Fintech solutions provider Trust Fintech Limited said on Monday that it has filed draft red herring prospectus (DRHP) with NSE Emerge. The company’s initial public offering comprises a fresh issuance of 62,82,000 equity shares, each with a face value of ₹10.
According to the DRHP, the company intends to utilise net 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.
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The company has designated Corporate Capital Ventures as Book Running Lead Manager to the Issue, and Bigshare Services Private Limited is the Registrar. Trust Fintech is from the MSMEx SME IPO Cohort program.
The Nagpur-headquartered company provides Core Banking SaaS Products and Fintech Software Solutions around ERP Implementation and Customized Software Solutions Development, SAP B1 and Offshore IT services for the BFSI sector.
Trust Fintech has been aggressively expanding its business operations in India and abroad by adapting to the ever-changing regulatory compliances of the global BFSI sector. The company operates through its offices in Nagpur, Pune and Mumbai. The company is planning to increase its workforce from the existing 263 employees to 1000 people within the next three years.
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As per the restated financial statements, Trust Fintech posted a total revenue of ₹18.83 crore and earned a profit (PAT) of ₹7.27 crore during the first half of the current fiscal year, which ended September 30, 2023, compared to a total revenue of ₹22.70 crore, with a profit (PAT) of ₹4.02 crore in FY2022-23.
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Published: 12 Feb 2024, 06:19 PM IST