Strong Subscription for Trust Fintech IPO: Investor Interest Surges

Strong Subscription for Trust Fintech IPO: Investor Interest Surges
Strong Subscription for Trust Fintech IPO: Investor Interest Surges
Strong Subscription for Trust Fintech IPO: Investor Interest Surges
Strong Subscription for Trust Fintech IPO: Investor Interest Surges

Strong Subscription for Trust Fintech IPO: Investor Interest Surges

Strong Subscription for Trust Fintech IPO: Investor Interest Surges

Strong Subscription for Trust Fintech IPO: Investor Interest Surges

Trust Fintech’s initial public offering (IPO) witnessed robust subscription, reaching 11.43 times by the end of the second day of bidding. The SME IPO, which opened on March 26, garnered significant interest from retail, qualified institutional buyers (QIBs), and non-institutional investors (NIIs). With 20.88 lakh equity shares reserved for retail investors, 18.99 per cent for QIBs, and 14.25 per cent for NIIs, the IPO is set to close on March 28, 2024.

Overview of Trust Fintech IPO: Fund Utilization and Business Expansion

The SME IPO aims to raise approximately ₹63.45 crore through a fresh issue of 62,82,000 equity shares at a price band of ₹95 to ₹101 per share. The funds raised will be allocated towards global and domestic business development, sales and marketing efforts, and general corporate expenses. Additionally, Trust Fintech plans to establish a new development facility, upgrade IT infrastructure, and enhance existing products. Tentatively, the basis of allotment will be finalized on April 1, with refunds initiated on April 2, and shares credited to allottees’ demat accounts on April 3.

Trust Fintech Company Profile and Financial Performance

Specializing in offshore IT services and Fintech software solutions for the BFSI sector, Trust Fintech recorded revenue of ₹18.82 crore and a profit of ₹7.27 crore during the first half of the current fiscal year. Its revenue for FY2022–2023 stood at ₹22.54 crore, with a PAT of ₹4.02 crore. As per the Red Herring Prospectus, the company’s listed peers include Network People Services Technologies Limited and Veefin Solutions Limited, highlighting its competitive positioning in the market. With a grey market premium of ₹45, indicating strong investor demand, Trust Fintech IPO is poised for a promising listing on NSE SME.

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