IPO
Defence-focused C2C Advanced Systems’ Rs.99-Cr IPO gets 117x subscription
Despite a Sebi directive that delayed the listing, the initial public offering (IPO) of Bengaluru-headquartered C2C Advanced Systems was subscribed 116.67 times. The IPO received bids for 36.56 crore shares as against 31 lakh shares on offer. The company planned to raise around INR 99 crore through the issue. The firm gave an option to investors to withdraw the application from IPO after Sebi pointed at some concerns regarding the auditing of the company.C2C Advanced Systems develops complex systems for defence, homeland security and aerospace sectors. It also delivers solutions to all the arms of the defence forces involving the integration of complex weapons and sensors. In FY24, the company posted a revenue of INR 41 crore, EBITDA of INR 18 crore, and a PAT of INR 12 crore.
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