C2C Advanced Systems shares made a remarkable debut on the NSE SME Emerge platform on December 3, listing at ₹429.40 per share, which is 90% higher than the IPO price of ₹226. The strong listing follows the postponement of its original date due to regulatory concerns. Shares were allotted to successful applicants on December 2.
Prior to listing, the stock had been commanding a significant grey market premium of ₹240 over the issue price, reflecting strong investor demand.
The ₹99-crore IPO had earlier suffered a minor dent when over 3.72 lakh applications costing ₹27 crore were withdrawn after intervention by the Securities and Exchange Board of India. Nevertheless, the public issue drew unprecedented interest with subscription reaching 125 times. As against an offer of 29.15 lakh shares, investors bid for 36.56 crore shares, underlining the craze the IPO had evoked.
C2C Advanced Systems is involved in the provision of defence and aerospace solutions. Its shares were offered in a price band of ₹214-₹226. The strong listing reflects investor confidence in the company and overall defence and aerospace sector.
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Source: Moneycontrol
News Desk
