TLDR: Trust Fintech IPO opens tomorrow
Key Points:
- Trust Fintech is a Nagpur based SaaS Product company focusing on Core Banking Software
- The company aims to raise Rs 63 crore through an IPO on the NSE SME platform
In a significant development, the SME IPO of Trust Fintech is set to open for subscription tomorrow and will close on March 28. The company, based in Nagpur, is a leading provider of SaaS products, offering Core Banking Software, IT solutions, ERP implementation, and custom software solutions development in the BFSI sector. With the global core banking software market forecasted to grow at a CAGR of 18.4% by 2030, Trust Fintech’s IPO size is promising, with a target of raising Rs 63 crore through the issue. The IPO will consist of an entirely fresh equity issue of 62.8 lakh shares, priced at Rs 95-101 per share. The company’s financial performance for the period ended September 2023 shows revenues of Rs 18.83 crore and a net profit of Rs 7.27 crore.
The net proceeds from the public offer will be utilized for building additional development facilities, upgrading existing products, and further enhancing the company’s global and domestic business development. With the IPO open from March 26 to March 28, the company is set to list its shares on April 3. Corporate Capital Ventures is acting as the lead manager to the issue, with Bigshare Services as the registrar. The IPO structure reserves 50% of the offer for QIB investors, 35% for retail investors, and 15% for other investors.
