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Bengaluru-based C2C Advanced Systems’ initial public offering (IPO) enters day 2 on the NSE-Emerge platform with overly enthusiastic responses from retail investors. The IPO has already attracted over one lakh retail applications and will close on Tuesday, November 26. The SME-IPO has a price band of ₹214-226, and the market lot is 600 shares.
Subscription details
The IPO has received bids for 7.74 crore shares against the 31,34,400 shares (net-off anchor portion) offered.
The retail portion was subscribed 41.48 times, the HNI portion 24.7 times, and the QIB portion 0.53 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.
Anchor investors
As part of 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.
About C2C
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).
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