C2C's listing postponed, get your money back

Posted by nilesh Waghela

Mumbai: C2C Advanced Systems, which launched one of the biggest SME IPOs this year, has deferred its listing following intervention from market regulator Sebi. The company has also given investors an option to withdraw the application from this IPO.

"Based on intimation received from Sebi, all investors, other than anchor investors, will have an option to withdraw their bids for ongoing SME IPO of C2C Advanced Systems from November 26 up to November 28 for all categories," C2C Advanced Systems said in a notice.

Capital market regulator Securities and Exchange Board of India (SEBI) on Monday postponed an imminent listing of shares by C2C Advanced Systems in the SME segment. Its action was in light of certain investor complaints. C2C Advanced Systems provides a range of products, professional services and product engineering solutions. 

The regulator directed the company to appoint an independent auditor, postponing the listing until the receipt of an independent auditor's report on the matter.  

SEBI said that investors who participated in the IPO will have the option to get refunds against their funds.

C2C Advanced Systems, whose IPO was underway, was originally set to enter the SME listed space on November 29. 

In a separate matter this month, SEBI portioned automotive digital solutions and distribution services provider Rosmerta Digital Services' IPO upon receiving certain investor complaints.