Trust Fintech Limited, Trust Fintech Limited (“The Company” or “TFL”), a leading provider of SaaS product-focused fintech software solutions, today made a stellar debut on the NSE Emerge platform. The stock was listed at Rs. 143.25/-, at a premium of 42% over the fixed price band of Rs. 101/-. Earlier, the issue received an overwhelming response from the investors as it recorded 108 times subscriptions till the final day of bidding on March 28 garnering bids worth over Rs. 4,585 crore.
The IPO comprised of a fresh issue of 62.82 lakh Equity Shares with a face value of Rs. 10/- through the book-building route. Corporate Capital Ventures Private Limited is the sole Book Running Lead Manager to the issue.
Prominent investors, including Finavenue Capital Trust – Finavenue Growth Fund, Persistent Growth Fund – Varsu India Growth Story Scheme 1, Vikasa India EIF I Fund – Incube Global Opportunities, Acintyo Investment Fund PCC – Cell 1, Astrone Capital VCC – Arven, Craft Emerging Market Fund PCC – Citadel Capital Fund, Craft Emerging Market Fund PCC – Elite Capital Fund, and Chanakya Opportunities Fund – I 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.
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.
