investments in emerging technologies, including AI and machine learning.
Risks and Threats of CSM Technologies IPO
High dependence on government contracts and tenders, making revenue vulnerable to policy changes, project delays, cancellations, or lower tender activity.
Significant geographic concentration in Odisha and Eastern India, exposing the business to regional economic, regulatory, and operational risks.
Revenue concentration among a limited number of customers, with a substantial share of revenue generated from key clients.
Dependence on skilled technology professionals, with employee attrition potentially impacting project execution, service quality, and operating costs.
Exposure to cybersecurity threats, data breaches, phishing attacks, and other digital security incidents that could affect operations and reputation.
Working capital-intensive business model with milestone-based payment structures, which may result in cash flow pressures and funding requirements.
Concerns relating to certain overseas subsidiaries, including historical losses and auditor observations regarding their financial sustainability.
The presence of contingent liabilities and financial commitments, including outstanding bank guarantees, could impact future cash flows.
Risk of blacklisting, contract disputes, or regulatory action in government projects due to non-compliance with tender conditions or contractual obligations.
Exposure to ongoing legal, tax, and regulatory proceedings, where adverse outcomes may affect financial performance and reputation.
Dependence on sectors such as mining, smart cities, and public infrastructure, where policy changes or project delays could impact business growth.
International operations expose the company to geopolitical risks, regulatory changes, foreign exchange fluctuations, and execution challenges in overseas markets.
