IPO Overview
CSM Technologies Limited was originally incorporated as Cybertech Software & Multimedia Private Limited, pursuant to a certificate of incorporation dated July 15, 1998, issued by the Registrar of Companies, Orissa. The name was later changed to CSM Technologies Private Limited in October 2014, and subsequently converted to a public limited company in 2025. Founded in 1998 and headquartered in Bhubaneswar, the company builds digital platforms for governments across sectors such as mining, agriculture, healthcare, education, and citizen services. It is a mission-critical digital solutions provider to governments, public institutions, and large enterprises, with a strong focus on data-driven governance, platform modernisation, and scalable national systems. As of March 31, 2026, the company had 1,327 employees, with market presence spanning 12 countries including India, Ethiopia, Kenya, Rwanda, Gambia, Gabon, the USA, and Canada, serving governments, PSUs, development agencies, and enterprises.
The company is now launching its mainboard IPO. The issue is entirely a fresh issue of 1.29 crore equity shares, valuing the company at ₹583.1 crore at the upper end of the band, with a price band of ₹107 to ₹113 per share. The IPO comprises a fresh issue of 1,29,01,000 equity shares, with no offer for sale component, aggregating up to ₹146 crore. The IPO opens on 24 June 2026 and closes on 29 June 2026, with listing expected on 2 July 2026 on the BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Bidding Date | 23 June 2026 |
| IPO Open Date | 24 June 2026 |
| IPO Close Date | 29 June 2026 |
| Allotment Date | 30 June 2026 (Expected) |
| Refund Initiation | 1 July 2026 |
| Credit to Demat | 1 July 2026 |
| Listing Date | 2 July 2026 (Tentative) |
| Price Band | ₹107 – ₹113 per share |
| Face Value | ₹10 per share |
| Lot Size | 132 shares |
| Minimum Investment (Retail) | ₹14,916 (approx) |
| Issue Size | ₹145.78 crore (~₹146 crore) |
| Fresh Issue | 1,29,01,000 shares (₹145.78 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation / Details |
| Qualified Institutional Buyers (QIB) | 50% |
| Non-Institutional Investors (NII) | 15% — Small NII: 14 lots (1,848 shares, ₹2,08,824); Big NII: 68 lots (8,976 shares, ₹10,14,288) |
| Retail Individual Investors (RII) | 35% — Minimum 1 lot (132 shares, ₹14,916) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue of equity shares, with no offer-for-sale component. All proceeds will go directly to the company for business use.
Objects of the Issue (Fund Utilization)
The company proposes to utilize net proceeds from the issue towards repayment/prepayment, in full or part, of certain borrowings availed by the company — an estimated ₹25.88 crore — and funding of working capital requirements of the company — an estimated ₹53 crore. The remainder will be used for general corporate purposes.
- Repayment / prepayment of existing borrowings — ₹25.88 crore
- Funding working capital requirements — ₹53 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Keynote Financial Services Limited
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The promoters of the company are Priyadarshi Pany and Lagna Panda.
Company Details
CSM Technologies Limited is a GovTech and digital transformation solutions provider with over 27 years of experience in developing e-governance platforms and digital infrastructure. It serves government and enterprise clients across sectors such as agriculture, education, healthcare, mining, and public services, with operations across 12 countries. The company has delivered several large-scale digital public infrastructure projects, including farmer service platforms, education management systems, grievance redressal solutions, and single-window investor facilitation portals.
Sectors Served:
Mining and allied services, government & public services, agriculture and allied services, industry and trade facilitation, education, healthcare, and tourism.
Key Capabilities:
- Has executed high-impact agri-intelligence programs across Africa, including national seed certification systems, soil information platforms, and AI-enabled early-warning systems for crop disease monitoring. Has also built AI/ML-driven grievance redressal and citizen feedback systems with real-time analytics, sentiment tracking, and multi-channel contact centre integration.
- Among the few IT solutions companies to have delivered first-of-its-kind projects for both government and private-sector clients, with specialization in GovTech solutions and digital transformation services.
Order Book & Revenue Mix:
- The company earned 63% of its revenue from government entities, out of total revenue from operations of ₹165.52 crore for the nine months ended December 2025. Its order book stood at ₹317.33 crore (₹31,732.96 lakh) as of June 30, 2025.
- As of March 31, 2026, CSM had an order book of ₹357.63 crore — equal to more than 1.5 times its FY25 revenue, providing some revenue visibility, although government projects may face execution or payment delays.
Competitors:
Trigyn Technologies, Allied Digital Services, Dev Information Technology, and Silver Touch Technologies.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹198.65 | ₹12.55 |
| FY25 | ₹200.63 | ₹14.09 |
| 9M FY26 (Dec 2025) | ₹165.52 | — |
Key Financial Metrics
- Revenue grew modestly from ₹198.65 crore in FY24 to ₹200.63 crore in FY25, while profit grew from ₹12.55 crore to ₹14.09 crore over the same period.
- The company has marked inconsistency in its bottom lines for the reported periods, though it has shown growth in its top lines.
- The company has maintained profitability, improved EBITDA, and strengthened its net worth, though recent revenue growth has been relatively modest with higher borrowings and notable cash-flow trends.
- Implied market capitalization at upper price band: ~₹583.1 crore – ₹800.16 crore (as per differing source estimates)
Company Strengths
- Extensive industry expertise providing solutions for digital transformation and IT services across governance, mining, agriculture, education, healthcare, and tourism sectors.
- Wide presence across multiple geographies — operations spread across many Indian states as well as countries like Africa, Canada, and the USA.
- High barriers to entry — the industry demands proven project execution capability, domain knowledge, regulatory compliance, and customer satisfaction, making it difficult for new competitors to enter.
- Healthy order book providing revenue visibility for upcoming quarters.
- Long track record (27+ years) with deep specialization in GovTech and large-scale public digital infrastructure.
- International project execution experience, particularly across multiple African nations.
Key Risks & Challenges
- Project tender and execution risk — the majority of the company’s projects come through the tendering process, making future revenue dependent on winning future bids.
- Heavy dependence on government clients — 63% of revenue came from government entities for the nine months ended December 2025 — exposing the company to payment delays and policy-driven budget cycles.
- The company has shown inconsistency in its bottom-line performance across reported periods, despite consistent top-line growth.
- Relatively modest recent revenue growth, along with higher borrowings and notable cash-flow trends that investors should evaluate carefully.
- Entire fresh issue used partly for debt repayment and working capital rather than capacity expansion or growth capex.
- Intense competition from established players such as Trigyn Technologies, Allied Digital Services, Dev Information Technology, and Silver Touch Technologies.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
