C2C Advanced Systems IPO Listing Postponed: Check Latest GMP, Steps To Withdraw Application

C2C Advanced Systems Ltd., which launched one of the biggest SME IPOs this year, has postponed the listing of its shares after receiving directives from Securities and Exchange Board of India.

The markets regulator asked the company to appoint independent auditors and obtain a report of its financial accounts.

C2C Advanced Systems IPO listing was tentatively scheduled for Nov. 29. The stock was to be listed on the NSE SME platform, Emerge.

The NSE SME IPO was open for subscription from Nov. 22 to Nov. 26. The Rs 99.07-crore book-building issue was booked 115.4 times across investor categories on the last day of subscription till 3 p.m. on Tuesday, as per the NSE data. The investors submitted bids for 33,63,84,000 shares against 29,14,800 shares on offer.

In a notice to the National Stock Exchange, the company said that it had already appointed an independent auditor and a report will be presented within two or three days.

"The National Stock Exchange will have a monitoring agency set up on usage of funds post listing. The IPO listing will be postponed till an independent auditor submits a report to NSE/SEBI," the notice said.

C2C Advanced Systems is a New Delhi-based provider of defence electronics solutions. The company’s IPO comprises a fresh issue of 43.8 lakh shares. The IPO price band has been fixed at Rs 214 to Rs 226 apiece.

Following the announcement, the grey market premium of C2C Advanced Systems saw a sharp decline. C2C Advanced Systems IPO GMP fell to 44.25% as of 11:32 a.m. on Tuesday, hours after the SEBI action. The shares are now projected to list at Rs 325 apiece, with a premium of Rs 100.

On Monday, the GMP indicated massive listing gains of Rs 170 or 75.22% per share. The shares were projected to list at Rs 396 apiece.

Even though C2C Advanced Systems IPO GMP has fallen sharply, it is still showing listing gains.

GMP or grey market price is not an official price quote for the stock and is based on speculation.

The company has also offered its IPO investors to withdraw their application before allocating the shares. The deadline to withdraw applications is 3 p.m. on Nov. 28.

“Based on intimation received from SEBI, all investors, other than anchor investors, will have an option to withdraw their bids for ongoing SME IPO of C2C Advanced Systems from November 26 up to November 28 for all categories,” the company said in the notice.

Here is how you can withdraw your C2C Advanced Systems IPO application:

Step 1: First, you have to contact the designated intermediary (bank, broker, etc.) through which you applied for the IPO.

Step 2: Submit a request to withdraw your bid and ensure all details are correct in order to facilitate a smooth process.

Step 3: The intermediary will cancel your bid on the NSE website on the basis of your request.

Step 4: You will get a Transaction Registration Slip from the intermediary to confirm the cancellation of your bid.