C2C Advanced Systems IPO: The less than Rs 100 crore SME IPO of C2C has taken centre stage with more than 80% of bidders pulling out their funds from the company in a frenzy. Despite the withdrawal window being flooded by investors, the latest grey market premium (GMP) hints at a strong listing of C2C on NSE Emerge. Both allotment status and listing of C2C have been postponed, and there is more clarity needed by regulators.

C2C Advanced Systems IPO Allotment:

Initially, it was predicted that the allotment of C2C Advanced would take place on November 29. This is because of the direction of by Sebi to NSE.

On its website, NSE stated that based on intimation received from SEBI, All investors (other than Anchor Investors) shall have the option to withdraw their bids for ongoing SME IPO of C2C Advanced Systems Limited from Nov 26, 2024, up to Nov 28, 2024, for all categories (QIB, NIB, RETAIL). The Withdrawal window for QIB and NIB categories shall be up to 4:00 PM and Retail up to 5:00 PM. Only Withdrawal windows for all categories (QIB, NIB, RETAIL) shall be allowed on Nov 27, 2024 and Nov 28, 2024, between 10:00 AM to 5:00 PM.

This direction led to reportedly the allotment status date being pushed to November 29. However, a new update has been announced by NSE and the date of allotment is once again postponed from Friday, eventually postponing the listing date.

NSE said “As informed by SEBI, it has been decided to extend the withdrawal window option for SME IPO of C2C Advanced Systems Limited by 1 day for all Members/ Banks who have received withdrawal applications till November 28, 2024, by 5.00 PM. Accordingly, Members/Banks may upload their withdrawal application on November 29, 2024, between 10.00 AM to 5.00 PM on the exchange e-IPO system.”

That being said, the allotment and listing date is uncleared for C2C Advanced IPO on NSE.

If the allotment status is approved next week, then investors can check the eligibility of their application on NSE and its registrar Link Intime India.

Why investors are withdrawing funds from C2C Advanced IPO?

Market watchdog asked C2C Advanced to appoint independent auditors to review its financial accounts. Accordingly, NSE received the instruction to monitor the utilisation of C2C Advanced IPO funds by overseas investors. Amidst this, C2C had opened a withdrawal window for investors across categories with the option to withdraw their funds.

As per the latest data on NSE, as much as 81,299 applications have been withdrawn by retail investors, while the quantity withdrawn by them is about 4,87,79,400 equity shares. Further, the 12,845 applications of non-institutional investors were pulled out with the quantity being 4,44,70,200 equity shares. Meanwhile, only 9 applications of qualified institutional buyers were pulled out from the IPO, with withdrawal quantity being at 43,30,800 equity shares.

C2C Advanced Systems IPO Details:

The IPO worth Rs 99.07 crore opened for subscription on November 22, and closed on November 26. The IPO was entirely fresh issue, and its price band was fixed at Rs 214 to Rs 226 per share.

On the last day of the bidding, C2C IPO bagged massive bidding to the tune it was oversubscribed by 125.35x. Among the investors, non-institutional category oversubscribed by 233.13 times, followed by retail investors portion oversubscribing by 132.73 times and that of qualified institutional buyers subscribed by 31.61 times.

C2C Advanced Systems IPO GMP:

As per Investor Grain, C2C Advanced Systems SME IPO last GMP is ₹195, last updated Nov 30th 2024 04:53 PM. With the price band of 226.00, C2C Advanced Systems SME IPO’s estimated listing price is ₹421 (cap price + today’s GMP).The expected percentage gain/loss per share is 86.28%.

C2C is commitment towards making India a leading player in the domain of cutting edge technologies systems for defence, security and aerospace sectors. The need to partner with global players is the most urgent need to accelerate innovations, as per the RHP. The company’s key business is in selling and executing its “Combat Management System” (CMS) to Royal Malaysian Navy against stiff competition from most established global Platform players.