CSM Technologies Ltd is facing tepid investor appetite as its initial public offering enters the second day of the bidding process with notably muted subscription levels.
The IT solutions provider had opened its mainboard IPO to the public on Monday, aiming to raise ₹145.78 crore through a fresh issue priced between ₹107 and ₹113 per share.
The lackluster demand on the second day suggests that retail and institutional investors are exercising caution, potentially weighing the valuation against current market conditions for mid-cap technology listings.
The company intends to list its shares on both the Bombay Stock Exchange and the National Stock Exchange, with trading scheduled to commence on July 2.
This offering represents CSM Technologies' debut on public markets, marking a significant liquidity event for existing shareholders and a capital raise for the firm's expansion plans.
The entirely fresh issue structure means all proceeds will be utilized by the company rather than being distributed to selling shareholders.