Mon Nov 25 20:50:24 UTC 2024: **Bengaluru Defence Tech Firm C2C Advanced Systems IPO Overwhelmed by Retail Investor Demand**

BENGALURU, INDIA – C2C Advanced Systems, a Bengaluru-based defence electronics solutions provider, has witnessed an overwhelmingly positive response to its initial public offering (IPO) on the NSE-Emerge platform. The IPO, which closes on Tuesday, has already been subscribed a staggering 95.89 times, with retail investors leading the charge.

The IPO, priced between ₹214 and ₹226 per share, has received bids for 28.10 crore shares against the 29.15 lakh shares on offer. The retail portion alone was subscribed an incredible 143.6 times, while the high net-worth individual (HNI) and qualified institutional buyer (QIB) portions were subscribed 107.3 times and nearly 6 times, respectively. Over 3.46 lakh retail applications have been received.

The company, which counts the Indian Navy, HAL, BHEL, and L&T Defence among its clients, raised ₹28.23 crore from anchor investors prior to the IPO. The total IPO size is ₹99.07 crore, with the proceeds earmarked for capital expenditure, including new facilities in Bengaluru and Dubai, and working capital. C2C Advanced Systems specializes in C4I systems, AI/ML-based analytics, and embedded systems design.

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