Last Day For C2C Advanced Systems IPO Investors To Withdraw Their Bids

C2C Advanced Systems IPO: The last date for investors to withdraw their application for the C2C Advanced IPO is Thursday, Nov. 28. On Monday, the company announced that it postponed its IPO listing, originally scheduled for Nov. 29, after the Securities and Exchange Board of India (SEBI) issued a directive.

The market regulator had mandated the company to appoint independent auditors to review its financial accounts and submit an independent report.  

In a notice to the National Stock Exchange, the company said that it had already appointed an independent auditor and a report will be presented within two or three days.

"The National Stock Exchange will have a monitoring agency set up on usage of funds post listing. The IPO listing will be postponed till an independent auditor submits a report to NSE/SEBI," the notice said.

Shares of C2C Advanced Systems are now anticipated to be listed on the NSE SME platform, Emerge, on or before Dec. 3, according to media reports. However, C2C Advanced Systems had given the option for applicants to withdraw their bids for the IPO by 3 p.m. on Nov. 28.

Here is how the bidders can withdraw their applications for C2C Advanced Systems IPO.

Here is a step-by-step process to withdraw C2C Advanced Systems IPO application online.

Step 1: Contact Designated Intermediary

You have to contact the designated intermediary (bank, broker, etc.) through which you applied for the IPO.

Step 2: Submit Request

Submit your request to withdraw the bid and make sure all details are correct in order to facilitate a smooth process.

Step 3: Cancellation on NSE

The intermediary will cancel your bid on the NSE website on the basis of your request.

Step 4: Receive Acknowledgment

You will get a Transaction Registration Slip (TRS) from the intermediary to confirm the cancellation of your bid.

Despite the directive from SEBI, C2C Advanced Systems IPO saw a massive demand from investors. The issue was subscribed 125.43 times, with investors applying for 36,56,00,400  shares against the 29,14,800 on offer.

In one of the biggest SME IPOs this year, the company aims to raise Rs 99.1 crore through its initial public offer comprising fresh issue of 43.8 lakh shares.

C2C Advanced Systems IPO price band was fixed at Rs 214 to Rs 226 per share.

The share allotment for the issue is expected to be done on Nov. 29, after the subscription window closed on Nov. 26.

C2C Advanced Systems IPO GMP stood at Rs 160 as of 9:27 a.m. on Thursday, as per InvestorGain. The shares are projected to list at Rs 386 per share at the upper end of the price band, with a premium of 70.80%.

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