Fri Nov 22 12:49:12 UTC 2024: **C2C Advanced Systems IPO Oversubscribed within Hours**

**Mumbai, November 23, 2024** – The initial public offering (IPO) of C2C Advanced Systems, which opened on Friday, has been massively oversubscribed, exceeding expectations within hours of its launch. The book-built issue, aiming to raise Rs 99.07 crore, saw a total subscription of 14.85 times its size.

Retail Individual Investors (RIIs) showed particularly strong interest, with their portion oversubscribed by 24.26 times. While the Qualified Institutional Buyers (QIBs) portion remains unsubscribed, the Non-Institutional Investors (NIIs) segment achieved 12.71% subscription. The IPO closes on November 26th.

Allotment is expected on November 27th, with refunds beginning the following day. The shares are slated to list on the NSE SME on November 29th, with credits to demat accounts on November 28th. The IPO price band is set between Rs 214 and Rs 226 per share.

C2C Advanced Systems already secured Rs 28.23 crore from anchor investors. The grey market premium (GMP) currently stands at Rs 245, suggesting a potential listing price of Rs 471, representing a potential gain of over 108%. It is important to note that the GMP is unofficial and not indicative of actual listing performance.

The company intends to use the IPO proceeds for purchasing hardware and software, fit-outs at new Bengaluru and Dubai premises, security deposits, working capital, and general corporate purposes.

**(Disclaimer: This article is for informational purposes only. News9 does not endorse the buying or selling of any IPO or mutual fund.)**

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