C2C Advanced Systems shares listed on the NSE SME Emerge platform with a premium of 90 percent on December 3. The share listing took place following the postponement of the company's earlier listing date due to regulatory concerns. The shares were allotted to the successful bidders a day earlier on Monday.
The shares of C2C Advanced Systems were listed at Rs 429.40 per share on the NSE SME, a premium of 90 percent against the issue price of Rs 226.
Ahead of the listing, the shares of C2C Advanced Systems were commanding a grey market premium of Rs 240 over the IPO price.
The Rs 99-crore C2C Advanced Systems initial public offering (IPO) faced a setback, with over 3.72 lakh applications worth Rs 27 crore being withdrawn over SEBI action.
C2C Advanced Systems IPO saw an overwhelming initial interest in its maiden share sale. The shares were available for subscription in the price band of Rs 214-226 apiece.
C2C Advanced Systems finalises IPO allotment amid SEBI's action; GMP rises to nearly 90%
The public issue of C2C Advanced Systems, which specialises in defence and aerospace solutions, had seen demand soaring to 125 times with investors bidding for 36.56 crore shares, while only 29.15 lakh shares were available.
Why C2C Advanced Systems IPO listing was delayed?
Sebi had 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 oversee the utilisation of funds raised through the IPO.
Following regulatory intervention, investors across all categories were given an option to withdraw their bids.
This incident marks the second time Securities and Exchange Board of India has intervened in an SME IPO over concerns about quality and transparency.
Earlier, SEBI on October 11 directed BSE to put the listing of SME entity Trafiksol ITS Technologies on hold while it conducts a detailed probe in the disclosures made by the company in its Draft Red Herring Prospectus (DRHP).
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