C2C Advanced Systems IPO records 25x subscription on day 1 with demand from NIIs, retail investors

C2C Advanced Systems IPO

C2C Advanced Systems' initial public offering received overwhelming response especially from retail and non-institutional investors on November 22, the first day of bidding. The offer was subscribed 24.68 times with investors bidding for 7.73 crore equity shares compared to the IPO size of 31.34 lakh shares.

The defense electronics solutions provider tapped the capital market to raise Rs 99.07 crore through its maiden public issue of 43.83 lakh equity shares at a price of Rs 226 per share. The price band for the issue is Rs 214-226 per share.

Non-institutional investors were at the forefront to help the issue get strongly subscribed, bidding 41.48 times the reserved portion. The part set aside for retail investors was subscribed 26.4 times, while the qualified institutional buyers bought half of its shares reserved in the offer.

The New Delhi-based company has mobilised Rs 28.23 crore via anchor book on November 21, out of the Rs 99-crore IPO. Aarth AIF, Bengal Finance, J4S Venture Fund, Kingsman Wealth Fund, LC Radiance Fund, NAV Capital, Negen Undiscovered Value Fund, and Shine Star Build Cap bought 12.49 lakh shares at the upper price band.

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C2C Advanced Systems, which specialises in delivering customized software and software enabled systems that control mission-critical defence applications for military and security apparatus, will use the IPO funds to purchase fixed assets (both hardware and software) for its existing operations and the proposed set up of an Experience Centre at Dubai.

Furthermore, it will spend fresh issue money towards fit-outs at the new premises at both Bengaluru and Dubai, payment of security deposit for the new premises at Bengaluru, working capital requirements, and general corporate purposes.

The initial share sale will close on November 26.