Days After Bumper IPO, Trust Fintech Sees INR 5.42 Cr Bulk Deal

Just days after its public listing, fintech SaaS company Trust Fintech on Tuesday (April 9) saw a major bulk deal worth INR 5.42 Cr (INR 5,42,50,560).

As per NSE data, Tikri Management lapped up 3.12 Lakh shares of the company at an average price of INR 173.88 apiece, slightly lower than the stock’s closing on April 9. 

Trust Fintech’s shares closed 4.98% higher at INR 174 on NSE Emerge at the end of Tuesday’s trade.

The bulk deal comes just days after the fintech SaaS company made a stellar market debut at a premium of 42% on NSE’s small and medium enterprise platform, NSE Emerge, on April 4. The company’s stock was listed at INR 143.25 apiece compared to the issue price of INR 101 per share.

Last month, Trust Fintech’s IPO was oversubscribed 101X on the back of heavy demand from investors across the board. The public issue received 45.39 Cr bids against 44.94 Lakh shares on offer.

The IPO comprised a fresh issue of 62.82 Lakh equity shares with a price band of INR 95-101 per share. The company was looking to raise INR 63.45 Cr from the IPO.

In its DRHP, the company had said that it would use the proceeds from the IPO to establish a new development facility, procure hardware and upgrade IT infrastructure, fund its global expansion, upgrade its existing products and meet its general corporate expenses. 

Founded in 1988 by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo, Trust Fintech is a Nagpur-based enterprise tech company that offers fintech solutions for ERP implementation, and offshore IT services for the BFSI sector. 

It caters to clients such as district central cooperative banks, urban cooperative banks, rural banks, commercial banks, credit cooperative societies, and NBFCs. 

The fintech SaaS company saw its net profits balloon to INR 7.27 Cr in the first half (H1) of the financial year 2023-24 (FY24) as against INR 4.02 Cr in the entire FY23. Revenues stood at INR 18.82 Cr in H1 FY24 as against INR 22.54 Cr in FY23.