CSM Technologies’ initial public offering remains significantly under-subscribed on the second day of bidding, with demand reaching just 0.31 times the issue size in early trading hours.
The ₹145.78 crore offering has yet to attract any bids from Qualified Institutional Buyers (QIBs), signaling a lack of confidence among professional investors in the current market environment.
The sluggish response follows a similarly weak debut on June 24, when the IPO was subscribed only 0.26 times on its first day.
The company, which raised ₹20 crore from anchor investors prior to the public issue, is now facing the prospect of a potentially undersized listing or a need to revise pricing if demand does not improve in the final hours of bidding.
The lack of institutional appetite for CSM Technologies mirrors broader headwinds in the Indian IPO market, where several recent listings have struggled to find buyers.
Turtlemint Fintech Solutions, for instance, saw its ₹883 crore offering subscribe at just 0.51 times on its second day, highlighting a cautious stance among investors toward new equity issues.