Trust Fintech Makes Strong Market Debut, Lists At 42% Premium On NSE SME

Trust Fintech IPO Closes With 101X Subscription

SUMMARY

The company’s shares were listed at INR 143.25 apiece as against its issue price of INR 101 per share

The company plans to utilise the funds raised from the IPO to establish a new development facility at Mihan SEZ in Nagpur

Last week, Trust Fintech closed its IPO with a subscription of 101X on the back of huge demand from retail investors and non-institutional investors

Shares of fintech SaaS company Trust Fintech made a strong market debut on Thursday (April 4) as the stock was listed with a substantial premium of 42% on NSE SME.

The company’s shares were listed at INR 143.25 apiece as against its issue price of INR 101 per share.

Last week, Trust Fintech closed its initial public offering (IPO) with a subscription of 101X on the back of huge demand from retail investors and non-institutional investors.

The IPO comprised a fresh issue of 62.82 Lakh equity shares. The company set the price band of INR 95-101 per share for the IPO, with a lot size of 1,200 equity shares. It is looking to raise INR 63.45 Cr ($761K) from the IPO.

The issue received 45.39 Cr bids against 44.94 Lakh shares on offer, as per the information available on the NSE.

The company plans to use the funds raised from the IPO to establish a new development facility at Mihan SEZ in Nagpur; procure hardware and upgrade IT infrastructure; enhance, maintain, and upgrade existing products; fund its global and domestic business development; and for sales, marketing and general corporate expenses.

Prominent investors, including Finavenue Capital Trust – Finavenue Growth Fund, Persistent Growth Fund, Vikasa India EIF I Fund, Acintyo Investment Fund PCC, Astrone Capital VCC, Craft Emerging Market Fund PCC, Craft Emerging Market Fund PCC, and Chanakya Opportunities Fund, subscribed to the anchor book.

The Nagpur-based company allotted 3.18 lakh equity shares for Market Maker, 8.95 lakh equity shares allocated for HNIs, 11.92 lakh equity shares for QIBs, and the Retail (RII) portion accounted for 20.88 lakh equity shares. The lot size was 1,200 shares.

Founded by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo in 1988, Trust Fintech offers SaaS products and fintech solutions for ERP implementation, and offshore IT services for the BFSI sector. It serves district central cooperative banks, urban cooperative banks, rural banks, commercial banks, credit cooperative societies, and NBFCs.

Besides, the company plans to expand its capabilities in multiple countries, including Canada, North America and South America.

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