New Delhi, July 2 (PTI): On Thursday, shares of CSM Technologies, a supplier of IT solutions, made a flat market debut, listing at the Rs 113 issue price. The shares started trading at Rs 113 on the BSE and NSE, which was equal to the issue price, making for a dull debut. Later, on both stock markets, it dropped 5% to reach a lower circuit of Rs 107.35. On the BSE, the company’s market value was Rs 553.96 crore. On Monday, the last day of bidding, CSM Technologies’ IPO was completely subscribed, with 1.36 subscriptions.
The price range for each share in the Rs 145.78-crore public offering was Rs 107-113. The money raised from the new issuance will be used to pay off debt and cover working capital needs; the remaining funds will be used to achieve inorganic growth.
