All eyes are on C2C Advanced Systems, whose shares will be listed on the NSE-Emerge platform today. The IPO, that caught the attention for the wrong reasons, sustained overwhelming investor interest. The Bengaluru-based company has fixed the IPO price at Rs 226, at the upper end of the price band. The grey market premium signals that the stock could double on debut.
The IPO was open between November 22 and November 26 and the shares were supposed to be listed on last Friday. However, the listing was delayed as NSE/SEBI asked the company to provide subscribers the withdrawal option till Thursday due to some discrepancies in its financial statement.
The NSE had appointed an independent auditor to verify the accounts and the listing was allowed after the auditor report was received.
Meanwhile, the Bengaluru-based company’s IPO was subscribed over 100 times times overall, despite the regulators’ intervention.
Using the withdrawal option, some retail investors opted out from the issue.
C2C Advanced, a provider of defence electronics solutions, came out with a IPO for ₹99.1 crore.
As part of the IPO, the company raised ₹28.23 crore from anchor investors. It has allotted 12.49 lakh shares at ₹226 each to eight anchor investors — Aarth AIF, Bengal Finance & Investment, J4S Venture Fund, Kingsman Wealth Fund, LC Radiance Fund, NAV Capital Emerging Star Fund, Negen Undiscovered Value Fund and Shine Star Build Cap Fund.
C2C Advanced Systems, a vertically integrated defence electronics solutions provider, offers a diverse range of products, professional services, and product engineering solutions. Its core competencies include C4I systems for effective situational awareness and decision support, AI/ML-based big data analytics, enterprise integration of real-time data from IIOT, and embedded/FPGA designs.
Its customers include the Indian Navy, HAL, BHEL, Indian Army, Semcon, Bharat Forge, Dassault Systems, and L&T Defence.
The company proposes to use the proceeds of the net issue to fund capital expenditure, including the purchase of fixed assets (both hardware and software) for its existing operations and Dubai Centre (₹14.73 crore), Fit-outs at its existing facilities (₹4.58 crore), the security deposit for a new premises at Bengaluru (₹1.60 crore), and working capital needs (₹46 crore).
