C2C Advanced Systems IPO: 3.72 Lakh Applications Withdrawn After Listing Postponed
C2C Advanced Systems had postponed its listing after SEBI mandated it to appoint independent auditors to review its financial accounts and submit an independent report.
Over 3.72 lakh applications for C2C Advanced Systems Ltd.'s initial public offering have been withdrawn by investors after the company allowed the option to cancel bids.
The defence electronics solutions provider had given the option for applicants to withdraw their bids for the IPO by 3 p.m. on Thursday.
Data on the National Stock Exchange as of 5 p.m. shows 3,72,235 IPO applications have been withdrawn for 26.94 crore shares. The highest number of bid cancellations came from retail investors, followed by high net-worth individuals.
On Monday, the company announced that it postponed its listing, originally scheduled for Friday, after the Securities and Exchange Board of India had mandated the company to appoint independent auditors to review its financial accounts and submit an independent report.
In a notice to the NSE, 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.
The IPO 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 aimed to raise Rs 99.1 crore through its IPO, which comprised fresh issue of 43.8 lakh shares.
C2C Advanced Systems IPO GMP stood at Rs 180 as of 3:29 p.m. on Thursday, as per InvestorGain. The shares are projected to list at Rs 406 per share, a premium of 79.65% over the upper price band of Rs 226.
