Advanced C2C Systems The Rs 99 crore IPO has suffered a major setback. After the company’s listing was postponed due to regulatory concerns, over 3.72 lakh applications worth Rs 27 crore were withdrawn. The defense electronics solutions provider allowed applicants to withdraw their IPO applications until 3pm on Thursday. According to the data, more than 3.72 lakh applications were withdrawn. This had a serious impact among individual investors, where 3.57 lakh applications were withdrawn.
Applications were received for shares worth Rs 36.56 crore.
The data shows that the HNI category also acted very cautiously and more than 15,000 applications were withdrawn. Institutional investors also began to withdraw and 8 applications in this category were withdrawn. At first investors showed a lot of interest in this IPO, but now the situation has completely reversed. In the initial public offering of C2C Advanced Systems, which specializes in space and defense solutions, investors had bid for 36.56 crore shares, while only 29.15 lakh shares were available.
SEBI had instructed the company to appoint an auditor
The company had set the price band of Rs 214 to Rs 226 per share for its IPO. SEBI directed the company to appoint independent auditors to evaluate its financial accounts. Additionally, the regulator asked the National Stock Exchange (NSE) to set up a monitoring agency to monitor the utilization of funds raised through IPOs.
SEBI had intervened in view of concerns related to quality and transparency.
Following the regulatory intervention, all categories of investors were given the option to withdraw their bids, which closed on Thursday. This is the second time that the Securities and Exchange Board of India (SEBI) has intervened in SME IPOs due to concerns over quality and transparency.
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