Updated February 13th, 2024 at 17:38 IST
Trust Fintech Limited files for DRHP with NSE Emerge
Net proceeds from the IPO will be used towards a new development facility in Nagpur, apart from upgrading IT infra and existing products
- 2 min read
Fintech IPO: SaaS-focused fintech company Trust Fintech Limited will be filing its Draft Red Herring Prospectus (DRHP) with NSE Emerge, the company said.
The Nagpur-headquartered company’s initial public offering comprises a fresh issuance of 62,82,000 Equity Shares, each with a face value of Rs. 10.
The DRHP announcement comes amid a slew of DRHP filings, particularly with MobiKwik and Fincare Small Finance Bank in the fintech space. The financial technology sector received bets from investors in their sectoral outlook for startups.
Proceeds from the DRHP will be utilised for a new development facility at Mihan SEZ in Nagpur, as well as for procuring hardware, upgrading IT infrastructure and to enhance, maintain, upgrade existing products.
The funds will also be utilised for the company’s global and domestic business development, sales, marketing and general corporate expenses.
Trust Fintech Limited provides core banking SaaS products as well as software solutions in fintech, customised solutions and offshore IT services for the BFSI sector.
Corporate Capital Ventures will be the Book Running Lead Manager for the issue, while Bigshare Services Private Limited is designated as the Registrar.
With offices in Nagpur, Pune and Mumbai, Trust Fintech Limited has 263 employees which it looks to expand to 1,000 in the next three years.
Established in 1998, Trust Fintech Limited was founded by Hemant Chafale, Heramb Ramkrishna and Mandar Kishor Deo. The company has posted a revenue of about Rs 23 crore and a profit of Rs 4 crore in FY2022-23.
The company has deployed this software in India, Sri Lanka, Nepal, California, Gambia, Tanzania, Ghana, Liberia, Nigeria and Zimbabwe.
Published February 13th, 2024 at 17:38 IST