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The allotment for the C2C Advanced Systems IPO has been finalized, with the listing scheduled for December 3rd on the NSE SME. Grey market premium indicates substantial listing gains for investors.
The C2C Advanced Systems IPO has reached a significant milestone with the finalization of its allotment process. The defense electronics solutions provider is now set to debut on the NSE SME platform on Tuesday, December 3rd. Market observers are keenly watching the grey market premium (GMP), which currently stands at a robust 88.5%. This translates to ₹200 over the IPO issue price of ₹226 per share, suggesting the potential for significant listing gains for investors.
The IPO, which was open for subscription from November 22nd to November 26th, witnessed an overwhelming response, subscribed 125.35 times overall. Bids were received for 36,53,80,800 shares against the 29,14,800 shares that were on offer. Qualified institutional buyers (QIBs) subscribed 31.61 times their allotted portion, while non-institutional investors (NIIs) showed even greater enthusiasm with a subscription of 233.13 times. Retail individual investors (RIIs) also participated actively, subscribing 132.73 times the shares reserved for them.
For investors eager to check their allotment status, the process can be completed online through the following steps:
The grey market premium (GMP) serves as an indicator of market sentiment and investor appetite for the IPO. It reflects the willingness of investors to pay a premium over the issue price in the unofficial market. However, it's important to note that the GMP is dynamic and subject to change based on market conditions.
Notably, the C2C Advanced Systems IPO listing was initially scheduled for November 29th but was postponed due to a request from the Securities and Exchange Board of India (SEBI). SEBI had directed the company to appoint an independent auditor to review certain aspects. The listing could proceed after the auditor submits the report to NSE or SEBI. SEBI had also mandated the establishment of a monitoring agency to oversee the utilization of funds raised through the IPO.
Following the postponement, subscribers were provided with the option to withdraw their applications if they wished to do so.
The C2C Advanced Systems IPO comprised a fresh issue of 43.84 lakh shares, with the price band set at ₹214 to ₹226 per share. The minimum lot size for an application was 600 shares, requiring a minimum investment of ₹135,600 for retail investors. High net worth individuals (HNIs) were required to apply for a minimum of 2 lots (1,200 shares), amounting to an investment of ₹271,200.
Mark Corporate Advisors Private Limited and Beeline Capital Advisors Pvt Ltd served as the book-running lead managers for the IPO, while Link Intime India Private Ltd acted as the registrar. Spread X Securities was the market maker for the C2C Advanced Systems IPO.
The company has demonstrated strong financial performance, with revenue increasing by 412% and profit after tax (PAT) rising by 327% between the financial years ending March 31, 2024, and March 31, 2023.
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