C2C Advanced Systems, which was scheduled to finalized the basis of allotment today, has deferred its listing following the intervention from the capital market regulator Sebi. The company had launched one of the biggest SME issue this year. The market watchdog has also given investors an option to withdraw the application from this SME issue.
"Based on intimation received from Sebi, all investors, other than anchor investors, will have an option to withdraw their bids for ongoing SME IPO of C2C Advanced Systems from November 26 up to November 28 for all categories," C2C Advanced Systems said in a notice.
C2C Advanced Systems was scheduled to finalise the basis of allotment of its shares on Wednesday, November 27. The defence solutions provider's SME IPO saw a solid response from the investors during the three-day bidding as it was overall subscribed a solid 125.35 times.
On an individual basis, the portion of non-institutional investors (NIIs) and retail investors, whose quotas were subscribed about 233 times and 133 times, respectively. However, the portions allocated for qualified-institutional bidders (QIBs) was booked 31.61 times.
The IPO of Bengaluru-based C2C Advanced Systems was open for bidding between November 22-26. It had offered its shares in the price band of Rs 214-226 per share with a lot size of 600 shares. The company raised a total of Rs 99.07 crore from its IPO, which was entirely a fresh share sale of 43,83,600 equity shares.
Grey market premium (GMP) of C2C Advanced Systems has seen a sharp correction following a muted response from QIB investors. Last heard, the company was commanding a premium of Rs 120-150 in the unofficial market, suggesting a listing pop of up to 66 per cent for the investors. The GMP stood at Rs 245 on the first day of the bidding.
C2C Advanced Systems, formerly known as C2C – DB Systems, is a vertically integrated defense electronics solutions provider catering to the indigenously developed defense products industry in India. Incorporated in 2018, C2C Advanced Systems' core competencies include C4I systems, AI/ML based big data analytics, enterprise integration of real-time data, and embedded/FPGA designs.
Mark Corporate Advisors and Beeline Capital Advisors are the book running lead managers of the C2C Advanced Systems IPO, while Link Intime India is the registrar for the issue. The market maker for C2C Advanced Systems IPO is Spread X Securities and Shares of the company shall be listed on NSE's emerge platform on Friday, November 29.