CSM Technologies shares plunged to the 5% lower circuit on Indian stock exchanges shortly after listing at the IPO issue price of ₹113.
The sharp intraday decline marks a difficult start for the IT solutions provider, which debuted on the National Stock Exchange and Bombay Stock Exchange on Thursday.
The lack of a listing premium underscores muted investor appetite for the offering.
The initial public offering was subscribed only 1.36 times, reflecting cautious sentiment among retail and institutional buyers.
The company had planned to use the proceeds for growth initiatives, but the immediate market reaction suggests skepticism regarding the valuation or near-term growth prospects.
The slide to the lower circuit indicates that selling pressure quickly overwhelmed any buying interest at the issue price.