The initial public offering (IPO) of CSM Technologies shall kick-off for bidding on Wednesday, June 24. The company is selling its shares in the range of Rs 107-113 per share for which investors can apply for a minimum of 132 equity shares and its multiples thereafter. The issue will close for bidding on Monday, June 29, considering a market holiday on Friday, June 26.

CSM Technologies in eyeing to raise a total of Rs 146 crore via IPO, which is entirely a fresh share sale of 1.29 crore equity shares. The net proceeds from the issue shall be utilized towards funding working capital needs, prepayment/repayment of debt, achieving inorganic growth through acquisition and general corporate purposes.

Incorporated in 1998, Bhubaneshwar-based CSM Technologies is one of the few IT solution providers that have delivered unique projects for both government and private clients. It specializes in GovTech and digital transformation, offering solutions across sectors like mining, agriculture, trade, education, healthcare, tourism, and public services.

Ahead of its IPO, CSM Technologies raised a total of Rs 20 crore from anchor investors as it allocated 17,70,120 equity shares at Rs 113 apeice. Its anchor book included only two names - Nova Global Opportunities Fund PCC and Zeal Global Opportunities Funds.

For the period ended on December 31, 2025, CSM Technologies reported a net profit at Rs 14.70 crore, with a revenue of Rs 167.05 crore. The company clocked a net profit at Rs 14.09 crore with a revenue of Rs 200.63 crore for the financial year 2024-25. At the current valuations, the company was commanding a market capitalization of more than Rs 583 crore.

CSM Technologies has reserved 50 per cent of the net issue for the qualified institutional bidders (QIBs), while retail investors will have 35 per cent of the allocation in the IPO. Non-institutional investors (NIIs) will have 15 per shares allocated towards them. Last heard, it was commanding a grey market premium of Rs 4 apiece, suggesting a 3-4 per cent listing pop for the investors.

Keynote Financial Services is the sole book running lead manager of CSM Technologies IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE, with Thursday, July 02. Here's what a host of brokerage firms say about the IPO of CMS Technologies:
 

SBI Securities
Rating: Neutral
CSM Technologies operates in the high‑entry‑barrier GovTech space, providing mission-critical digital transformation and e-governance platforms to government and regulated sectors. It has delivered a CAGR of 11.4 per cent/2.5 per cent/-5.6 per cent in Revenue/EBITDA/PAT respectively over FY23-25. The issue looks relatively attractive to its peers, said SBI Securities.

It has a relatively stronger margin profile and benefits from its niche positioning, scalable solution architecture, and structural tailwinds driven by increasing government expenditure on digital infrastructure. The business however, continues to be characterized by high receivables. We assign a 'neutral' rating to the issue and prefer to track its performance for a few quarters post listing," it adds.

Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
CSM Technologies, with a strong market share in the industry valued at 41.6 times P/E on FY25 earnings is valued fairly, said Anand Rathi. "Considering the company’s consistent track record & superior financial metrics, the valuation is fully priced in. Hence, we recommend subscribing for long term gains," it added.

Marwadi Financial Services
Rating: Avoid
Its peers are majorly trading at valuation in-line to it, said Marwadi Financial Services. "We assign an 'avoid' rating to this IPO due to the company's modest financial growth and negative operating cash flows in the recent past," it added.

Arihant Capital Markets
Rating: Neutral
CSM Tech is well-positioned to capitalize on India's accelerating digital governance wave, backed by 27+ years of GovTech expertise, proprietary technology platforms, and patented solutions. High client stickiness and a healthy order book of INR 3,576.32 Mn provide strong near-term revenue visibility, said Arihant Capital Markets.

"Expanding footprint across Africa and North America, alongside investments in AI/ML and cybersecurity, offer incremental growth levers. Industry-leading EBITDA margins. With revenue potential to nearly double over the next 2-3 years. The issue is valued at a P/E ratio of 29.75 times, based on annualized PAT of FY26 EPS of Rs 3.80. We are recommending a 'neutral' rating for it," it added.

Swastika Investmart
Rating: Neutral
The IPO is priced at a significant premium to listed peers despite its relatively smaller scale. While revenue has grown steadily, profit after tax has remained volatile, limiting earnings visibility. EBITDA margins have recovered in FY25, but are yet to reach FY23 levels, indicating room for further operational improvement, said Swastika Investmart.

"The IPO price is close to the company's book value (NAV), which offers some valuation support. However, the company's revenue is much smaller than its listed peers. We assign an 'neutral' rating, Aggressive investors may park moderate funds for long term in this dividend paying company," it added.

SMIFS
Rating: Subscribe for long-term
"With revenue having the potential to nearly double over the next 2-3 years, supported by a healthy order book, expanding digital transformation opportunities and continued investments in AI-led capabilities, we recommend subscribing to the issue from a long-term investment perspective," said SMIFS.

BP Equities
Rating: Avoid
The issue is valued at a P/E of 29.7 times based on annualized FY26 earnings. While the valuation appears reasonable, stretched working capital, negative operating cash flows and rising leverage outweigh the positives, said BP Equities, which has recommended an 'avoid' rating for the issue.

Ventura Securities
Rating: Subscribe
Key strengths include deep domain expertise in digital governance, a strong order book, diversified sector exposure, proprietary technology capabilities, and long-term government relationships, said Ventura. Key risks include dependence on government spending, customer concentration, elevated working capital requirements, and project execution risks inherent in the public sector technology services industry, it added with a 'subscribe' tag.