C2C Advanced Systems IPO Allotment And Listing Postponed Again? This Could Be The Reason; Details Here

The allotment of C2C Advanced Systems IPO was expected to be finalised on Friday, November 29 after the defence electronics solutions provider had given the option for applicants to withdraw their bids for the IPO on Thursday.

However, as per the latest update on the NSE website, the withdrawal window was extended by a day.

"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" - as seen on the NSE website.

Initially, the IPO allotment and listing, scheduled for November 27 and 29 respectively, were delayed after a directive from the Securities and Exchange Board of India asked C2C Advanced Systems to appoint an independent auditor and file an independent report on its financials.

The company had provided the IPO investors, including from the anchor portion, the option to withdraw their bids for shares before the allocation process. The application withdrawal window concluded on Thursday saw over 3.72 lakh applications withdrawn by investors.

As per the data on the National Stock Exchange as of 5 pm on November 29, an additional 94,153 applications were withdrawn for 9,75,80,400 shares. The highest number of bid cancellations came from retail investors, followed by high net-worth individuals.

It is now expected that the C2C Advanced Systems IPO share allotment will be finalised on Monday, December 2 and the listing of the shares is anticipated to happen on Wednesday, December 4 on NSE SME Emerge.

Disclaimer: Allotment and listing date have not been confirmed yet and could change.

Investors who did not withdraw their application can check the share allotment on NSE and IPO registrar websites by following the step-by-step guide provided below.

Link Intime India is the registrar for the issue.

Also Read: 10 Most Subscribed SME IPOs Of 2024 So Far

• Visit the allotment status check page of the NSE here.

• Log in with your username and password. (You need to create an account on the NSE to view IPO allotment status)

• Select 'C2C Advanced Systems Limited' from the dropdown menu.

• Verify PAN details.

• Enter the application number for the IPO.

• Click submit to check the allotment details.

• Visit the IPO allotment page on Link Intime India here.

• From the dropdown menu, select 'C2C Advanced Systems Ltd.' from the list of companies. (The name will be visible after the share allocation is finalised) 

• Choose from PAN, Application Number, DP/Client ID or Account Number/IFSC to view your allotment status.

• Enter the required details based on your selection.

• Click the 'Submit' button to check the allotment status.

C2C Advanced Systems IPO GMP (grey market premium) was Rs 195 per share, as per InvestorGain on November 30, indicating a strong listing over the upper limit of the price band. The GMP suggests a listing price of Rs 421 per share compared to the IPO price of Rs 226 per share.

The GMP of C2C Advanced Systems IPO remained steady at Rs 245 per share but saw a sharp fall to Rs 120 after SEBI mandated the company to appoint independent auditors to review its financial accounts and submit an independent report. But after the bidding concluded, the GMP has now increased again indicating a listing gain of 86.28%.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.