C2C Advanced Systems IPO Sees High Demand During Day 2; Subscribed 107 Times

C2C Advanced Systems IPO collects 107 times, which aims to raise ₹99.07 crore. The proceeds will be used for expansion in Bengaluru and Dubai and the banking and finance verticals.

The three-day initial public offering of C2C Advanced Systems commenced on November 22 and set a price range of between ₹214 to ₹226 a share. As investors were flooding the IPO with applications, Day 2 of subscription on November 25 revealed it was already subscribed an overwhelming 107.43 times. Retail investors in particular had great interests as shown in their portion that was subscribed 158.62 times, non-institutional investors at 123.21 times, and qualified institutional buyers (QIB) at six times.

It includes a fresh issue of 4,383,600 equity shares worth an estimated ₹99.07 crore. More interestingly, there is not an OFS component. The investments will mainly go into expansions for the banking & finance sectors, as well as in capital expenditures, which include renovations to the already-existing Experience Center in Bengaluru and a newly established Experience Center in Dubai.

For retail investors, bidding can be done for a minimum of 600 shares, or about ₹1, 35,600 per lot. The amount is expected to be credited to Demat accounts on November 28 and will be available for listing by November 29.

C2C Advanced Systems, the Indian company that develops defense electronics, now gains access into the banking & finance sector of India through AI-driven systems and data analytics. For an investor, the strong grey market premium (GMP) of ₹245 points towards continuous investor belief, thus promising growth in the company for years to come.