C2C Advanced Systems’ IPO aimed to raise approximately ₹99 crore, making it one of the largest in the SME segment this year. However, C2C Advanced Systems postponed its listing to December 3 following a Sebi directive that highlighted concerns regarding the company’s auditing processes.
Due to concerns raised by regulators, investors were provided with an option to withdraw their applications. The withdrawal window was open on November 27 and 28, from 10:00 AM to 5:00 PM.
Reports indicate that SEBI instructed C2C Advanced Systems to appoint an independent auditor and obtain an independent financial report for the company’s accounts.
This marks the second instance this year where an SME IPO has faced regulatory scrutiny, leading to a delayed listing.
C2C Advanced Systems intends to utilise the funds raised from the public offer for capital expenditures, which include acquiring hardware and software for its operations.
A portion of the proceeds will be used to establish new offices in Bengaluru and Dubai and pay related security deposits. The remaining funds will be directed towards working capital requirements and general corporate expenditures.
C2C Advanced Systems is an innovative technology firm specialising in systems integration, engineering solutions, and cutting-edge technology services.
It serves various industries, offering high-tech solutions that address complex challenges in fields such as manufacturing, telecommunications, and automotive.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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