Behari Lal Engineering, CSM Technologies file draft papers with Sebi to launch IPOs

Punjab’s Behari Lal Engineering and Bhubaneswar-based CSM Technologies have filed their draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to launch their initial public offering (IPO). Behari Lal plans to raise Rs 110 crore through a fresh issue, while CSM Technologies will issue up to 1.29 crore new equity shares.

Behari Lal Engineering IPO

Behari Lal Engineering IPO will be a fresh issue aggregating up to Rs 110 crore and an offer-for-sale (OFS) of up to 7,854,521 equity shares by existing shareholders. The selling shareholders include promoters – Rajesh Garg and Lovlish Garg, promoter group members, Yogita Garg, promoter Group Selling Shareholder, Dinesh Kumar Garg (HUF), and investor shareholder SG Tech Engineering Private Limited.

The offer is being made through the book-building process. Proceeds from the fresh issue will be utilised towards funding capital expenditure requirements, repayment or prepayment of borrowings, and general corporate purposes.

Behari Lal Engineering was founded in Punjab in 1995 under the name Behari Lal Ispat Private Limited. In 2024, the company was converted into a public limited entity and renamed Behari Lal Engineering Limited to reflect its larger scale and broader product portfolio. The company is a renowned manufacturer of engineering castings, alloy steel products, and metal rolls, all of which are vital components in industries including steel, power, and heavy engineering.

Also Read: Aarvee Engineering, Deon Energy file DRHPs with Sebi to raise Rs 202 crore and Rs 150 crore via fresh issue

CSM Technologies IPO

CSM Technologies offers digital transformation, GovTech and IT consulting services. The IPO, with a face value of Rs 10 per equity share, consists entirely of a fresh issue of up to 1,29,01,000 equity shares, with no offer-for-sale (OFS) component.

The proceeds from the fresh issue will be utilised towards funding growth initiatives, strengthening technological infrastructure, repayment/prepayment of certain borrowings, and general corporate purposes.

Founded in 1998 as Cybertech Software & Multimedia Pvt. Ltd., the company was renamed CSM Technologies Pvt. Ltd. in 2014 and converted into a public company in 2025. The company has subsidiaries in the USA, UAE, Canada, Kenya, and Rwanda, along with an Indian subsidiary, Kwantify Solutions Pvt. Ltd.

The promoters of the company are Priyadarshi Pany and Lagna Panda.

For FY2025, CSM Technologies reported consolidated revenue from operations of Rs 1,992.4 crore, compared to Rs 1,967.1 crore in FY2024 and Rs 1,604.4 crore in FY2023. Profit after tax rose to Rs 129.9 crore in FY2025, from Rs 104.3 crore in FY2024 and Rs 80.0 crore in FY2023.

The Book Running Lead Manager to the issue is Keynote Financial Services Limited, and the Registrar to the issue is KFin Technologies Limited.

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