The shares of C2C Advanced Systems debuted at a premium of 90% over the issue price of Rs 226 on the NSE SME platform on Tuesday. The company's shares were trading with a GMP of Rs 240 in the grey market.However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.The IPO, which was completely a fresh equity sale of 43.8 lakh shares, received a robust response from investors with a subscription of over 100 times. The issue received bids for 36.56 crore shares as against a marginal 31 lakh shares on offer. The company raised around Rs 99 crore through the issue, which is one of the largest in the SME segment this year.Also Read: IPO afterparty of 2024 a dull affair with every second stock in redThe listing date was deferred to December 3 after a Sebi directive raised concerns over the auditing system of the company. Post the IPO closure, investors have also been given the option to withdraw their applications.The company intends to utilize the net proceeds from the IPO 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, payment of security deposit for the new premises at Bengaluru, working capital requirements, general corporate purpose and issue expenses.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.