Trust Fintech Ltd, a leading provider of SaaS product-focused fintech software solutions, has revealed its IPO price band, setting it between Rs 95-101 per share. The company announced that the Initial Public Offer (IPO) will kick off on March 26 and conclude on March 28. The anchor portion is scheduled to open on Friday, according to the statement released by the company.
The IPO entails a fresh issue of 62.82 lakh equity shares with a face value of Rs 10 each, utilizing the book-building route. Trust Fintech’s shares are destined for listing on NSE’s small and medium enterprises platform Emerge, as stated by the company.
“At the upper end of the price band, the company intends to raise up to Rs 63.45 crore,” the company stated.
Investors are permitted to bid for a minimum of 1,200 equity shares, with subsequent bids in multiples of 1,200 equity shares.
The company plans to allocate the proceeds from the public issue to establish a new development facility at Mihan SEZ in Nagpur, procure hardware, and upgrade IT infrastructure. Additionally, the funds will be allocated to enhance, maintain, and upgrade existing products, as well as to finance global and domestic business development, sales, marketing, and general corporate expenses.
Trust Fintech specializes in providing core banking SaaS (software as a service) products and fintech software solutions, including ERP (enterprise resource planning) implementation and customized software solutions development, along with offshore IT services for the BFSI sector.
During the first half of the current fiscal year, ending on September 30, 2023, the company reported a revenue of Rs 18.82 crore, with a profit of Rs 7.27 crore.
Corporate Capital Ventures has been appointed as the sole book-running lead manager, while Bigshare Services Pvt Ltd will serve as the registrar for the IPO.
