C2C Advanced Systems IPO: Know how to withdraw your IPO application for C2C Advanced Systems after postponement of listing date
C2C Advanced Systems Ltd. on Monday announced 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 is provided
In compliance with SEBI’s instructions, the company has offered an option to IPO investors, including anchor portion investors, to withdraw their applications prior to allotment of shares. This withdrawal option is available till November 28, 3:00 pm No new subscriptions will be accepted during this period.
Appointment of auditor and timeline for submission of report
C2C Advance Systems has confirmed the appointment of an independent auditor, with a report expected to be submitted in two to three days. The listing will remain on hold until the auditor submits findings to SEBI and the National Stock Exchange (NSE).
NSE monitors the utilization of funds
After listing, a monitoring agency will oversee the use of IPO funds, ensuring compliance with regulations. The move is part of enhanced scrutiny measures implemented by regulators.
How to withdraw your IPO application for C2C Advance Systems?
Investors who wish to withdraw their applications for the IPO of C2C Advanced Systems can follow the steps outlined below:
Step 1: Contact your designated mediator
Contact the designated intermediary (broker, bank or other authorized entity) through which you have submitted your IPO application.
Step 2: Submit a withdrawal request
Provide your request to withdraw the application or bid. Make sure all necessary details are included for a smooth process.
Step 3: Bid Cancellation on NSE Portal
The appointed intermediary will cancel your bid on the National Stock Exchange (NSE) portal based on your request.
Step 4: Receive acceptance
The mediator will give you an acknowledgment called a Transaction Registration Slip (TRS) as confirmation of the bid cancellation.
Investors must complete the withdrawal process before the last date, November 28, 3:00 PM, as no changes can be made thereafter.
Background on IPO and company performance
C2C Advanced Systems, a defense electronics solutions provider, at Rs. 226 through public issue of 43.8 lakh shares at Rs. 99.1 crore is targeted to be raised. The IPO attracted significant interest, receiving bids of 108.02 times the offer size.
In the September quarter, the company posted Rs. 43.22 crore revenue and Rs. 9.73 crore in profit after tax was reported.
IPO Management and Principal Advisors
Mark Corporate Advisors Pvt. Ltd. and Beeline Capital Advisors served as book-running lead managers for the IPO, with Link Intime India acting as registrar.
This development highlights heightened regulatory scrutiny in IPO processes, ensuring greater investor protection and transparency.