C2C Advanced Systems share price made a remarkable stock market debut on Tuesday as the stock got listed at a stellar premium. C2C Advanced Systems shares were listed at ₹429.40 apiece on NSE SME, a premium of 90% to the issue price of ₹226 per share.
C2C Advanced Systems share listing was in line with the Street estimates. Ahead of share listing, C2C Advanced Systems IPO GMP was 106%, indicating multibagger return upon share debut.
However, due to the a price control cap of 90% on SME IPO listing price, C2C Advanced Systems share price began trading at 90% premium.
C2C Advanced Systems IPO Details
The initial public offering (IPO) of defense electronics solutions provider, C2C Advanced Systems, was open for subscription from November 22 to November 26.
The IPO allotment was finalized on November 29 and the C2C Advanced Systems IPO listing date was today, December 3. C2C Advanced Systems IPO shares are listed on NSE SME platform.
C2C Advanced Systems IPO price band was set at ₹214 to ₹226 per share. At the upper-end of the price band, the company ₹99.07 crore from the book-built issue which was entirely a fresh issue of 43.84 lakh equity shares.
C2C Advanced Systems IPO saw a strong demand from investors as the issue was subscribed 125.35 times in total. The public issue was booked 132.73 times in the retail category, 31.61 times in the Qualified Institutional Buyers (QIB) category, and 233.13 times in the Non-Institutional Investors (NII) category.
The company plans to utilize the net issue proceeds to fund the capital expenditure towards the purchase of fixed assets for its existing operations, fit-outs at the new premises, payment of security deposit for the new premises at Bengaluru, fund the working capital requirements and expenditure towards general corporate purposes.
Mark Corporate Advisors Private Limited and Beeline Capital Advisors Pvt Ltd are the book running lead managers of the C2C Advanced Systems IPO, while Link Intime India Private Ltd is the IPO registrar.
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