SEBI has delayed the listing of C2C Advanced Systems Limited’s Initial Public Offer (IPO).
The regulatory body has stated that the listing cannot proceed until the company meets two key conditions.
The first condition requires the company to appoint an independent director to its board, and the second demands that the company’s auditor submits a report to either the NSE or SEBI.
Company’s Response and Update on Auditor Appointment
In response, C2C Advanced Systems Limited issued a statement confirming that it was postponing the listing as per SEBI’s instructions.
The company also mentioned that an auditor had been appointed to review its financial accounts, with the report expected in two to three days.
However, this report has not been independently confirmed by ABP News. The company’s IPO listing was originally scheduled for 29th November 2024.
Investors Can Withdraw Bids Before Deadline
Due to the postponement, investors who had heavily invested in the IPO are now being given the option to withdraw their bids, including anchor investors. The deadline for withdrawing bids is 28th November 2024, until 3 pm.
Details of C2C Advanced Systems Limited IPO
The IPO of C2C Advanced Systems Limited was valued at Rs 99.07 crore, including a fresh issue of 43.84 lakh shares.
The price band for each share was set between Rs 214 and Rs 226.
The company allocated 50% of its issue for Qualified Institutional Buyers (QIBs), 35% for retail investors, and the remaining 15% for non-institutional investors.
About C2C Advanced Systems Limited
C2C Advanced Systems Limited is a defense solutions provider, focusing on strengthening its position in the defense sector.
The company is aiming to compete with other defense firms like Paras Defense and Space Technologies.
