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C2C Advanced Systems IPO listing: Shares of C2C Advanced Systems, a vertically integrated defence electronics solutions provider, made a remarkable debut on the NSE SME today. The company's stock listed at Rs 429.40 apiece, representing a 90 per cent premium over the IPO allotment price of Rs 226. Within 15 minutes of trading, the stock surged further to hit the upper circuit at Rs 450.85 apiece, marking a total gain of 99.49 per cent from the issue price.
During the session, approximately 0.46 million shares worth Rs 20.69 crore were traded before trading was halted.
The listing performance aligned with grey market expectations, where the company’s unlisted shares were trading at a premium of Rs 240 over the issue price. This reflected a grey market premium (GMP) of 106.19 per cent.
However, National Stock Exchange of India (NSE) has imposed a cap on listing gains, limiting them to 90 per cent above the issue price for SME stocks. Notably, the company’s listing was delayed as Sebi required it to appoint independent auditors and provide an independent financial report.
The IPO, priced between Rs 214 and Rs 226 per share with a lot size of 600 shares, received an overwhelming response and was oversubscribed nearly 125 times. The Rs 99.07 crore book-built issue included a fresh issue of 43,83,600 shares.
According to the Red Herring Prospectus (RHP), C2C Advanced Systems intends to use the IPO proceeds to fund capital expenditure for purchasing fixed assets, including hardware and software, for its existing operations. The company plans to upgrade its Experience Centre in Bengaluru, establish a Training Centre in the same city, and set up a new Experience Centre in Dubai. Additionally, the funds will be used for fit-outs and a security deposit for the new premises in Bengaluru and Dubai. The remaining proceeds will go towards working capital requirements and general corporate purposes.
C2C Advanced Systems is a defence electronics solutions provider, specialising in indigenous products for India’s military sector. The company’s core competencies include designing and developing hardware, software, and firmware, as well as mechanical design, prototyping, functional testing, and environmental verification. The comapny aims to strengthen its operations in India while expanding its international presence, driven by its technological expertise and strategic investments
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