Business Standard

NSE SME Trust Fintech lists at strong premium

Image

Shares of Trust Fintech were quoting at Rs 150.40 on the NSE, a premium of 48.91% compared with the issue price of Rs 101.
The scrip was listed at Rs 143.25, a premium of 41.83% compared with the initial public offer (IPO) price. The stock is currently stuck at an upper limit of 5% over its listing price.
The counter hit a high of Rs 150.40 and a low of Rs 136.20. About 26.41 lakh shares of the company changed hands at the counter.
Trust Fintech's IPO received was subscribed 72.26 times. The issue opened for bidding on 26 March 2024 and it closed on 28 March 2024. The price band of the IPO was fixed at Rs 95 to Rs 101 per share.
The IPO comprised fresh issue of 62,82,000 equity shares. The promoter and promoter shareholding diluted to 68.85% from 93.51% pre-IPO.
The company intends to utilise the net proceeds to set up additional development facility, instalments of fit outs and interior design works in Nagpur, Maharashtra, to meet Investment in procuring hardware and upgrading IT infra, funding for expenditure related to enhancement and upgrading existing product, to meet out the global & domestic business development, sales and marketing expenses for the company and to meet general corporate purpose.
Ahead of the IPO, Trust Fintech on 22 March 2024, raised Rs 18.05 crore from anchor investors. The board allotted 17.88 lakh shares at Rs 101 per share to 8 anchor investors.
Trust Fintech is an IT company based in Nagpur, India. They offer various software solutions for banks and financial institutions, including core banking software, loan processing, and accounting software. Their core product, TrustBankCBS, can be customized for different countries and regions. Trust Fintech has clients in over 10 countries and employs over 260 people.
The company recorded revenue from operations of Rs 18.82 crore and net profit of Rs 7.28 crore for the period as on 30 September 2023.
Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 04 2024 | 1:05 PM IST

Explore News