16-Feb-2024
2 mins read
Trust Fintech IPO is open for subscription starting from Tuesday, March 26, 2024, and will close on Thursday, March 28, 2024. The price band of this upcoming IPO is decided at Rs 95 to Rs 101 per share. The minimum lot size of this application for the retail category is 1200 shares. Meanwhile, the minimum lot size for the HNI category is 2 lots consisting of 2400 shares. The minimum amount of investment required for retail category investors is Rs 1,21,200 (101 x 1200 shares). However, for the HNI category, the minimum investment amount required is Rs 2,42,400 (101 x 2400 shares). Trust Fintech IPO is a book-built issue of Rs 63.45 crores. This upcoming IPO issue is completely a fresh issue of 62.82 lakh equity shares. The offer for sale component is not available in this issue. The allotment for this new IPO is expected to be finalised on Monday, April 1, 2024. The Trust Fintech IPO will be listed on NSE SME, and the listing date is fixed on Wednesday, April 3, 2024. The book running lead manager of Trust Fintech Limited is Corporate Capital Ventures Private Limited. The registrar for this IPO is Bigshare Services Private Limited.
About Trust Fintech Limited
Trust Fintech Limited was incorporated in 1998, it is a software development company that specialise in providing core banking software, IT solutions, ERP implementations, Customised software solution development, SAP B1, and offshore IT services for Banking and financial services sector. Company has invested in developing more than 10+ banking related products for the commercials, cooperative banks and financial institutions. These products comprise Core Banking software, Loan origination software, GST compliance software, Financial and Billing account software etc. Since, they provide banking solutions, all the products are keeping in mind RBI compliance requirements. The flagship product of the company, TrustBankCBS is a web based software. It offers the flexibility to the customer to deploy TrustBankCBS on their own premises with the customised infrastructure. Company provides services in India, Sri Lanka, Nepal, California, Ghambai, Tanzania, Ghana, Liberia, Nigeria, Zimbabwe and few more countries. Trust Fintech operates through offices in Nagpur, Pune, Mumbai. Moreover, 250 employees are employed.
Objectives of the Issue
The net proceeds from the issue will be utilised to set up an additional development facility, instalment of fit outs and interior design works in Nagpur, Maharashtra. Moreover, the funds will be invested in the procuring hardware and upgrading IT infrastructure. Furthermore, the expenditure related to the enhancement, maintenance and upgrading of existing products. Other than this funds will be used to meet the Global and Domestic Business development, Sales, Marketing expenses as well as the General corporate expenses of the company.
Financial Performance of Trust Fintech Limited (Amt to Lakhs)
Trust Fintech posted a revenue of Rs 1,833.13 lakhs and net profit of Rs 727.95 lakhs for the quarter ending on 30 September 2023. Company’s revenue increased by 26.12% and profit after tax increased by 200.92% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30-Sep-23 | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| Assets | 3,989.43 | 3,118.89 | 1,958.72 | 1,590.01 |
| Revenue | 1,883.13 | 2,270.19 | 1,800.00 | 2,417.94 |
| Profit After Tax | 727.95 | 402.21 | 133.66 | 219.66 |
| Net Worth | 3,446.55 | 2,718.60 | 1,516.39 | 1,382.73 |
| Reserves and Surplus | 2,928.06 | 2,200.11 | 997.9 | 864.25 |
| Total Borrowing | -34.32 | -3.8 | 118.69 | -44.34 |
Other Important Details of Trust Fintech IPO
| IPO Date | March 26, 2024 to March 28, 2024 |
| Listing Date | 3-Apr-24 |
| Face Value | Rs 10 per share |
| Price Band | Rs 95 to Rs 101 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 6,282,000 shares amounting to Rs 63.45 crores |
| Fresh Issue | 6,282,000 shares amounting to Rs 63.45 crores |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Shareholding pre issue | 17,543,200 |
| Shareholding post issue | 23,825,200 |
| Market Maker portion | 318,000 shares |
Time-Table of Trust Fintech IPO
| IPO Open Date | Tuesday, March 26, 2024 |
| IPO Close Date | Thursday, March 28, 2024 |
| Basis of Allotment | Monday, April 1, 2024 |
| Initiation of Refunds | Tuesday, April 2, 2024 |
| Credit of Shares to Demat | Tuesday, April 2, 2024 |
| Listing Date | Wednesday, April 3, 2024 |
| Cut-off time for UPI mandate | 5 PM on March 28, 2024 |
Lot Size of Trust Fintech IPO
| Application | Lots | Shares | Amount |
| Retail - Minimum | 1 | 1200 | Rs 121,200 |
| Retail - Minimum | 1 | 1200 | Rs 121,200 |
| HNI - Minimum | 2 | 2,400 | Rs 242,400 |
IPO Reservation of Trust Fintech Limited
| Investor Category | Shares Offered |
| QIB Shares | Not more than 50 percent of the Issue |
| Retail Shares | Not less than 35 percent of the Issue |
| NII (HNI) Shares | Not less than 15 percent of the Issue |
Promoters of Trust Fintech Limited and Their Holdings
The Promoters of the company are Mr. Hemant Padmanabh Chafale, Mr. Sanjay Padmanabh Chafale, Mr. Heramb Ramkrishna Damle, Mr. Anand Shankar Kane and Mr. Mandar Kishor Deo.
| Shareholding Pre Issue | 93.51% |
| Shareholding Post Issue | 68.85% |
Key Performance Indicator of Trust Fintech IPO
| KPI | Values |
| RoNW | 27.51% |
| P/BV | 1.98 |
Lead Manager(s) of Trust Fintech IPO
The lead manager for Trust Fintech Limited IPO is Corporate Capital Ventures Private Limited.
How to Apply for Trust Fintech IPO
Wait for the public issue to open for subscription, then visit Bigul website to apply for the Trust Fintech Limited IPO with Bigul.
How to Check Allotment Status of Trust Fintech IPO
The registrar for Trust Fintech Limited IPO is Bigshare Private Services Limited. To check your allotment status, please click here.
FAQs
- What is Trust Fintech IPO ?
Trust Fintech IPO is a book-built issue of Rs 63.45 crores. This upcoming IPO issue is completely a fresh issue of 62.82 lakh equity shares. The offer for sale component is not available in this issue. The allotment for this new IPO is expected to be finalised on Monday, April 1, 2024.
- Who are the lead managers for the Trust Fintech Limited IPO?
Corporate Capital Ventures Limited are appointed as the lead managers for the IPO.
- What is the role of Bigshare Services Private Limited in this IPO?
Bigshare Services Private Limited is the registrar for the Trust Fintech Limited handling the IPO's administrative aspects.
- How can I apply for the Trust Fintech Limited IPO?
Wait for the public issue to open for subscription, then click here to apply for the Blue Pebble Limited IPO with Bigul.
- How will the net proceeds from the IPO be utilised?
The net proceeds from the issue will be utilised to set up an additional development facility, instalment of fit outs and interior design works in Nagpur, Maharashtra. Moreover, the funds will be invested in the procuring hardware and upgrading IT infrastructure.
- How can I check the allotment status of the IPO?
You can check the allotment status of the Trust Fintech Limited IPO 2024 by visiting here.
- What is the financial performance of Trust Fintech Limited?
Trust Fintech posted a revenue of Rs 1,833.13 lakhs and net profit of Rs 727.95 lakhs for the quarter ending on 30 September 2023. Company’s revenue increased by 26.12% and profit after tax increased by 200.92% between the financial year ending with March 31, 2023 and March 31, 2022.