News Stock Market

Trust Fintech sets IPO price band at Rs 95-101; issue to open on March 26

The company’s shares will be listed on NSE’s small and medium enterprises platform Emerge, it said.

Trust Fintech Ltd, a provider of SaaS product-focused fintech software solutions, on Wednesday fixed the price band at Rs 95-101 per share for its initial public offering. The Initial Public Offer (IPO) will open on March 26 and conclude on March 28. The anchor portion will be opened on Friday, the company said in a statement. The IPO is only a fresh issue of 62.82 lakh equity shares with a face value of Rs 10 each through the book-building route.

The company’s shares will be listed on NSE’s small and medium enterprises platform Emerge, it said. At the upper end of the price band, the company intends to raise up to Rs 63.45 crore.Investors can bid for 1,200 equity shares as a minimum, and subsequently in multiples of 1,200 equity shares. The firm plans to utilise the proceeds from the public issue to establish a new development facility at Mihan SEZ in Nagpur to procure hardware and upgrade IT infrastructure; to enhance, maintain, and upgrade existing products.

It will also use the proceeds to fund its global and domestic business development, sales, marketing and general corporate expenses. Trust Fintech provides core banking SaaS (software as a service) products and fintech software solutions around ERP (enterprise resource planning), implementation and customised software solutions development, and offshore IT services for the BFSI sector.

The company posted a revenue of Rs 18.82 crore and its profit stood at Rs 7.27 crore during the first half of the current fiscal year, which ended September 30, 2023.Corporate Capital Ventures is the sole book-running lead manager, and Bigshare Services Pvt Ltd is the registrar for the IPO.

Leave a Reply

Your email address will not be published. Required fields are marked *