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C2C Advanced Systems IPO: Know How to Withdraw Your IPO Application for C2C Advanced Systems After The Listing Date Is Postponed
Sebi directed C2C Advanced Systems to appoint independent auditors and obtain an independent financial report.
C2C Advanced Systems Ltd. announced on Monday the postponement of its equity share listing, initially scheduled for November 29, following a directive from the Securities and Exchange Board of India (SEBI). The regulatory body mandated the appointment of independent auditors to review the company’s financial accounts and submit an independent report.
C2C Advanced Systems IPO News
Investor Withdrawal Option Provided
In compliance with SEBI’s notice, the company has offered IPO investors, including those from the anchor portion, an option to withdraw their applications before share allocation. This withdrawal option is available until November 28, 3:00 p.m. No new subscriptions will be accepted during this period.
Auditor Appointment and Timeline for Report Submission
C2C Advanced Systems has confirmed the appointment of an independent auditor, with the report expected to be submitted within two to three days. The listing will remain on hold until the auditor submits findings to SEBI and the National Stock Exchange (NSE).
NSE to Monitor Fund Utilisation
Post-listing, a monitoring agency will oversee the utilization of IPO funds, ensuring compliance with regulations. This step is part of the enhanced scrutiny measures applied by the regulators.
How to Withdraw Your IPO Application for C2C Advanced Systems?
Investors who wish to withdraw their applications for C2C Advanced Systems’ IPO can follow the steps outlined below:
Step 1: Contact Your Designated Intermediary
Reach out to the designated intermediary (broker, bank, or other authorized entity) through which you submitted your IPO application.
Step 2: Submit Withdrawal Request
Provide your request to withdraw the application or bid. Ensure that all required details are included for smooth processing.
Step 3: Bid Cancellation on NSE Portal
The designated intermediary will cancel your bid on the National Stock Exchange (NSE) portal based on your request.
Step 4: Receive Acknowledgment
The intermediary will provide you with an acknowledgment, known as a Transaction Registration Slip (TRS), as confirmation of the bid cancellation.
Investors must complete the withdrawal process before the deadline, November 28, 3:00 p.m., as no changes can be made afterward.
Background on IPO and Company Performance
C2C Advanced Systems, a provider of defense electronics solutions, aimed to raise Rs 99.1 crore through the public issue of 43.8 lakh shares at Rs 226 per share. The IPO garnered significant interest, receiving bids 108.02 times the offer size.
The company reported revenue of Rs 43.22 crore and a profit after tax of Rs 9.73 crore for the September quarter.
IPO Management and Key Advisors
Mark Corporate Advisors Pvt. Ltd. and Beeline Capital Advisors served as the book-running lead managers for the IPO, with Link Intime India acting as the registrar.
This development highlights heightened regulatory scrutiny in IPO processes, ensuring greater investor protection and transparency.
