CSM Tech makes a flat debut

CSM Technologies made a flat debut on the markets today. It got listed at the same price as the IPO price at Rs.113.  

The IPO was subscribed 1.36x, with Retail leading at 1.61x, followed by HNI at 1.54x and QIBs at 1.02x.

CSM Technologies, established in 1998, is a Bhubaneshwar, Odisha based IT enabled services company, providing e-governance platforms and digital infrastructure support for mining and agriculture sectors. Approximately 80% of its tiny topline of Rs. 200 cr comes from government and PSUs, and 50% from top 5 customers. While order book of Rs. 358 cr as of 31.3.26 is healthy, it is typically spread across several years, as these are multi-year contracts.

In our IPO Analysis section, we had concluded - CSM Technologies is a nano-cap player, not immune from the advent of AI, along with expensive IPO pricing. Hence avoid the IPO.