Going by the data, over 3.72 lakh applications were withdrawn and among individual investors 3.57 lakh applications were withdrawn.
Further, high-net-worth individuals (HNIs) also showed considerable caution, withdrawing over 15,000 applications. Institutional investors were also retreating, with eight withdrawals recorded in that segment, the data showed.
This is in sharp contrast to the overwhelming initial interest in IPOs. In the public issue of C2C Advanced Systems, which specializes in defense and aerospace solutions, investors bid for 36.56 crore shares, while only 29.15 lakh shares were available, with demand increasing 125 times.
The shares were available for subscription in a price band of Rs 214-226.
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SEBI directed the company to appoint an independent auditor to assess its financial accounts. Further, the regulator asked the National Stock Exchange (NSE) to set up a monitoring agency to monitor the use of funds raised through the IPO.
Following regulatory intervention, all categories of investors were given the option to withdraw their bids, which window closed on Thursday.
“We refer to the directions received from NSE vide letter dated November 25, 2024. Accordingly, the Issuing Company is offering an option to withdraw application from this IPO. Please contact your broker/ASBA banker through whom the bid was placed. This email is to be read in conjunction with the red herring prospectus dated November 20, 2024. 2024,” C&C said.
This is the second time SEBI has intervened in an SME IPO over concerns about quality and transparency.
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