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CSM Technologies has filed its papers for IPO with SEBI for ₹150 crore.
The Bhubaneshwar-based company is a digital transformation and IT consulting company that offers a wide range of applications, platforms, and digital solutions to enterprises. It also offers GovTech solutions to the Indian government.
The deets: the IPO comprises a fresh issue of 1.29 crore equity shares and no offer-for-sale component.
The why: fresh proceeds worth ₹53 crore will be used to meet working capital requirements while ₹25.88 crore will be earmarked to repay debts. The rest will be used to fund growth initiatives, improve tech infrastructure and general corporate expenses.
Big picture: the GovTech sector in India comprises 184 companies who have raised $89.9 million collectively. With multiple government initiatives like e-Kranti that promotes e-governance, companies like CSM are in a lucrative position to dominate the market
