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Bengaluru-based C2C Advanced Systems’ initial public offering (IPO) saw an even bigger response on day 2 on the NSE-Emerge platform with overly enthusiastic responses from retail investors. The IPO has attracted over 3.46 lakh retail applications and subscribed 95.89 times overall. The IPO is set to close on Tuesday. The SME-IPO has come out with a price band of ₹214-226, and the market lot is 600 shares.
The IPO has received bids for 28.10 crore shares against about 29.15 lakh shares offered.
The retail portion was subscribed 143.6times, the HNI portion 107.3 times and the QIB portion nealry 6 times. Up to 50 per cent of the issue is reserved for qualified institutional buyers, 15 per cent for high net-worth individuals, and 35 per cent for retail investors.
The entire offer is a fresh issue of 43.84 lakh shares worth ₹99.07 crore.
As part of the IPO, the company raised ₹28.23 crore from anchor investors. It has allotted 12.49 lakh shares at ₹226 each to eight anchor investors — Aarth AIF, Bengal Finance & Investment, J4S Venture Fund, Kingsman Wealth Fund, LC Radiance Fund, NAV Capital Emerging Star Fund, Negen Undiscovered Value Fund and Shine Star Build Cap Fund.
C2C Advanced Systems, a vertically integrated defence electronics solutions provider, offers a diverse range of products, professional services, and product engineering solutions. Its core competencies include C4I systems for effective situational awareness and decision support, AI/ML-based big data analytics, enterprise integration of real-time data from IIOT, and embedded/FPGA designs.
Its customers include the Indian Navy, HAL, BHEL, Indian Army, Semcon, Bharat Forge, Dassault Systems, and L&T Defence.
The company proposes to use the proceeds of the net issue to fund capital expenditures, including the purchase of fixed assets (both hardware and software) for its existing operations and Dubai Centre (₹14.73 crore), Fit-outs at existing facilities (₹4.58 crore), the security deposit for our new premises at Bengaluru (₹1.60 crore), and working capital needs (₹46 crore).
Published on November 25, 2024
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