Trust Fintech IPO: Check issue size, price band, key dates, more
Trust Fintech IPO price band has been set in the range of ₹95 to ₹101 per equity share of face value of ₹10 each. Trust Fintech IPO will open for subscription on Tuesday, March 26, and close on Thursday, March 28. Trust Fintech IPO lot size consists of 1,200 shares. Bids may be placed for 1,200 equity shares as a minimum, and subsequently in multiples of 1,200 equity shares.
A total of 20.88 lakh equity shares are in the retail (RII) portion, with 3.18 lakh equity shares set aside for market makers, 8.95 lakh equity shares for HNIs, and 11.92 lakh equity shares for QIBs.
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The floor price is 9.50 times of the face value and the cap price is 10.1 times of the face value of the equity shares.
The company offers offshore IT services, Fintech software solutions, ERP implementation, SAP B1 development, and customised software solutions development for the banking, financial services, and insurance (BFSI) sector.
During the first half of the current fiscal year, which concluded on September 30, 2023, the company posted revenue of ₹18.82 crore and profit (PAT) of ₹7.27 crore. Its FY2022–2023 revenue was ₹22.54 crore, while its PAT was ₹4.02 crore.
As per the Red Herring Prospectus (RHP), the company’s listed peers are Network People Services Technologies Limited (with a P/E of 17.18), and Veefin Solutions Limited (with a P/E of 220.95).
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Trust Fintech IPO details
The IPO of the Nagpur-based company consist of a fresh issue of 62,82,000 equity shares having a face value of ₹10. The company hopes to raise about ₹63.45 crore (at upper band) from the offering.
The net proceeds from the IPO will be used by the company to finance its global and domestic business development, sales and marketing costs, and general corporate expenses. Additionally, the company plans to establish a new development facility at Mihan SEZ in Nagpur, purchase hardware and upgrade IT infrastructure, and improve, maintain, and upgrade existing products.
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The issue’s registrar is Bigshare Services Private Limited, while Corporate Capital Ventures is the book running lead manager.
Tentatively, Trust Fintech IPO basis of allotment of shares will be finalised on Monday, April 1, and the company will initiate refunds on Tuesday, April 2, while the shares will be credited to the demat account of allottees on the same day following refund. Trust Fintech share price is likely to be listed on NSE SME on Wednesday, April 3.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 20 Mar 2024, 03:08 PM IST
