(MENAFN- KNN India)
New Delhi, Nov 27 (KNN)
C2C Advanced Systems, a prominent defence and aerospace systems developer, has temporarily deferred its initial public offering (IPO) following regulatory intervention from the Securities and Exchange Board of India (SEBI).
The company has extended an unprecedented opportunity for investors to withdraw their applications from the ongoing small and medium enterprise (SME) IPO.
In a formal notice, C2C Advanced Systems announced that investors, excluding anchor investors, can withdraw their bids from November 26 to November 28.
The withdrawal windows are strategically timed: qualified institutional buyers (QIB) and non-institutional investors (NII) can withdraw until 4:00 pm, while retail investors have until 5:00 pm on the first day, with similar timings available on the subsequent two days.
Prior to SEBI's intervention, the IPO had garnered exceptional market interest, being oversubscribed nearly 96 times. Priced between Rs 214 and Rs 226 per unit, the issue was set to close for subscription on Tuesday.
SEBI has reportedly requested the company to appoint independent auditors and obtain an independent financial audit report.
The listing schedule has been adjusted, with the IPO now expected to list on or before December 3. The company anticipates finalising share allotment by November 29.
Additionally, the National Stock Exchange (NSE) will establish a monitoring agency to oversee fund utilisation post-listing.
This incident mirrors a previous regulatory action earlier this year when SEBI halted the listing of Trafiksol ITS Technologies due to concerns about potential fund misuse.
Such interventions underscore the regulatory body's commitment to protecting investor interests and maintaining market integrity.
C2C Advanced Systems specialises in developing sophisticated systems for defence, homeland security, and aerospace sectors.
The company's portfolio includes complex solutions for defence forces, involving intricate weapons and sensor integration.
Its expertise spans system integration, architecture, software development, and testing, with notable achievements like delivering a combat management system to the Royal Malaysian Navy.
In the fiscal year 2024, C2C Advanced Systems reported a revenue of Rs 41 crore, an EBITDA of Rs 18 crore, and a net profit after tax (PAT) of Rs 12 crore, demonstrating its strong market positioning and potential for growth.
(KNN Bureau)
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