Tue Nov 26 09:42:50 UTC 2024: **C2C Advanced Systems IPO Postponed Pending Auditor Review**
MUMBAI, INDIA – C2C Advanced Systems Ltd.’s initial public offering (IPO), scheduled for November 29th, has been postponed following a directive from the Securities and Exchange Board of India (SEBI). SEBI mandated an independent audit of the company’s financial accounts before the listing can proceed.
The defense electronics company, which sought to raise Rs 99.1 crore through the sale of 43.8 lakh shares at Rs 226 per share, had received bids 108.02 times the offer size. However, in response to SEBI’s order, C2C Advanced Systems is allowing investors to withdraw their applications until 3:00 p.m. on November 28th. No new subscriptions will be accepted during this period. Investors must contact their designated intermediary (broker or bank) to initiate the withdrawal process.
An independent auditor has been appointed, and their report is expected within two to three days. The listing will resume only after SEBI and the National Stock Exchange (NSE) review the findings. Post-listing, an independent agency will monitor the utilization of IPO funds.
The company reported strong financials for the September quarter, with revenue of Rs 43.22 crore and a profit after tax of Rs 9.73 crore. Mark Corporate Advisors Pvt. Ltd. and Beeline Capital Advisors served as book-running lead managers, with Link Intime India as the registrar. The postponement underscores increased regulatory scrutiny of IPOs in India, aiming to enhance investor protection and transparency.
First Piper 