C2C Advanced Systems IPO: The allotment status of Rs 99.07 crore IPO is likely to be finalised on Monday, December 2, considering the latest NSE notification has kept the withdrawal window open till November 29. C2C Advanced Systems IPO which was supposed to be listed on NSE Emerge in the late November, has faced a setback after a direction from market regulator Sebi. Following which, many investors have pulled out their applications from C2C Advanced IPO. Despite the massive outflow of funds from C2C IPO, the latest grey market premium (GMP) signals a strong double-digit premium listing.
C2C Advanced Systems IPO Allotment Date:
Initially, it was predicted that the allotment of C2C Advanced would take place on November 29. However, the latest update by NSE indicated that the withdrawal option window was extended to be open on November 29 from earlier.
In a notification, NSE said "As informed by SEBI, it has been decided to extend the withdrawal window option for SME IPO of C2C Advanced Systems Limited by 1 day for all Members/ Banks who have received withdrawal applications till November 28, 2024, by 5.00 PM. Accordingly, Members/Banks may upload their withdrawal application on November 29, 2024, between 10.00 AM to 5.00 PM on the exchange e-IPO system."
That being said, the allotment and listing date is uncleared for C2C Advanced IPO on NSE. On Monday, December 2, it will be keenly watched if the allotment status will be finalised or if the due date of the withdrawal window will be extended further. NSE's notification on C2C would set the tone.
If the allotment status is approved next week, then investors can check the eligibility of their application on NSE and its registrar Link Intime India. On December 2nd, investors can also check on this website if the company's name appears in the allotment option to review your application.
C2C Advanced Systems IPO GMP:
As per Investor Grain, C2C Advanced Systems SME IPO last GMP is ₹195, last updated Dec 1st 2024 08:59 AM. With the price band of 226.00, C2C Advanced Systems SME IPO's estimated listing price is ₹421 (cap price + today's GMP). The expected percentage gain/loss per share is 86.28%.
Why investors are withdrawing funds from C2C Advanced IPO?
Sebi directed C2C Advanced to appoint independent auditors to review its financial accounts. Accordingly, NSE received the instruction to monitor the utilisation of C2C Advanced IPO funds by overseas investors. Amidst this, C2C had opened a withdrawal window for investors across categories with the option to withdraw their funds.
As per the latest data on NSE, as much as 81,299 applications have been withdrawn by retail investors, while the quantity withdrawn by them is about 4,87,79,400 equity shares. Further, the 12,845 applications of non-institutional investors were pulled out with the quantity being 4,44,70,200 equity shares. Meanwhile, only 9 applications of qualified institutional buyers were pulled out from the IPO, with withdrawal quantity being at 43,30,800 equity shares.
NSE said, " The above statistics pertains to withdrawals during the extended window between 27 Nov 2024 to 29 Nov 2024 up to 5:00 PM." It added, "The withdrawal data may also include bids for which mandate was not accepted by the investors."
C2C Advanced Systems IPO Details:
The IPO worth Rs 99.07 crore opened for subscription on November 22, and closed on November 26. The IPO was entirely fresh issue, and its price band was fixed at Rs 214 to Rs 226 per share.
On the last day of the bidding, C2C IPO bagged massive bidding to the tune it was oversubscribed by 125.35x. Among the investors, non-institutional category oversubscribed by 233.13 times, followed by retail investors portion oversubscribing by 132.73 times and that of qualified institutional buyers subscribed by 31.61 times.
For investment related articles, business news and mutual fund advise
Click it and Unblock the Notifications
Sign in with Google