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HomeIPOCSM Technologies

About CSM Technologies

Incorporated in 1998, CSM Technologies is amongst those IT solution providers that have developed distinct projects not only for government but also for their own clients. Being an expert in GovTech, it offers services to the government as well as business organizations in the mining, agriculture, commerce, education, health, tourism, and public sectors. The company has been in business for about 27 years, creating platforms and providing digital infrastructures for governments through being its trusted partner for years together. They have provided solutions that make work more efficient, support data-driven decision-making and provide citizen-centric services to citizens. The company also offers consulting and advisory services along with self-service technologies. It operates in 12 countries, which include India, Ethiopia, Kenya, Rwanda, Gambia, Gabon, the USA, and Canada among others. The clients of CSM include governments, PSUs, development organizations, and businesses.

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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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CSM Technologies

CSM Technologies

Open Date

Jun 24, 2026

Close Date

Jun 29, 2026

listed

Min Investment

₹14,916

Lot Size

132 Shares

Issue Size

₹145.78 Cr

Price Range

₹107 - ₹107

Listing Date

Jul 2, 2026

IPO Doc

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Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

Grey Market Premium (GMP) Trend

CSM Technologies IPO - Issue Objectives

The company will use ₹22.63 crore for repayment of borrowings availed by the company. The company will use ₹56 crore for the working capital needs of the company. Proceeds will support corporate needs and future unidentified acquisitions.

Repayment of debt

15.5%

Working capital

38.4%

General corporate purposes and inorganic growth

46.1%

1

Repayment of debt

The company will use ₹22.63 crore for repayment of borrowings availed by the company.

15.50%
2

Working capital

The company will use ₹56 crore for the working capital needs of the company.

38.40%
3

General corporate purposes and inorganic growth

Proceeds will support corporate needs and future unidentified acquisitions.

46.10%

IPO Subscription Status

QIB
1.02x
NII
1.54x
Individual
1.62x
Total
1.36x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of CSM Technologies

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

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.

02

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.

03

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.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High dependence on government business

A large part of the revenue comes from government contracts and tenders. Contribution of government customers to total revenue was 63.45% in 9MFY26 & 74.15% in FY25. Slowdown in government tenders, change in policy or any restructuring/cancellation of projects may have a significant impact.

02

Customer concentration risk

The revenue and order book remain concentrated in the hands of a few large customers. In 9MFY26, the top 10 customers accounted for 69.58% of total revenue, while for the same period, the order book from the top 10 customers contributed 78.63% of the total order book. The loss of any of the major customers, the delayed awarding of projects or the failure to renew contracts may severely impact business.

Contact Details

CSM Technologies

Plot No. E/56, Infocity-1, Chandrasekharpur, Dist. Khurda, Bhubaneswar, Odisha - 751024.

+916746635900
secretarial@csm.tech
https://www.csm.tech

CSM Technologies IPO - FAQs

CSM Technologies IPO is a Mainboard IPO. The issue is priced at 107-₹113. The minimum order quantity is 132 Shares. The IPO opens on 24 Jun, and closes on 29 Jun. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-06-23
  • Bidding Starts2026-06-24
  • Bidding Ends2026-06-29
  • Allotment Finalisation2026-06-30
  • Release of Funds2026-07-01
  • Demat Transfer2026-07-01
  • Listing2026-07-02
04

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.

05

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.

03

Cybersecurity and data protection risk

Given the company’s nature as an IT solutions provider, it largely depends on its IT infrastructure and handles sensitive customer information. Malicious attempts to compromise system security or data, including cyber-attacks or data breaches, may result in business disruption, legal and regulatory penalties, contractual damages, reputational losses and financial losses. It suffered a phishing-based payment loss in the past.

04

High trade receivables increase working capital risk

Trade receivables stood at 41.21% of total assets as on 9MFY26 compared with 40.07% in FY25, 28.47% in FY24 and 28.05% in FY23. Higher receivables translate to higher working capital borrowings and finance costs. Also reported write off of bad debts to the tune of ₹117.48 lakhs in FY25 and ₹9.56 lakhs in 9MFY26.