C2C Advanced Systems shares made a strong debut on the NSE SME Emerge platform on December 3, listing at a premium of 90 percent at Rs 429.40 against the issue price of Rs 226.
The much-anticipated listing came despite an earlier postponement, which saw a setback for the company after over 3.72 lakh applications worth Rs 27 crore were withdrawn following regulatory action by the Securities and Exchange Board of India (SEBI).
C2C Advanced Systems, a vertically integrated defence electronics solutions provider, focuses on indigenously developed products for India's defence sector.
Investors allotted shares of the company reaped significant gains, with a profit of Rs 1,22,040 per lot on an investment of Rs 1,35,600 per lot.
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.
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.
The public issue of C2C Advanced Systems had seen demand soaring to 125 times with investors bidding for 36.56 crore shares, while only 29.15 lakh shares were available.
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