C2C Advanced Systems IPO sees withdrawal of 3.72 lakh applications

The Rs 99-crore archetypal nationalist offering (IPO) of C2C Advanced Systems has faced a setback, with implicit 3.72 lakh applications worthy Rs 27 crore being withdrawn pursuing the postponement of the company's listing owed to regulatory concerns. The defence electronics solutions supplier allowed applicants to retreat their IPO bids until 3 p.m. connected Thursday.

Going by the data, implicit 3.72 lakh applications were withdrawn and the fallout was terrible among idiosyncratic investors with 3.57 lakh applications being withdrawn.

Additionally, high-net-worth individuals (HNIs) besides showed important caution, with implicit 15,000 applications withdrawn. Even organization investors backed away, with 8 withdrawals reported successful that segment, the information showed.

This is simply a crisp opposition to the overwhelming archetypal involvement successful the IPO. The nationalist contented of C2C Advanced Systems, which specialises successful defence and aerospace solutions, had seen request soaring to 125 times with investors bidding for 36.56 crore shares, portion lone 29.15 lakh shares were available.

The shares were disposable for subscription successful the terms set of Rs 214-226 apiece.

Sebi directed the institution to name autarkic auditors to measure its fiscal accounts. Additionally, the regulator asked the National Stock Exchange (NSE) to acceptable up a monitoring bureau to oversee the utilisation of funds raised done the IPO.

Following regulatory intervention, investors crossed each categories were fixed an enactment to retreat their bids, a model that closed connected Thursday.

"We notation to the directions received from NSE, vide missive ... Dated November 25, 2024. Accordingly, the issuer institution is giving an enactment to retreat the exertion from this IPO. Please interaction your broker/ASBA banker done whom the bid was placed. This email is to beryllium work on with the Red Herring Prospectus dated November 11, 2024, corrigendum dated November 20, 2024, and November 24, 2024," C&C had said.

This incidental marks the 2nd clip Sebi has intervened successful an SME IPO implicit concerns astir prime and transparency.