C2C Advanced SME IPO: You can withdraw your application by 3 pm on Nov 28 post-SEBI action; here's how

C2C Advanced Systems specialises in the development of complex systems for defence, homeland security and aerospace sectors.

The proposed listing of SME issue C2C Advanced Systems on November 29 may be delayed after the Securities and Exchange Board of India (SEBI) asked the company to appoint independent auditors and furnish an independent financial accounts report.

In a directive issued ahead of the company’s initial public offering (IPO) closure on November 26, SEBI has also mandated the firm to provide investors, including anchor investors, the option to withdraw their bids before share allotment.

Moneycontrol was the first to report that the development comes after SEBI received a complaint from an investor, prompting the regulator to demand the appointment of independent auditors.

The IPO, which aims to raise Rs 99.07 crore, has garnered significant attention and will be listed on the NSE's Emerge platform. However, the latest developments have sparked concerns among investors, some of whom have taken to social media platform X to voice their concerns.

According to the corrigendum cum addendum to the red herring prospectus, the company said the application withdrawal option is available to all the investors who have applied to the issue, excluding the anchor investors. The withdrawal option will be available on or before Thursday, November 28, 2024 before 3 PM.

Process to Withdraw IPO Application

1) Reach out to the broker or platform through which the application was submitted.

2) The intermediary will acknowledge the withdrawal request.

3) The intermediary will cancel the bid on the NSE portal.

4) A Transaction Registration Slip (TRS) will be provided by the intermediary as confirmation.

Funds blocked through the Application Supported by Blocked Amount (ASBA) mechanism are expected to be unblocked immediately upon withdrawal, while UPI-based payments may take 2-3 working days to process.

C2C Advanced Systems IPO GMP has also dropped to nearly 75 percent after the recent development. Earlier, grey market premium for the shares was over around 110 percent, indicating 90 percent listing gains for the SME issue.

C2C Advanced Systems specialises in the development of complex systems for defence, homeland security and aerospace sectors.

The Bengaluru-based company clientele includes Indian Armed Forces, National Technical Research Organisation, DRDO, ABB, Thales, Hindustan Aeronautics Ltd, and Dassault Systemes.

The firm reported a revenue of Rs 43.22 crore and a profit after tax of Rs 9.73 crore at the end of September quarter.

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