Trust Fintech Files Draft Papers with NSE Emerge to Mop Up Funds Via IPO

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Published By: Mohammad Haris

Last Updated: February 12, 2024, 16:10 IST

Trust Fintech, a SaaS product-focused fintech software solutions provider, on Monday said it has filed draft papers with NSE Emerge to raise funds through an initial public offering (IPO).

Also, the Nagpur-headquartered company announced plans to increase its workforce from the existing 263 employees to 1,000 within the next three years, according to a statement.

The company’s IPO is entirely a fresh issuance of 62.82 lakh equity shares with a face value of Rs 10 each.

It plans to utilise proceeds from the IPO to establish a new development facility at Mihan SEZ in Nagpur to procure hardware and upgrade IT infrastructure; to enhance, maintain, upgrade existing products; to fund its global and domestic business development, sales, marketing and general corporate expenses.

Trust Fintech provides core banking SaaS (software as a service) products and fintech software solutions around ERP (enterprise resource planning), implementation and customized software solutions development, and offshore IT services for the BFSI sector.

The company posted a total revenue of Rs 18.83 crore and earned a net profit of Rs 7.27 crore during the first half of the current fiscal year, which ended September 30, 2023.

Corporate Capital Ventures is the sole book running lead manager to the issue.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)

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