Despite being under scrutiny by Sebi, C2C Advanced Systems is scheduled to finalise the basis of allotment of its shares on Friday, November 29. However, Investors are likely to get the notifications for allotment of shares or revocation of mandate by Monday, December 02. The troubled issue had received a strong response from the investors.
C2C Advanced Systems has postponed its listing, which was originally scheduled for November 29. However, subsequent to Sebi's order to appoint an independent auditor to review financial statements, Thursday' November 28 is the last day for investors to withdraw their bids, if they want to. Sebi had given three days to investors to withdraw their bids for the IPO.
On the other hand, C2C Advanced Systems told National Stock Exchange (NSE) that it had already appointed an independent auditor and the report will be presented in 2-3 days. Also, NSE will appoint a monitoring agency on usage of funds post listing. The stock is scheduled to make it Dalal Street debut on Tuesday, December 3, 2024.
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.
The issue was overall subscribed a solid 125.35 times, thanks to the last minute interest from non-institutional investors (NIIs)and retail investors, whose quotas were subscribed about 233 times and 133 times, respectively. The portion allocated for qualified-institutional bidders (QIBs) was booked 31.61 times.
Grey market premium (GMP) of C2C Advanced Systems rebounded has seen a smart rebound despite the scrutiny. Last heard, the company was commanding a premium of Rs 145-150 in the unofficial market, suggesting a listing pop of up to 66 per cent for the investors. The GMP had plunged 40 per cent to Rs 120 a day earlier.
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.
Investors, those who had bid for the issue of C2C Advanced Systems can check the allotment status on the National Stock Exchange (NSE) website. They need to sign up, if not already signed and follow the given process. On the other hand, Investors can also check the allotment status on the online portal of Link Intime India.