CSM Technologies IPO Day 2: GMP at 4% | Check subscription status. Should you subscribe?

CSM Technologies' Rs 145.78 crore IPO was subscribed 26% on Day 1, with retail portion at 40% and NII at 53%, while QIBs received no bids. Grey market premium stands at Rs 4 per share (3.54% over the upper price band of Rs 113), indicating an estimated listing price of around Rs 117. Brokerage Swastika Investmart maintained a neutral stance, citing a premium valuation at about 42.6x P/E and concerns over government contract reliance and high receivables.