Tue Nov 26 13:04:08 UTC 2024: ## SEBI Halts C2C Advanced Systems IPO Listing, Demands Compliance

**Mumbai, India** – The Securities and Exchange Board of India (SEBI) has halted the listing of C2C Advanced Systems Limited’s initial public offering (IPO), pending fulfillment of two key conditions. The company’s IPO, which had garnered significant investor interest with a grey market premium exceeding 100%, was scheduled for November 29th, 2024.

SEBI mandates that C2C Advanced Systems appoint an independent director to its board and that its auditor submit a report to either the National Stock Exchange (NSE) or SEBI itself. While the company has stated it is postponing the listing to comply with SEBI’s directives, and reports suggest an auditor has been appointed with a report expected within 2-3 days, this has not been independently verified.

The IPO, valued at ₹99.07 crore, included a fresh issue of 43.84 lakh shares priced between ₹214 and ₹226 per share. Allocation was split between Qualified Institutional Buyers (QIBs), retail investors, and non-institutional investors.

Due to the SEBI and NSE directives, C2C Advanced Systems has offered investors, including anchor investors, the option to withdraw their bids until 3 PM on November 28th. The company, a strategic defense solutions provider competing with the likes of Paras Defence and Space Technologies, is working to meet SEBI’s requirements before its IPO can proceed.

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