The initial public offering for Trust Fintech Limited opened for subscription on Tuesday, March 26, 2024. The issue will close on March 28 and as per the information investors can bid for a minimum of 1200 equity shares and in multiples thereafter.
Trust Fintech IPO is a fresh issue of 62.82 lakh shares and the price band is set at ₹95 to ₹101 per share. The share allotment status of the issue is expected to be finalised on April 2, 2024. The shares of the company will list on NSE SME likely on April 4, 2024.
“Price band: ₹ 95 to ₹ 101 per equity share of face value of ₹ 10 each and the issue price is 9.5 to 10.1 times of the face value at the lower price band and the upper price band respectively,” the Red Herring Prospectus informed.
Corporate Capitalventures Pvt Ltd is the book running lead manager of the Trust Fintech IPO, while Bigshare Services Pvt Ltd is the registrar to the issue.
The company intends to utilize the net proceeds for the objects including setting up additional development facility, installments of fit outs and interior design works in Nagpur, Maharashtra; investment in procuring hardware and upgrading IT infra; funding of expenditure related to enhancement and upgrading existing product; to meet out the global & domestic business development, sales and marketing expenses for the company; and general corporate purposes.
Trust Fintech Limited is a Nagpur based SaaS Product focused company which focuses on delivering secured core banking solutions and technology solutions to a virtually integrated banking and financial ecosystem. It has invested in developing banking related products for commercial and cooperative banks and financial institutions, which comprise core banking software, loan origination software, GST compliance software, financial accounting and billing software, among others.
