Trust Fintech submits draft document to NSE Emerge to raise funds through IPO

Trust Fintech, a fintech software solutions provider specializing in SaaS products, said on Monday it has submitted draft documents to NSE Emerge to raise funds through an initial public offering (IPO).

Additionally, the Nagpur-based company also announced plans to increase its headcount to 1,000 employees over the next three years from the existing 263 employees, according to a statement.

The company’s IPO consists entirely of fresh issue of 62.82 million equity shares with a face value of Rs 10 each.

It plans to use the proceeds from the IPO to set up a new development facility at Mihan SEZ in Nagpur to procure hardware and upgrade IT infrastructure; enhance, maintain, upgrade existing products; develop, sell, market and Provides funds for 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 custom software solution development and offshore IT services to the BFSI sector.

In the first half of the current fiscal year ended September 30, 2023, the company’s total revenue was 188.3 million rupees and net profit was 7.27 billion rupees.

Corporate Capital Ventures is the sole underwriting lead manager for the offering.

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