C2C Advanced Systems' Rs 99-crore IPO saw a significant setback as regulatory concerns led to 3.72 lakh applications worth Rs 27 crore being withdrawn. Sebi's intervention required the company to appoint independent auditors and NSE to set up a monitoring agency,

C2C Advanced Systems IPO: The last date for investors to withdraw their application for the C2C Advanced IPO is Thursday, Nov. 28. On Monday, the company announced that it postponed its IPO listing, originally scheduled for Nov. 29, after the Securities and Exchange Board of India (SEBI) issued a directive.

C2C Advanced Systems' Rs 99-crore IPO faces challenges as over 3.72 lakh applications worth Rs 27 crore are retracted due to regulatory concerns. This setback follows Sebi's order for independent audits and NSE's monitoring agency setup.

The IPO of C2C Advanced Systems has seen nearly 80 per cent of individual investors withdraw their bids. The move comes after the company’s listing was postponed due to regulatory concerns.

C2C Advanced Systems had postponed its listing after SEBI mandated it to appoint independent auditors to review its financial accounts and submit an independent report.

C2C Advanced Systems sold its shares in the price band of Rs 214-226 apiece, which could apply for a minimum of 600 shares and its multiples thereafter to raise a total of Rs 99.07 crore.

After a solid demand for the public offer, investors are eyeing the allotment for C2C Advanced Systems IPO which is expected to be finalised on or before Friday, November 29.

C2C Advanced Systems IPO faces setback as over 3.72 lakh applications are withdrawn following regulatory concerns and postponement of listing. Read more.

Once the allotment is finalised, investors can check their status by visiting the official websites of NSE and Link Intime India, the registrar for the issue: C2C Advanced Systems IPO