Bhubaneswar-based CSM Technologies Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).

The offer, with a face value of Rs 10 per equity share, consists of a fresh issue of up to 1,29,01,000 equity shares. The offer also includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.

The proceeds from its fresh issue worth Rs 53 crore will be for funding the working capital requirements of the company, Rs 25.88 crore will be for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company, and for inorganic opportunities and general corporate purposes.  

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

Incorporated in 1998, the company is amongst the few IT solutions companies, who have delivered first-of-its-kind projects for government as well as for the private sector. The company also specialises in providing GovTech solutions and digital transformation services. It provides technology solutions across sectors such as mining and allied services, government & public services, agriculture and allied services, industry and trade facilitation, education, healthcare and tourism  (Source: CARE Report).

The company has 27 years of experience in designing, developing, and implementing e-governance platforms and digital infrastructure, and operates as a long-term digital transformation partner to government agencies. And its solutions are aimed at streamlining operations, improving data-driven decision-making, and facilitating citizen-centric services. The company also offers consulting and advisory services, and also provides self-service technologies that enable government organisations and corporate clients to migrate, automate, and manage customer-facing business processes through self-service channels (Source: CARE Report).

As of the date of this Draft Red Herring Prospectus, the company has a presence overseas in Ethiopia, Kenya, Rwanda, Gambia, Gabon, the United States of America, and Canada.

Also, the company has executed multiple projects focused on the development of public digital infrastructure and implementation of scalable e-governance platforms across various economic and social sectors in India and overseas.

The company has successfully implemented several projects including –

  • Deployed its technology platforms for farmer empowerment and agricultural productivity enhancement through key initiatives such as KRUSHAK Odisha, a comprehensive farmer registry; SAFAL, a credit facilitation portal; and GO SUGAM, a single-window system for access to multiple government schemes pertaining to the fisheries and animal resources sector, implemented for the Odisha Computer Application Centre, Government of Odisha.
  • Internationally, the company has developed seed certification systems for Kenya and Ethiopia, along with advanced agricultural intelligence tools such as Ethiopia’s Wheat Rust Early-Warning Systemand the National Soil Information System
  • Developed and implemented the Digital Logistics Management System (DLMS)for JSW Steel Limited, and has replicated the same for government agencies in Odisha and in Gujarat

As on June 30, 2025, the company’s outstanding order book size is ₹ 3173 crore

The company’s revenue from operations was Rs 199.2 crore during FY25 vis-à-vis Rs 160.4 crore during FY23.

Its net profit was Rs 14.08 crore during FY25 vis-à-vis Rs 15.8 crore during FY23. 

Keynote Financial Services Ltd is the book-running lead managers and Kfin Technologies Limited is the registrar of the offer. 

The equity shares are proposed to be listed on BSE and NSE.