The initial public offer (IPO) of C2C Advanced Systems received bids for 7,73,69,400 shares as against 31,34,400 shares on offer, as per NSE data as of 17:00 hours on 22 November 2024. The issue was subscribed 24.68 times.
The issue opened for bidding on 22 November 2024 and it will close on 26 November 2024. The price band of the IPO is fixed at Rs 214 to Rs 226 per share. The minimum order quantity is 600 equity shares. The equity shares will list on NSE’s SME platform.
The IPO comprises fresh issue of 31,34,400 shares. About 2,19,600 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 41,64,000 equity shares. The issue and the net issue will constitute 26.34% and 25.02% respectively of the post offer paid up equity share capital of the company.
The company intends to utilize the net proceeds for purchase of fixed assets (both hardware and software) for its existing operations and Dubai experience centre, fit-outs at its new premises at Bengaluru and experience centre at Dubai, security deposit for its new premises at Bengaluru, funding the working capital requirement of the company and for general corporate purpose.
Ahead of the IPO, C2C Advanced Systems on Thursday, 21 November 2024, raised Rs 28.23 crore from anchor investors. The board allotted 12.49 lakh shares at Rs 226 per share to 8 anchor investor.
Advanced Systems formerly known as C2C – DB Systems is a vertically integrated defense electronics solutions provider catering to the indigenously developed defense products industry in India. The company's 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. The company's product list includes combat management systems, C4I systems, anti-drone command and control systems, air defence subsystems, integrated platform management systems and integrated vessel management systems. As of 30 October 2024, the company had 190 employees.
The company recorded revenue from operations of Rs 43.22 crore and net profit of Rs 9.72 crore for the period as on 30 September 2024.