C2C Advanced Systems said that it has postponed the listing of its shares following a directive from regulators - the National Stock Exchange (NSE) and the Securities and Exchange Board of India (SEBI).
NSE and SEBI have instructed the company to appoint independent auditors and obtain an independent report on its financial accounts, according to media reports.
The company on Monday said it has already appointed an auditor to look at its financial accounts, with the report expected in two to three days, as per NDTV Profit. Mint could not independently verify this.
C2C Advanced Systems shares were slated to list on the NSE SME platform on November 29, 2024.
Following the directive from SEBI and NSE, C2C Advanced Systems provided IPO investors, including the anchor investors, an option to withdraw their bids. The last day for withdrawal for IPO applications or bids is November 28 before 3 pm.
At the end of Day 2, C2C Advanced Systems IPO was subscribed 107.43 times. However, as of 1.20 pm on Tuesday, November 26 i.e. the third day of bidding, the IPO subscription status stood at 101.64 times, suggesting withdrawal of bids by investors.
Here's the procedure to withdraw bids for C2C Advanced Systems IPO:
Step 1: Investor to approach the Designated Intermediary for withdrawal of application/bid
Step 2: Designated Intermediary to acknowledge request received from investors
Step 3: Designated Intermediary based on the request received to cancel the bid on the National Stock Exchange (NSE) portal
Step 4: Designated Intermediary to receive the acknowledgement (TSR slip) received from NSE, as required
The company also shared revised dates for the IPO listing to on or before Tuesday, December 3, 2024.
Following this development, C2C Advanced Systems IPO GMP or grey market premium witnessed a sharp drop. The company's shares are now trading at a GMP of ₹100 as against ₹245 the previous day, suggesting the impact of the news on the demand for the company's IPO.
According to the current GMP, C2C Advanced Systems IPO could now list at a 44% premium over the issue price of ₹226. Earlier, the IPO was expected to list with a 100% premium.
C2C Advanced Systems Limited is a vertically integrated provider of defence electronics solutions, catering to India's indigenously developed defence products industry. The company is looking to raise ₹99 crore via the IPO.
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