The grey market premium (GMP) of C2C Advanced Systems, which launched its one of the biggest SME IPOs this year, has declined to 39.82% or Rs 90-100 following intervention from the market regulator Sebi.The company has also deferred its listing post the action and given an option to investors to withdraw the application from this IPO.During the subscription period of the IPO, the shares of C2C Advanced were trading at a healthy premium of as high as 104% in the unlisted market.According to reports, Sebi has asked C2C Advanced Systems to appoint an independent auditors and get an independent report of financial accounts.According to the revised schedule, the IPO listing is postponed by 2 to 3 days and the same will be on or before December 3. The company is likely to finalise the share allotment on or before November 29."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.The withdrawal window for QIB and NII categories will be up to 4:00 pm and retail up to 5:00 pm on November 26. Only withdrawal windows for all categories will be allowed on November 27 and November 28 between 10:00 am to 5:00 pm.Also Read: Moody's changes rating outlook on 7 Adani companies to negativeThe IPO of C2C Advanced Systems received strong response from investors before the intervention from Sebi as the issue was subscribed nearly 96 times so far. The issue, which was priced at Rs 214-226 per share, will close for subscription today.Further, the NSE will have a monitoring agency set up on usage of funds post listing.This is the second time an SME IPO has come under scrutiny from the regulators and postponed its listing. Earlier this year, Sebi had asked BSE not to proceed with the listing of Trafiksol ITS Technologies amid serious concerns over misuse of the funds received from the IPO.C2C Advanced Systems specialises in the development of complex systems for defence, homeland security and aerospace sectors. It also delivers bespoke, cutting-edge solutions to all the arms of the defence forces involving the integration of complex weapons and sensors.The company also offers command and control systems for industrial platforms, focusing on supply chain and logistics virtualization. Its expertise includes system integration, system architecture, software development and testing, which involved delivering a combat management system to the Royal Malaysian Navy.In FY24, the company achieved a revenue of Rs 41 crore, EBITDA of Rs 18 crore, and a PAT of Rs 12 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.)