Tue Nov 26 10:08:34 UTC 2024: ## C2C Advanced Systems IPO Listing Postponed Amid Regulatory Scrutiny
**Bengaluru, India – November 26, 2024** – The highly oversubscribed initial public offering (IPO) of C2C Advanced Systems, a defence electronics company, has been postponed following a directive from the National Stock Exchange (NSE) and the Securities and Exchange Board of India (SEBI). The regulators have ordered the company to appoint independent auditors to review its financial accounts before the listing can proceed.
C2C Advanced Systems, which aimed to raise ₹99.1 crore through the sale of 43.8 lakh shares priced between ₹214 and ₹226, saw its IPO oversubscribed by a massive 106 times on the first day. However, SEBI’s intervention, which also includes allowing investors to withdraw their applications and the establishment of a monitoring agency to track fund usage post-listing, has forced a delay.
The company has already appointed independent auditors, and their report is expected within two to three days. Until this report is submitted to the NSE and SEBI, the IPO listing will remain suspended. Investors who participated in the IPO are being given the option to withdraw their applications. Detailed instructions on how to do so have been provided by C2C Advanced Systems, involving contacting their brokers or ASBA bankers.
The postponement comes as a surprise given the overwhelming initial response to the IPO. The unexpected regulatory intervention highlights the increased scrutiny being applied to IPOs in the Indian market. The situation underscores the importance of thorough due diligence and transparency in the IPO process. The NSE will now await the independent auditor’s report before determining a new listing date for C2C Advanced Systems.
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