When and how can investors withdraw bids in the C2C Advanced Systems IPO? Here’s the guide

Following Sebi’s notification, C2C Advanced Systems has allowed investors to withdraw their bids from the SME IPO. The issue, which ends today, has received a strong response from investors with the total subscription so far reaching almost 97 times.

The IPO received bids for nearly 30 crore shares as against 31 lakh shares on offer. The strong auction was driven by non-institutional investors and retail investors who bid for 9 crore shares and 19 crore shares respectively.

Here’s how investors can withdraw their applications

Step 1: Investor to ask the designated Intermediary to withdraw his application

Step 2: The appointed intermediary will then confirm the application received from investors

Step 3: The designated intermediary, based on the request received for cancellation of the offer on the NSE, will receive confirmation (TRS confirmation) from the exchange.

For online applications, investors are advised to contact the customer service numbers/helplines of the respective service providers. Additionally, investors can also provide their broker details in case they are unable to withdraw offers on their platform. They can send details (name, application number, PAN, email ID, number of shares applied for, bank name) to [email protected]. The PAN number of the bidder should be mentioned in the subject along with the application number and the note ‘withdrawal’. All investors, except anchor investors, will be given the opportunity to withdraw their offers in the SME IPO from November 26 to 28 for all categories.

The payout window for the QIB and NII categories will be until 4:00 p.m. and the retail sale will be until 5:00 p.m. on November 26. Only payout windows for all categories will be allowed on November 27 and 28 from 10:00 to 17:00 : 00:00.

After the delisting window closes on November 28, the company is likely to finalize the allotment of shares on November 29, with the revised listing scheduled for December 3 or earlier.