CSM Technologies Limited IPO
ListedMainboard
1.37×
Subscribed
Price band
₹113 – ₹113
Issue size
₹145.78 Cr
Open – close
24 Jun 2026
to 29 Jun 2026
Listing
02 Jul 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed7 of 7 dimensions read
A mixed but reasonable offering — 4 positive against 2 negative signals
Strength64/100
- Expensive against its own peers30.4× earnings against a peer median of 12.6× — a 141% premium to the companies the issuer itself chose to be compared with
- Out-earns its peersReturn on net worth of 18.5% against a peer median of 11.0%
- Revenue shrinkingRevenue has contracted at 8.3% a year — the company is coming to market on a declining top line
- Conservative balance sheetDebt/equity of 0.86×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Minimal related-party dealingsRelated-party transactions are only 3.9% of revenue
- Institutional book coveredQIB portion subscribed 1.02×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens24 Jun 2026
- Closes29 Jun 2026
- Listing02 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.02x
Non-institutionalNII / HNI1.54x
Big NIIabove ₹10L1.65x
Small NII₹2L – ₹10L1.33x
Retail individualRII1.63x
Employee1.82x
45,816 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 29 Jun 2026.
Chance of allotment
Retail1.63× subscribed
~1 in 1.6
Retail is 1.63× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.6 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII1.54× subscribed
~1 in 1.5
HNI is 1.54× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1.5 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹0+0.0%
over the upper band · last seen 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹113 – ₹113
Total issue size₹145.78 Cr
Fresh issue₹145.78 Cr
Listing atMainboard
Company & valuation
P/E at upper band30.38×
EPS₹3.67pre-issue
Debt / equity0.86×
Related-party3.85%of revenue
ROE23.75%
ROCE24.40%
RoNW16.54%
PAT Margin8.80%
EBITDA Margin18.16%
NAV22.97
Price to Book Value4.92
ISININE0ZK601013
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 63,85,500 | 49.50% |
| Anchor Investor Shares Offered | 17,70,120 | 13.72% |
| QIB (Ex. Anchor) Shares Offered | 46,15,380 | 35.78% |
| NII (HNI) Shares Offered | 19,15,650 | 14.85% |
| bNII > ₹10L | 12,77,100 | 9.90% |
| sNII < ₹10L | 6,38,550 | 4.95% |
| Retail Shares Offered | 44,69,850 | 34.65% |
| Employee Shares Offered | 1,30,000 | 1.01% |
Total issue 1,29,01,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9161 lot · 132 sh
Retail (Max)₹1,93,90813 lots · 1,716 sh
S-HNI (Min)₹2,08,82414 lots · 1,848 sh
S-HNI (Max)₹9,99,37267 lots · 8,844 sh
B-HNI (Min)₹10,14,28868 lots · 8,976 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted17,70,120
Anchor portion₹20 Cr
Bid date23 Jun 2026
Lock-in ends (50%)30 Jul 2026
Lock-in ends (rest)28 Sept 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding working capital requirements of our Company₹56 Cr
- 02Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company₹22.63 Cr
- 03Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes₹50.16 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2023 | 196.711 | — | 12.549 | — | — |
| 2024 | 199.244 | — | 14.087 | — | — |
| 2025 | 165.524 | — | 14.701 | — | — |
Revenue CAGR -8.3%PAT CAGR 8.2%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| CSM Technologies Limitedthis issue | 3.72 | 30.38 | 118.73 | 18.49% |
| Trigyn Technologies Limited | 3.82 | 14.32 | 240.71 | 1.59% |
| Allied Digital Service Limited | 4.98 | 26.20 | 106.73 | 5.34% |
| Dev Information Technology Limited | 6.85 | 3.84 | 30.45 | 21.54% |
| Silver Touch Technologies Limited | 17.50 | 10.90 | 105.44 | 16.60% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Shrinking revenuemedium
Restated revenue CAGR of -8.3%.
mediumOur business is heavily dependent on tenders from government authorities, accounting for approximately 63.45%, 74.15%, 69.17% and 77.13% of our revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.
mediumDelays or a lack of tenders from government entities, along with adverse changes in government policies, could materially impact our business through contract foreclosures, terminations, restructurings, or renegotiations, affecting our operations and financial performance.
mediumIn the event any one or more of these customers cease to release tenders, our business may be adversely affected.
mediumContracts with government and government-owned customers may be subject to extensive internal processes, policy changes, government or external budgetary allocation, insufficiency of funds and political pressure, which may lead to a lower number of contracts available for bidding, an increase in the
Positives the filing discloses (1)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
What is the CSM Technologies Limited IPO GMP today?
The most recent grey-market premium recorded for CSM Technologies Limited is ₹0 per share — about 0.0% over the ₹113 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the CSM Technologies Limited IPO subscribed?
CSM Technologies Limited is subscribed 1.37× overall (QIB 1.02×, NII 1.54×, retail 1.63×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the CSM Technologies Limited IPO?
The retail portion is subscribed 1.63×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.