Tue Nov 26 04:10:00 UTC 2024: ## C2C Advanced Systems IPO Postponed After SEBI Mandate for Independent Audit
**New Delhi, Nov 27:** The highly oversubscribed Initial Public Offering (IPO) of C2C Advanced Systems Ltd., a New Delhi-based defence electronics company, has been postponed. The Securities and Exchange Board of India (SEBI) mandated the company appoint independent auditors to review its financial accounts before listing.
The company’s shares were slated to list on November 29th, following an astounding 108.02 times oversubscription. However, in a notice to the National Stock Exchange (NSE), C2C Advanced Systems announced the postponement, citing the SEBI directive. The company has already appointed the auditor and expects the report within two to three days.
The NSE will establish a monitoring agency to track the use of funds post-listing. C2C Advanced Systems, aiming to raise ₹99.1 crore through the sale of 43.8 lakh shares at ₹226 each, has offered investors the opportunity to withdraw their bids before allocation. The deadline for withdrawal is November 28th at 3 p.m. Investors can withdraw their applications through their designated intermediaries, following a four-step process outlined by the company. No new subscriptions will be issued. The IPO will be rescheduled pending the independent auditor’s report to the NSE and SEBI.
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