Visi Money
TLDR:
- Trust Fintech IPO opens with a price range of Rs 95-101 per share.
- The company is looking to raise Rs 63.45 crore through a fresh sale of equity shares.
Trust Fintech, a software development company specializing in core banking software, has opened its IPO for bidding. The IPO will be open for three days, from March 26 to March 28, with a price range of Rs 95-101 per share. The company aims to raise Rs 63.45 crore through the sale of 62.82 lakh equity shares.
Trust Fintech reported a net profit of Rs 7.28 crore and a revenue of Rs 18.83 crore for the six-month period ending on September 30, 2023. The company’s products cater to commercial, cooperative banks, and financial institutions, offering services such as Core Banking, Loan Origination, GST Compliance, and more. The IPO has a grey market premium of Rs 40-41 per share.
Retail investors can apply for a minimum of 1,200 shares, while non-retail investors need to apply for a minimum of 2,400 shares. The net proceeds from the IPO will be used for setting up additional development facilities, upgrading IT infrastructure, and general corporate expenses. The scheduled date for listing on the NSE SME platform is April 4.
