Fri Nov 22 20:18:08 UTC 2024: **C2C Advanced Systems IPO Oversubscribed on First Day**

**MUMBAI, INDIA – November 22, 2024** – C2C Advanced Systems Ltd., a provider of defense electronics solutions, saw its initial public offering (IPO) heavily oversubscribed on its first day of trading. The IPO, which opened today and runs until November 26th, aims to raise Rs 99.07 crore (approximately $12 million USD) through the sale of 43.84 lakh shares priced between Rs 214 and Rs 226 per share.

By 4:53 pm on Friday, the IPO was subscribed 26.16 times. While Qualified Institutional Buyers showed modest interest (0.53 times subscription), Non-Institutional Buyers drove the surge, subscribing 25.35 times the offered shares. The strong demand is further reflected in the grey market premium (GMP), currently estimated at Rs 245, suggesting a potential listing price of Rs 471, a 108.41% gain from the upper end of the IPO price band. *Note: GMP is unofficial and based on speculation.*

C2C Advanced Systems, known for its design capabilities in strategic defense solutions, including processors, radars, and embedded software, reported significant revenue growth. FY24 revenue reached Rs 41.29 crore, a 412% year-on-year increase, with net profit surging 327% to Rs 12.27 crore. The company plans to use the IPO proceeds for purchasing hardware and software, facility upgrades in Bengaluru and Dubai, and general corporate purposes.

Share allotment is scheduled for November 27th, with shares credited to Demat accounts on November 28th. Listing on the NSE SME platform, Emerge, is expected on November 29th.

**Investors are cautioned that IPOs are subject to market risk. Consult with a financial advisor and review the red herring prospectus before investing.**

Read More