C2C Advanced Systems IPO has been in the spotlight recently, with Nov. 28 being the final date for investors to withdraw their bids. This development follows a directive from the Securities and Exchange Board of India (SEBI) to appoint independent auditors for reviewing the company's financial accounts.

SEBI’s Directive and Postponement

Originally scheduled for listing on Nov. 29, C2C Advanced Systems postponed its IPO following SEBI’s instructions. The regulatory body demanded the company appoint an independent auditor to examine its financial statements and submit a comprehensive report.

In a statement to the National Stock Exchange (NSE), the company confirmed that an independent auditor had already been appointed, and the report is expected to be completed within 2-3 days.

Additionally, the NSE plans to establish a monitoring agency to oversee the utilization of funds post-listing, a move aimed at ensuring greater transparency. The IPO listing is now anticipated on or before Dec. 3, 2024, on the NSE SME platform, Emerge.

Withdrawal Window Statistics for C2C Advanced Systems Limited (SME IPO)

This table presents the statistics for the C2C Advanced Systems Limited IPO withdrawal window as of November 28, 2024, showing the total number of applications and quantities withdrawn, as well as a breakdown by category.

Steps to Withdraw Bids for C2C Advanced Systems IPO

Investors who wish to withdraw their IPO applications must act before 3 p.m. on Nov. 28. Here’s the process:

1. Contact Designated Intermediary
   Reach out to the intermediary (bank, broker, or platform) through which the IPO application was submitted.

2. Submit Request
   Provide all necessary details to facilitate the withdrawal and submit the request for cancellation.

3. Intermediary Action
   The intermediary will cancel the bid on the NSE website based on the investor's request.

4. Receive Acknowledgment
   Investors will receive a Transaction Registration Slip (TRS) to confirm the withdrawal.

IPO Highlights and Investor Response

Despite regulatory scrutiny, the C2C Advanced Systems IPO has seen overwhelming interest, with a 125.43x subscription rate. Investors applied for 36.56 crore shares against the 29.14 lakh shares available.

• IPO Size: Rs 99.1 crore through a fresh issue of 43.8 lakh shares.
• Price Band: Rs 214 to Rs 226 per share.
• Allotment Date: Expected on Nov. 29, 2024.

This marks one of the largest SME IPOs of the year, underlining strong market confidence in the company’s growth prospects.

What Lies Ahead?

While the IPO’s listing has been postponed, investor demand reflects robust interest in the company. The successful completion of the independent auditor’s report will be crucial for the next steps. With its upcoming listing on the NSE SME platform, C2C Advanced Systems remains a notable entrant in the IPO market.

Would you like additional insights or a report on the IPO's financials and sector impact?

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