Nagpur-Based IT Company Trust Fintech’s shares marked a strong debut at a premium of 41.8% on the NSE SME platform. At the opening price of Rs 143.25, the stock was trading 48.91% higher than its public issue price of Rs 101 per share.
After the stock was listed on the NSE SME platform, it traded for about 26.41 lakh shares, peaking at Rs 150.40 and falling to Rs 136.20. Trust Fintech shares had a grey market premium (GMP) of Rs 60 when they were traded in the unlisted market prior to its launch.
Investor interest in Trust Fintech's initial public offering (IPO), which featured a new issue of 62,82,000 equity shares, was strong. The subscription rate was of 100 times at closing. The promoter and promoter shareholding were diluted from 93.51% to 68.85% prior to the IPO.
Major participants in the anchor book subscription included Finavenue Capital Trust - Finavenue Growth Fund, Persistent Growth Fund, Vikasa India EIF I Fund, Acintyo Investment Fund PCC, Astrone Capital VCC, Craft Emerging Market Fund PCC, and Chanakya Opportunities Fund.
The company intends to use the money raised from the initial public offering (IPO) to pay for general corporate expenses, hardware acquisition, product enhancement, business development, sales, and marketing. This includes building a new facility at the Mihan SEZ in Nagpur and modernizing the IT infrastructure.
More about Trust Fintech
Established in 1988 by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo, Trust Fintech is headquartered in Nagpur, India. It specialises in offering SaaS products, fintech solutions, ERP implementation, and offshore IT services for the BFSI sector, catering to various institutions such as district central cooperative banks, urban cooperative banks, rural banks, commercial banks, credit cooperative societies, and NBFCs.
The company allocates 3.18 lakh equity shares for Market Makers, 8.95 lakh equity shares for HNIs, 11.92 lakh equity shares for QIBs, and reserves 20.88 lakh equity shares for the Retail (RII) segment, with a lot size of 1,200 shares.
Photo: LiveMint
TrustBankCBS, their flagship product, can be tailored to fit different foreign markets. The company serves clients in over ten countries and employs over 260 people. Trust Fintech aims to elevate its presence in North America, South America, and Canada, among other countries.
Having invested in the development of over 10 banking-related products tailored for commercial and cooperative banks and financial institutions, Trust Fintech ensures compliance with RBI requirements.
Trust Fintech recorded revenues of Rs 18.83 crore and a net profit of Rs 7.27 crore for the period ending September 2023.
(Inputs from Agencies)
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