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CSM Technologies Ltd IPO
Status: Closed
Overview
IPO date
24 Jun 2026 to 29 Jun 2026
Face value
₹ 10 per share
Price
₹ 107 to ₹113 per share
Issue Size
12,901,000 shares
(aggregating up to ₹ 145.78 Cr)
(aggregating up to ₹ 145.78 Cr)
Allotment Date
30 Jun 2026
Listing at
NSE
Issue type
Book Building
Sector
IT - Software
Unlock Stock of the Month
T&C*
Strengths vs Risks of CSM Technologies Ltd
Know the pros & cons
Strengths
- Deep sectoral expertise across a diversified spectrum of industries.
- Proprietary technology driven innovations and patented technology developed in-house.
- Extensive geographic footprint with scalable operations across key markets.
- Established presence in a high-entry-barrier industry.
- Experienced Promoters and Senior Management team, having domain knowledge.
Risks
- The company business is heavily dependent on tenders from government authorities, accounting for approximately 63.45%, 74.15%, 69.17% and 77.13% of its revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. However, delays or a lack of tenders from government entities, along with adverse changes in government policies, could materially impact the company business through contract foreclosures, terminations, restructurings, or renegotiations, affecting its operations and financial performance.
- Out of the total projects awarded to the company, 70.59%, 100.00%, 91.67% and 91.30% of such projects in the nine months period ended December 31, 2025, Fiscal 2025, 2024 and 2023, respectively were secured through competitive bidding process from government entities. Failures to complete its projects within contractual time may affect the company future business prospects and financial performance. Failures to qualify for, complete or win new contracts could negatively impact its business, potentially affecting the company financial condition, operational results, growth prospects, and cash flow stability.
- The company operations is geographically concentrated in the eastern region of India, particularly in the State of Odisha which contributed to 62.56%, 72.97%, 76.76% and 83.95% of its revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any adverse developments in these regions could materially affect its business and growth prospects.
- A significant portion of the company Order Book and revenue from operations is attributable to certain key customers and to projects located in India, and its business and profitability is dependent on the company ability to win projects from such customers. The Order Book value attributable to its top 10 customers has accounted for approximately 78.63%, 84.02%, 89.87% and 85.27% of the company total revenue from operations during the nine months period ended December 31, 2025 and for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Loss of one or more of its customers or reduction in their demand for the company offerings could adversely affect its business, results of operations and financial conditions.
- Inability to obtain or protect the company intellectual property rights may adversely affect its business.
- For the nine months period ended December 31, 2025 and Fiscals 2025, 2024, and 2023, the cost of supplies from the company top ten suppliers represented 26.69%, 24.00%, 34.80%, and 32.96%, of its Revenue from Operations, respectively. The company relies on its suppliers for various critical aspects of the company information technology infrastructure. If any of its top 10 suppliers ceased supplying products/services to the company and its were unable to find a supplier to replace it, it could has an adverse effect on the company business, financial condition, results of operations, and cash flows.
- Reservations, qualifications, adverse remarks and matters of emphasis has been reported by the company Statutory Auditors in their examination report on the Restated Consolidated Financial Information, which may adversely affect investor confidence and the trading price of its Equity Shares.
- The Company has given a performance bank guarantee of Rs. 250.00 lakhs in respect of a loan availed by one of its Subsidiaries, namely, Kwantify Solutions Private Limited, and the company cannot assure that there will be no default by its Subsidiary in the future in repaying the company debt obligations which could in turn adversely affect its.
- The majority of the company Order Book and its revenues are from industry segments such as government and public services, mining and allied services and agriculture and allied services sector, which contributed to 21.91%, 27.96% and 30.09% of its Order Book and 31.52%, 24.65% and 14.56% of the company revenue from operations as of December 31, 2025, respectively. Significant social, political, or economic changes in these sectors could adversely affect its business, results of operations, financial condition, and cash flows.
- Any online security breach or cyberattack resulting in unauthorized access to the company network, systems, or data may adversely impact its business operations, financial results, and reputation.
- The company contingent liabilities could materially and adversely affect its business, results of operations and financial condition.
- The company Order Book may not be indicative of its future operating performance or financial results, as projects in the company Order Book are subject to cancellations, modifications, delays, premature terminations and other uncertainties beyond its control.
- The company Promoter, Chairman, CEO and Managing Director, Priyadarshi Pany has significant control over its Company and has the ability to direct the company business and affairs; their interests may conflict with your interests as a shareholder.
- Some of the company Subsidiaries has incurred losses in the past or are currently loss-making. These losses may continue in future, which could adversely affect its financial condition and results of operations.
- The company enter into related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not has an adverse effect on the company results of operation and financial condition.
- The company is required to furnish bank guarantees in the ordinary course of its business, and any inability to arrange such guarantees or invocation thereof could adversely affect the company cash flows, financial condition, and business operations.
- Trade receivables form a substantial part of the company current assets and net worth. Failures to manage the same could has an adverse effect on its profitability, cash flow and liquidity.
- The company has sought exemption from disclosing certain individuals as part of the `Promoter Group' of its Company. Disclosures in relation to such individuals included in this Red Herring Prospectus may be limited in the context of the requirements prescribed under the SEBI ICDR Regulations.
- There has been certain instances of non-compliances under the Companies Act, dues to inadvertent errors in the regulatory filings by the company in the past, and its has filed suo moto compounding applications with the RoC for the compounding of these non-compliances. Additionally, one of the company historical corporate and secretarial records is not traceable. Its cannot assure you that regulatory proceedings or actions will not be initiated against the company in the future which may impact its financial condition and reputation and the company will not be subject to any penalty imposed by the competent regulatory authority in these regards.
- All of the company Subsidiaries are involved in in the same or similar line of activity or business as that of its Company.
- For the company business, its relies heavily on the company Promoters namely, Priyadarshi Pany and Lagna Panda, who are the Chairman, CEO and Managing Director and Whole-Time Director and CHRO, respectively as well as the company Key Managerial and Senior Management, who may has additional interests in its Company other than reimbursement of expenses incurred or normal remuneration or benefits. Any real or potential conflicts of interest that may arise in this regard may materially adversely impact the company business, financial condition, results of operations and cash flows. Its business performance may also has an adverse effect by their departure, by the company failures to recruit or keep them.
- During the nine months period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, the attrition rate of the company employees was 11.80%, 23.20%, 16.90% and 24.06%, respectively. If the company is unable to hire, integrate, train and retain qualified personnel, or if its experience high attrition levels, which are largely out of the company control, its business, financial condition, results of operations and cash flows could suffer.
- The company incur significant employee benefits expense. An increase in employee costs, including on account of changes in regulations, may prevent its from maintaining the company competitive advantage and may reduce its profitability.
- The company funding requirements and proposed deployment of the Net Proceeds has not been appraised by a bank or a financial institution, and the proposed utilization of Net Proceeds is based on, amongst others, the company current business plan and management estimates, and if there are any delays or cost overruns, its business, cash flows, financial condition and results of operations may be adversely affected.
- As on the date of this RHP, the company has neither identified any specific target entities/ businesses, nor signed any definitive agreements with any such targets/ entities whose acquisition will be funded from the Net Proceeds.
- The company business requires significant working capital, and any variation in key assumptions could result in increased financing needs any inability to meet its working capital requirements or repay financial obligations could adversely affect the company business, financial condition, results of operations, and cash flows.
- The company has experienced negative net cash flow from operating, investing and financing activities in the past years and may continue to does so in future, which could has a material adverse effect on the company business, prospects, financial condition, cash flows and results of operations.
- Significant investment in research and development and client-specific consultations for customised solutions may not yield the intended benefits and could adversely affect the company margins and profitability.
- Dependence on third-party OEMs for hardware and server infrastructure exposes the company to risks of cost escalation and procurement delays, which could adversely impact project timelines and business operations.
- The company is exposed to the risk of disqualification, suspension, or blacklisting by government authorities in India or overseas, which could prevent its from bidding for or executing government projects. Any such action could restrict the company access to a substantial part of its revenue base and has a disproportionate adverse impact on the company business, results of operations, cash flows, and reputation.
- The company business will suffer if its fail to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and in the industries on which the company focus.
- The company relies on proprietary and third-party software solutions, and any failures or defect in these systems could adversely affect its operations and financial condition.
- The company faces certain competitive pressures from the existing competitors and new entrants in both public and private sector. Increased competition and aggressive bidding by such competitors are expected to make its ability to procure business in future more uncertain which may adversely affect the company business, financial condition and results of operations.
- The company Registered and Corporate Office, from where its operates, as well as the branch offices of the Company is located on land not owned by its and has been leased to the company by third parties. In the event its lose or are unable to renew such leasehold rights, the company business, financial condition, cash flows and results of operations may be adversely affected.
- The company avail benefits under various government schemes and policies, and any reduction, withdrawal, or its inability to comply with the eligibility criteria or conditions under such schemes may adversely affect the company business operations, financial condition, results of operations, and growth prospects.
- Any failures to obtain, renew and maintain requisite statutory and regulatory permits, licenses and approvals for the company operations from time to time may adversely affect its business.
- The company Promoters, Priyadarshi Pany and Lagna Panda has provided personal guarantees as security for certain facilities availed by its Company. If these guarantees are revoked, the company may be unable to procure alternative guarantees satisfactory to its lenders, which may adversely affect the company business, results of operations, cash flows and financial condition.
- The company actual project costs and timelines may differ significantly from bid assumptions. Any inability to recover additional expenses or manage time overruns could adversely affect its financial condition, results of operations, and cash flows.
- The company growth, in part, depends on its ability to maintain successful relationship with the company technology and business collaboration partners and any breakdown of such relationships could adversely affect its business, financial condition, results of operations and cash flows.
- The company has a subsidiary in the UAE, a subsidiary in the United States, a subsidiary in Canada and 2 subsidiaries in the African region as well as customers in countries outside India and, as such, are subject to the risks and uncertainties of conducting business outside India.
- Any failures, disruption, or security breach in the company technology systems used for processing high-value transactions could adversely impact its business operations, financial condition, and reputation.
- The emergence of new and advanced technologies could render the company existing solutions obsolete or irrelevant which could adversely impact its results of operations, financial condition and cash flows.
- The company use of open-source software may expose its to increased costs, legal risks, or operational challenges if license terms change or additional compliance obligations arise.
- The company does not retain full ownership of certain software developed for government clients, which may restrict its ability to independently commercialise or monetise such solutions.
- There are certain outstanding legal proceeding involving the Company, Directors, and Promoters. Any adverse outcome in such proceeding may has an adverse impact on its reputation, business, results of operations, cash flows and financial condition.
- The company may faces intellectual property infringement claims that could be time-consuming and costly to defend. If its fail to defend ourselves against such claims, the company may lose significant intellectual property rights and may be unable to continue providing its existing services.
- The company financing agreements contain covenants that limit its flexibility in operating the company business. Further, its Company has availed unsecured loans from banks and other financial institutions, which may be recalled on demand. If the company is not in compliance with certain of these covenants and are unable to obtain waivers from the respective lenders, its lenders may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on the company business and financial condition.
- Certain unsecured loans has been availed by the company Subsidiaries which may be repayable on demand.
- The company may not be able to successfully manage the growth of its business if the company is not able to effectively implement the company growth strategies.
- Non-compliance with applicable government IT, cybersecurity, accessibility, and public procurement guidelines may adversely affect the company business operations, eligibility in government tenders, and reputation.
- Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may has an adverse effect on the Company's business, financial condition, results of operation and cash flows.
- Failures to comply with laws and regulations applicable to the company business could subject its to fines and penalties and could also cause the company to lose customers or otherwise harm its business.
- Exchange rate fluctuations may adversely affect the company results of operations as majority portion of its revenues and is denominated in foreign currencies.
- An inability to maintain adequate insurance cover in connection with the company business may adversely affect its operations and profitability.
- Except for Bibekananda Satapathy, none of the company Directors has prior experience as directors in any other listed company in India. This may pose certain potential challenges for the Company, and in the event of any material noncompliance for which its Directors are held liable, it may become necessary for the company to appoint new directors.
- The company has commissioned an industry report from CARE, which has been used for industry related data in this Red Herring Prospectus and such information is subject to inherent risks.
- The company may faces skill gaps in handling specialised functionalities related to Low-Code/No-Code development, which could impact project delivery timelines and costs.
- The company faces industry-specific operational and adoption challenges in its key sectors, which could adversely impact the scalability and effectiveness of the company solutions.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The company ability to pay dividends in the future may be affected by any material adverse effect on its future earnings, financial condition or cash flows.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the Indian IT industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Significant differences exist between Ind AS and other accounting principles, such as US GAAP and International Financial Reporting Standards ("IFRS"), which may affect investor's assessment of the company financial condition.
- The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges.
- Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
CSM Technologies Ltd Peer Comparison
Understand the company’s industry standing
CSM Technologies Ltd
Trigyn Technologies Limited
Allied Digital Service Limited
Face Value
10
10
5
Standalone / Consolidated
Consolidated
Standalone
Standalone
Total Income Rs. Cr.
199.24
898.05
807.07
EPS-Basis
3.72
3.82
4.98
EPS-Diluted
3.72
3.82
4.91
NAV Per Share
118.73
240.71
106.73
P/E-Basic EPS
---
14.58
24.44
P/E-Diluted EPS
---
---
---
RONW(%)
18.49
1.59
5.34
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 24 Jun 2026 & closes on 29 Jun 2026.
CSM Technologies Limited was initially incorporated as 'Cybertech Software & Multimedia Private Limited' on July 15, 1998, via certificate of Incorporation issued by the Registrar of Companies, Orissa. Subsequently, the name of Company was changed to 'CSM Technologies Private Limited', on October 13, 2014. Company was converted from a private limited company to a public limited company and name of the Company was changed to 'CSM Technologies Limited' and a fresh certificate of incorporation was issued by the Registrar of Companies on July 29, 2025.
The Company provides a wide range of Information Technology services relating to software development, software licensing & designing with a minimal up-gradation which looks into the business need, end-to-end business solutions, creation of web enabled applications, web portals, corporate-wise process integration, business critical application, data warehousing, system integration, turnkey projects, e-Governance, community development, system integration technology and process solutions and other related services.
In 2007, Company launched a Hospital Management System for a Sudan based hospital. It launched a Student Academic Management System for end- to- end student admissions in government junior colleges for the state of Odisha in 2010, launched an Integrated Mines and Minerals Management System used for regulation of ore accounting system in Odisha in 2011. The Company began the business at Patna, Bihar in 2012. In 2018, it launched an Integrated Tea Trade System, for tea trade in Kenya. It launched an Integrated Mines and Minerals Management System used for regulation of ore accounting system in Chandigarh in 2022. The business at New Delhi, India commenced in 2023. The Company has launched Revenue Management System used for regulation of ore accounting system for Kenya in 2025.
Company is planning the IPO of 1,29,01,000 Equity Shares of Rs 10 each through fresh issue.
CSM Technologies Ltd IPO will close on 29 Jun 2026.
- Deep sectoral expertise across a diversified spectrum of industries.
- Proprietary technology driven innovations and patented technology developed in-house.
- Extensive geographic footprint with scalable operations across key markets.
- Established presence in a high-entry-barrier industry.
- Experienced Promoters and Senior Management team, having domain knowledge.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Priyadarshi Pany | 36226332 | 93.6 | 36226332 | 70.2 |
| 2 | Lagna Panda | --- | --- | --- | --- |
| 3 | Sushama Pany | 504000 | 1.3 | 504000 | 0.98 |
- The company business is heavily dependent on tenders from government authorities, accounting for approximately 63.45%, 74.15%, 69.17% and 77.13% of its revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. However, delays or a lack of tenders from government entities, along with adverse changes in government policies, could materially impact the company business through contract foreclosures, terminations, restructurings, or renegotiations, affecting its operations and financial performance.
- Out of the total projects awarded to the company, 70.59%, 100.00%, 91.67% and 91.30% of such projects in the nine months period ended December 31, 2025, Fiscal 2025, 2024 and 2023, respectively were secured through competitive bidding process from government entities. Failures to complete its projects within contractual time may affect the company future business prospects and financial performance. Failures to qualify for, complete or win new contracts could negatively impact its business, potentially affecting the company financial condition, operational results, growth prospects, and cash flow stability.
- The company operations is geographically concentrated in the eastern region of India, particularly in the State of Odisha which contributed to 62.56%, 72.97%, 76.76% and 83.95% of its revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any adverse developments in these regions could materially affect its business and growth prospects.
- A significant portion of the company Order Book and revenue from operations is attributable to certain key customers and to projects located in India, and its business and profitability is dependent on the company ability to win projects from such customers. The Order Book value attributable to its top 10 customers has accounted for approximately 78.63%, 84.02%, 89.87% and 85.27% of the company total revenue from operations during the nine months period ended December 31, 2025 and for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Loss of one or more of its customers or reduction in their demand for the company offerings could adversely affect its business, results of operations and financial conditions.
- Inability to obtain or protect the company intellectual property rights may adversely affect its business.
- For the nine months period ended December 31, 2025 and Fiscals 2025, 2024, and 2023, the cost of supplies from the company top ten suppliers represented 26.69%, 24.00%, 34.80%, and 32.96%, of its Revenue from Operations, respectively. The company relies on its suppliers for various critical aspects of the company information technology infrastructure. If any of its top 10 suppliers ceased supplying products/services to the company and its were unable to find a supplier to replace it, it could has an adverse effect on the company business, financial condition, results of operations, and cash flows.
- Reservations, qualifications, adverse remarks and matters of emphasis has been reported by the company Statutory Auditors in their examination report on the Restated Consolidated Financial Information, which may adversely affect investor confidence and the trading price of its Equity Shares.
- The Company has given a performance bank guarantee of Rs. 250.00 lakhs in respect of a loan availed by one of its Subsidiaries, namely, Kwantify Solutions Private Limited, and the company cannot assure that there will be no default by its Subsidiary in the future in repaying the company debt obligations which could in turn adversely affect its.
- The majority of the company Order Book and its revenues are from industry segments such as government and public services, mining and allied services and agriculture and allied services sector, which contributed to 21.91%, 27.96% and 30.09% of its Order Book and 31.52%, 24.65% and 14.56% of the company revenue from operations as of December 31, 2025, respectively. Significant social, political, or economic changes in these sectors could adversely affect its business, results of operations, financial condition, and cash flows.
- Any online security breach or cyberattack resulting in unauthorized access to the company network, systems, or data may adversely impact its business operations, financial results, and reputation.
- The company contingent liabilities could materially and adversely affect its business, results of operations and financial condition.
- The company Order Book may not be indicative of its future operating performance or financial results, as projects in the company Order Book are subject to cancellations, modifications, delays, premature terminations and other uncertainties beyond its control.
- The company Promoter, Chairman, CEO and Managing Director, Priyadarshi Pany has significant control over its Company and has the ability to direct the company business and affairs; their interests may conflict with your interests as a shareholder.
- Some of the company Subsidiaries has incurred losses in the past or are currently loss-making. These losses may continue in future, which could adversely affect its financial condition and results of operations.
- The company enter into related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not has an adverse effect on the company results of operation and financial condition.
- The company is required to furnish bank guarantees in the ordinary course of its business, and any inability to arrange such guarantees or invocation thereof could adversely affect the company cash flows, financial condition, and business operations.
- Trade receivables form a substantial part of the company current assets and net worth. Failures to manage the same could has an adverse effect on its profitability, cash flow and liquidity.
- The company has sought exemption from disclosing certain individuals as part of the `Promoter Group' of its Company. Disclosures in relation to such individuals included in this Red Herring Prospectus may be limited in the context of the requirements prescribed under the SEBI ICDR Regulations.
- There has been certain instances of non-compliances under the Companies Act, dues to inadvertent errors in the regulatory filings by the company in the past, and its has filed suo moto compounding applications with the RoC for the compounding of these non-compliances. Additionally, one of the company historical corporate and secretarial records is not traceable. Its cannot assure you that regulatory proceedings or actions will not be initiated against the company in the future which may impact its financial condition and reputation and the company will not be subject to any penalty imposed by the competent regulatory authority in these regards.
- All of the company Subsidiaries are involved in in the same or similar line of activity or business as that of its Company.
- For the company business, its relies heavily on the company Promoters namely, Priyadarshi Pany and Lagna Panda, who are the Chairman, CEO and Managing Director and Whole-Time Director and CHRO, respectively as well as the company Key Managerial and Senior Management, who may has additional interests in its Company other than reimbursement of expenses incurred or normal remuneration or benefits. Any real or potential conflicts of interest that may arise in this regard may materially adversely impact the company business, financial condition, results of operations and cash flows. Its business performance may also has an adverse effect by their departure, by the company failures to recruit or keep them.
- During the nine months period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, the attrition rate of the company employees was 11.80%, 23.20%, 16.90% and 24.06%, respectively. If the company is unable to hire, integrate, train and retain qualified personnel, or if its experience high attrition levels, which are largely out of the company control, its business, financial condition, results of operations and cash flows could suffer.
- The company incur significant employee benefits expense. An increase in employee costs, including on account of changes in regulations, may prevent its from maintaining the company competitive advantage and may reduce its profitability.
- The company funding requirements and proposed deployment of the Net Proceeds has not been appraised by a bank or a financial institution, and the proposed utilization of Net Proceeds is based on, amongst others, the company current business plan and management estimates, and if there are any delays or cost overruns, its business, cash flows, financial condition and results of operations may be adversely affected.
- As on the date of this RHP, the company has neither identified any specific target entities/ businesses, nor signed any definitive agreements with any such targets/ entities whose acquisition will be funded from the Net Proceeds.
- The company business requires significant working capital, and any variation in key assumptions could result in increased financing needs any inability to meet its working capital requirements or repay financial obligations could adversely affect the company business, financial condition, results of operations, and cash flows.
- The company has experienced negative net cash flow from operating, investing and financing activities in the past years and may continue to does so in future, which could has a material adverse effect on the company business, prospects, financial condition, cash flows and results of operations.
- Significant investment in research and development and client-specific consultations for customised solutions may not yield the intended benefits and could adversely affect the company margins and profitability.
- Dependence on third-party OEMs for hardware and server infrastructure exposes the company to risks of cost escalation and procurement delays, which could adversely impact project timelines and business operations.
- The company is exposed to the risk of disqualification, suspension, or blacklisting by government authorities in India or overseas, which could prevent its from bidding for or executing government projects. Any such action could restrict the company access to a substantial part of its revenue base and has a disproportionate adverse impact on the company business, results of operations, cash flows, and reputation.
- The company business will suffer if its fail to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and in the industries on which the company focus.
- The company relies on proprietary and third-party software solutions, and any failures or defect in these systems could adversely affect its operations and financial condition.
- The company faces certain competitive pressures from the existing competitors and new entrants in both public and private sector. Increased competition and aggressive bidding by such competitors are expected to make its ability to procure business in future more uncertain which may adversely affect the company business, financial condition and results of operations.
- The company Registered and Corporate Office, from where its operates, as well as the branch offices of the Company is located on land not owned by its and has been leased to the company by third parties. In the event its lose or are unable to renew such leasehold rights, the company business, financial condition, cash flows and results of operations may be adversely affected.
- The company avail benefits under various government schemes and policies, and any reduction, withdrawal, or its inability to comply with the eligibility criteria or conditions under such schemes may adversely affect the company business operations, financial condition, results of operations, and growth prospects.
- Any failures to obtain, renew and maintain requisite statutory and regulatory permits, licenses and approvals for the company operations from time to time may adversely affect its business.
- The company Promoters, Priyadarshi Pany and Lagna Panda has provided personal guarantees as security for certain facilities availed by its Company. If these guarantees are revoked, the company may be unable to procure alternative guarantees satisfactory to its lenders, which may adversely affect the company business, results of operations, cash flows and financial condition.
- The company actual project costs and timelines may differ significantly from bid assumptions. Any inability to recover additional expenses or manage time overruns could adversely affect its financial condition, results of operations, and cash flows.
- The company growth, in part, depends on its ability to maintain successful relationship with the company technology and business collaboration partners and any breakdown of such relationships could adversely affect its business, financial condition, results of operations and cash flows.
- The company has a subsidiary in the UAE, a subsidiary in the United States, a subsidiary in Canada and 2 subsidiaries in the African region as well as customers in countries outside India and, as such, are subject to the risks and uncertainties of conducting business outside India.
- Any failures, disruption, or security breach in the company technology systems used for processing high-value transactions could adversely impact its business operations, financial condition, and reputation.
- The emergence of new and advanced technologies could render the company existing solutions obsolete or irrelevant which could adversely impact its results of operations, financial condition and cash flows.
- The company use of open-source software may expose its to increased costs, legal risks, or operational challenges if license terms change or additional compliance obligations arise.
- The company does not retain full ownership of certain software developed for government clients, which may restrict its ability to independently commercialise or monetise such solutions.
- There are certain outstanding legal proceeding involving the Company, Directors, and Promoters. Any adverse outcome in such proceeding may has an adverse impact on its reputation, business, results of operations, cash flows and financial condition.
- The company may faces intellectual property infringement claims that could be time-consuming and costly to defend. If its fail to defend ourselves against such claims, the company may lose significant intellectual property rights and may be unable to continue providing its existing services.
- The company financing agreements contain covenants that limit its flexibility in operating the company business. Further, its Company has availed unsecured loans from banks and other financial institutions, which may be recalled on demand. If the company is not in compliance with certain of these covenants and are unable to obtain waivers from the respective lenders, its lenders may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on the company business and financial condition.
- Certain unsecured loans has been availed by the company Subsidiaries which may be repayable on demand.
- The company may not be able to successfully manage the growth of its business if the company is not able to effectively implement the company growth strategies.
- Non-compliance with applicable government IT, cybersecurity, accessibility, and public procurement guidelines may adversely affect the company business operations, eligibility in government tenders, and reputation.
- Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may has an adverse effect on the Company's business, financial condition, results of operation and cash flows.
- Failures to comply with laws and regulations applicable to the company business could subject its to fines and penalties and could also cause the company to lose customers or otherwise harm its business.
- Exchange rate fluctuations may adversely affect the company results of operations as majority portion of its revenues and is denominated in foreign currencies.
- An inability to maintain adequate insurance cover in connection with the company business may adversely affect its operations and profitability.
- Except for Bibekananda Satapathy, none of the company Directors has prior experience as directors in any other listed company in India. This may pose certain potential challenges for the Company, and in the event of any material noncompliance for which its Directors are held liable, it may become necessary for the company to appoint new directors.
- The company has commissioned an industry report from CARE, which has been used for industry related data in this Red Herring Prospectus and such information is subject to inherent risks.
- The company may faces skill gaps in handling specialised functionalities related to Low-Code/No-Code development, which could impact project delivery timelines and costs.
- The company faces industry-specific operational and adoption challenges in its key sectors, which could adversely impact the scalability and effectiveness of the company solutions.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The company ability to pay dividends in the future may be affected by any material adverse effect on its future earnings, financial condition or cash flows.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the Indian IT industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Significant differences exist between Ind AS and other accounting principles, such as US GAAP and International Financial Reporting Standards ("IFRS"), which may affect investor's assessment of the company financial condition.
- The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges.
- Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
The Issue type of CSM Technologies Ltd is Book Building.
The minimum application for shares of CSM Technologies Ltd is 132.
The total shares issue of CSM Technologies Ltd is 12901000.
Initial public offering of 1,29,01,000 equity shares of face value of Rs. 10 each ("Equity Shares") of CSM Technologies Limited ("Company" or "Issuer") for cash at a price of Rs. 113 per equity share (including a share premium of Rs. 103 per equity share) ("Issue Price") aggregating up to 145.78 Crores ("Issue").
This issue includes a reservation of up to 1,30,000 equity shares of face value of Rs. 10 each aggregating to Rs. 1.47 Crores (constituting 0.25% of the post-issue paid-up equity share capital of the company) for subscription by eligible employees (the "Employee Reservation Portion"). The issue less the employee reservation portion is hereinafter referred to as "Net Issue". The issue and the net issue would constitute 25.00% and 24.75%, respectively, of the post-issue paid-up equity share capital.
Price Band: Rs. 113 per equity share of face value of Rs. 10 each.
The floor price is 11.3 times the face value of the equity shares.
Bids can be made for a minimum of 132 equity share of face value of Rs. 10 each and in multiples of 132 equity shares of face value of Rs. 10 each thereafter.