Tue Nov 26 18:29:22 UTC 2024: ## C2C Advanced Systems IPO Listing Delayed, GMP Crashes 60%

**Mumbai, India** – The highly anticipated Initial Public Offering (IPO) of C2C Advanced Systems Limited has been delayed after the Securities and Exchange Board of India (SEBI) and the National Stock Exchange of India (NSE) imposed conditions on the company. The IPO, which was oversubscribed by more than 108 times and initially showed a 109% gain in the grey market premium (GMP), has seen its GMP plummet by 60% following the news.

C2C Advanced Systems was scheduled to list its shares on the NSE SME platform on November 29th, 2024. However, SEBI has mandated that the company appoint an independent director to its board and that its auditor submit a report to either the NSE or SEBI.

In response to these directives, C2C Advanced Systems has offered IPO investors, including anchor investors, the option to withdraw their bids. The deadline for withdrawing applications is November 28th, 3 PM. Investors wishing to withdraw their bids must contact their designated intermediary (broker, bank, or other registered entity), submit a withdrawal request, cancel the bid on the NSE portal, and obtain a transaction registration slip (TRS) as confirmation.

The company stated on Monday that it has already appointed an auditor to review its financial accounts. The unexpected regulatory hurdles have significantly impacted investor confidence, leading to the dramatic drop in the GMP.

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