Trust Fintech Limited ("The Company" or "TFL"), a leading provider of SaaS product-focused fintech software solutions, announced that its initial public offering (IPO) will open on Tuesday, March 26, 2024. The anchor portion will be opened on Friday, March 22, 2024, and the issue will conclude on Thursday, March 28, 2024. The company intends to raise approximately Rs. 63.45 crore (at upper band) from the offering and aims to be listed with NSE Emerge. The price band for the issue has been fixed at Rs. 95/- - Rs. 101/- per share, and the lot size will be 1,200 equity shares.
Corporate Capital Ventures is the Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar for the issue Private Limited is the Registrar to the issue. Corporate Capital Ventures Private Limited completed a string of successful SME IPOs in recent months, including Alpex Solar, Esconet Technologies, Rockingdeals, Accent Microcell, Oriana Power, Dronacharya and Crayons Advertising, among others.
Trust Fintech is a product of the MSMEx SME IPO Cohort program, mentored by Amit Kumar, Founder & CEO at MSMEx.
The Nagpur-based company's IPO will comprise a fresh issue of 62,82,000 Equity Shares with a face value of Rs. 10/- through the book-building route. As many as 3.18 lakh equity shares have been reserved for Market Maker, 8.95 lakh equity shares allocated for HNIs, 11.92 lakh equity shares for QIBs, and the Retail (RII) portion accounts for 20.88 lakh equity shares.
According to the RHP document, the company intends to utilise net proceeds from the IPO to set up a new development facility at Mihan SEZ in Nagpur, procure hardware and upgrade IT infrastructure, to enhance, maintain, upgrade existing products, fund its global and domestic business development, sales and marketing expenses and general corporate expenses.
TFL is currently serving District Central Cooperative Banks, Urban Cooperative Banks, Rural Bank, Commercial Banks, Credit Cooperative societies, NBFC in India. The company intends to expand its capabilities in multiple countries, including Canada, North America and South America. With this, the company will have a footprint in more than 10 countries across Western U.S, West Africa, South Africa, East Africa, Russia and Central Africa, including California, Gambia, Ghana, Liberia, Nigeria, Shri Lanka, Tanzania, Zimbabwe, Siberia, Central Africa Republic.
Trust Fintech was founded by Hemant Chafale, Heramb Ramkrishna and Mandar Kishor Deo with a focus on delivering secured core banking solutions and world-class technological solutions to a virtually integrated banking and financial ecosystem. The company has evolved over the last 25 years, adapting to technology and market shifts to reach its current business model and product version.
The company posted revenue of Rs. 18.82 crore and earned a profit (PAT) of Rs. 7.27 crore during the first half of the current fiscal year, which ended September 30, 2023. It registered revenue of Rs. 22.54 crore and a profit (PAT) of Rs. 4.02 crore in FY2022-23. |
