C2C Advanced Systems IPO Opens Nov 22, Price Band Rs 214-226

New Delhi, Nov 20 (PTI) Defence solutions provider C2C Advanced Systems has fixed the price band at Rs 214-226 per equity share for its initial public offering (IPO), which will hit the capital market on Friday to mop up a little over Rs 99 crore.

The company's initial share sale will close for public subscription on November 26, and the shares of the company will be listed on the NSE's SME platform Emerge, the company said in a statement.

The IPO is entirely a fresh issue of up to 43.83 lakh equity shares with a face value of Rs 10 each.

Investors can bid for a minimum of 600 shares and in multiples thereof, it added.

Proceeds from the public issue will be utilised for funding capital expenditure for upgrading the existing experience centre and setting up a training centre in Bengaluru, along with a new experience centre in Dubai, fit-outs at the new premises at both Bengaluru and Dubai.

The funds will also be used towards payment of security deposit for the new premises at Bengaluru, working capital requirements, and general corporate purpose.

"The funds will strengthen our working capital, providing financial flexibility to execute our strategic goals and enhance our client engagement and support our expanding customer base," Lakshmi Chandra, Chairperson and MD of C2C Advanced Systems Ltd, said.

C2C Advanced Systems specialises in the development of complex systems for defence, homeland security and aerospace sectors.

It delivers bespoke, cutting-edge solutions to all the arms of the defence forces involving integration of complex weapons and sensors.

The Bengaluru-based company clientele includes Indian Armed Forces, National Technical Research Organisation, DRDO, ABB, Thales, Hindustan Aeronautics Ltd, and Dassault Systemes.

The firm reported a revenue of Rs 43.22 crore and a profit after tax of Rs 9.73 crore at the end of September quarter.

Mark Corporate Advisors Pvt Ltd, Beeline Capital Advisors are the book-running lead managers, while Link Intime India is the registrar to the issue.