Trust Fintech IPO: Fintech SaaS Platform Raises INR 18 Cr From 8 Anchor Investors

Fintech SaaS platform Trust Fintech has said that it has raised INR 18.05 Cr from 8 anchor investors at a price of INR 101 per equity share.

The startup, whose public issue will open on March 26, has allocated 17.88 Lakh shares for its anchor investors. 

“The IPO Committee… has finalised (the) allocation of equity shares to anchor investors at… offer price INR 101 per share. Out of the total allocation…, 17,88,000 are allocated to anchor investors…,” said the startup in a regulatory filing with the bourses. 

As per the company, no allocation has been made to mutual funds.

The anchor round saw participation from names such as Persistent Growth Fund, Vikasa India EIF-I Fund, Acintyo Investment Fund, Astrone Capital, Craft Emerging Market Fund, Chanakya Opportunities Fund and Finavenue.

Trust Fintech will list on NSE SME and will look to raise about INR 63.45 Cr from the public offering. The IPO will open on March 26 and will conclude on March 28.

The startup filed its DRHP with NSE Emerge in early February. The fintech SaaS company’s IPO comprises a fresh offering of 62.82 Lakh equity shares. Of this, 3.18 Lakh shares have been reserved for the market maker, 8.95 Lakh shares have been set aside for high net worth individuals (HNIs), 11.92 Lakh equity shares for QIBs, and 20.88 Lakh shares for retail investors. 

Trust Fintech has set a price band of INR 95-INR 101 per share. Meanwhile, the lot size for the IPO will be 1,200 equity shares.

Corporate Capital Ventures is the lead book runner for the public listing.

The proceeds from the public listing will be deployed to establish a new development facility in Nagpur, to procure hardware and upgrade IT infrastructure, enhance existing products, and to fuel global expansion. 

Founded in 1998 by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo, the Nagpur-based company offers banking SaaS products and fintech software solutions for ERP implementation and customised software solutions development, and SAP B1 and offshore IT services for the BFSI sector. 

It currently caters to multiple urban cooperative banks, rural banks, commercial banks, credit cooperative societies, and NBFCs in India. 

Trust Fintech reported a profit after tax (PAT) of INR 7.27 Cr in the first half of the financial year 2023-24 (FY24) as against INR 4.02 Cr in the entirety of FY23. Meanwhile, it clocked a revenue of INR 18.82 Cr in H1 FY24 compared to INR 22.54 Cr in FY23.