The regulatory intervention failed to dent investors’ interest in the IPO of C2C Advanced Systems. The Bengaluru-based company’s IPO that opened on Friday at NSE-Emerge platform was subscribed 116.67 times overall. The company was forced to come with a withdrawal option to investors from the IPO after some discrepancies in its account statement.
Due to this, the listing of shares will be defferred for a few more days.
Around 75,000 retail investors opted out from the issue with the window for withdrawal will remain open till November 28. C2C Advanced, a provider of defence electronics solutions, came out with a IPO for ₹99.1 crore at a price band of ₹214-₹226.
While QIB portion was subscribed 31.62 times, retail investors’ portion received bids for 132.73 times and NIIs (high net worth individuals) 233.13 times.
The company on Monday said the postponement of its shares listing following a directive from the National Stock Exchange and Securities and Exchange Board of India, who asked it to appoint independent auditors and obtain an independent report of its financial accounts.
In a notice to the NSE, the company confirmed it had appointed the auditor, and the report is expected in two to three days.
“We refer to the directions received from National Stock Exchange of India Limited (“NSE”), vide letter no. NSE/LIST/3837E dated November 25, 2024. Accordingly, the issuer company is giving an option to withdraw the application from this IPO. Please contact your broker/ASBA banker through whom the bid was placed. This email is to be read along with the Red Herring Prospectus dated November 11, 2024, corrigendum dated November 20, 2024, and November 24, 2024,” C2C said in a statement.