The IPO of C2C Advanced Systems, a defence electronics solutions provider, has captured investor attention with an enthusiastic response on its first day of subscription. The IPO, which opened on Friday, November 22, 2024, was oversubscribed 27.19 times, as per data from the NSE. This reflects bids for 7,92,51,600 shares against the 29,14,800 shares offered.

Grey Market Premium (GMP)
The IPO’s start mirrors its robust performance in the grey market, where the unlisted shares of C2C Advanced Systems are trading at a premium of Rs 245 over the upper price band of Rs 216. This indicates a 108.41% premium.

IPO Details
C2C Advanced Systems aims to raise Rs 99.07 crore through this IPO, priced within a range of Rs 214-216 per share, with a lot size of 600 shares. For retail investors, the minimum investment required is Rs 1,35,600 for a single lot.

To attract participation, the company raised Rs 28.23 crore from anchor investors before the IPO opening on November 21, 2024.

Utilisation of IPO Proceeds
The company plans to allocate the IPO proceeds to strengthen its operational and infrastructure capabilities. A significant portion will be used to purchase fixed assets, including hardware and software, for existing operations.

The company will upgrade its Bengaluru Experience Centre and establish a new Experience Centre in Dubai. It also intends to set up a Training Centre in Bengaluru. Proceeds will be used for fit-outs in new premises and security deposits for its Bengaluru operations. A portion of the funds will address working capital needs and general corporate expenditures.

Subscription Timeline
The IPO subscription window remains open until Tuesday, November 26, 2024.
The basis of allotment will be finalised by Wednesday, November 27, 2024.
Investors can expect shares to be credited to their demat accounts on Thursday, November 28, 2024.
Listing Date: Shares are scheduled to list on the NSE SME platform on Friday, November 29, 2024.

Industry Leadership
C2C Advanced Systems is a company in India’s defence electronics sector that focuses on indigenously developed solutions. The company offers a comprehensive portfolio that supports defence platforms across air and sea.

Core expertise includes Hardware, software, firmware, and mechanical systems, prototype design, testing, and validation, aiding the entire defence lifecycle with state-of-the-art technology.

IPO Lead Managers
The IPO is being managed by Mark Corporate Advisors and Beeline Capital Advisors, while Link Intime India is the official registrar.

The response to C2C Advanced Systems IPO reflects investor confidence in the company’s robust business model and growth prospects. The grey market premium further boosts expectations of a strong listing performance.

Story first published: Saturday, November 23, 2024, 13:58 [IST]