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The grey market premium (GMP) of C2C Advance Systems’ IPO saw a significant drop of 44%, from 108% to 44.25%, following intervention by SEBI concerning the company’s financials. As a result, the IPO listing has been postponed, and investors, including anchor investors, have been given the option to withdraw their bids.
C2C Advance Systems, a leading provider of defense electronics solutions, launched an IPO with a price band of Rs. 214-226. Despite an initial surge in subscriptions, the IPO’s subscription rate decreased on Day 3, with bids dropping to 101.64x from an earlier 107.43x. The drastic fall in GMP, from a projected 75.22% listing gain to a mere 44%, has shaken investor confidence.
The Securities and Exchange Board of India (SEBI), alongside the National Stock Exchange (NSE), directed the company to appoint independent auditors to review its financial statements. Until the auditors submit their report, the IPO listing has been postponed. Investors have until 28th November to withdraw their bids, following SEBI’s directives.
For those wishing to withdraw their bids, they must contact their designated intermediary and follow the process outlined by the NSE portal. The intervention by SEBI aims to ensure financial transparency and accountability, which may benefit investors in the long run.
In conclusion, while the immediate impact of the C2C Advance IPO GMP decline and delayed listing has caused uncertainty, the move towards greater transparency is expected to help resolve the financial concerns and restore investor trust over time.
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