Trust Fintech Files IPO Draft Papers with NSE Emerge
By Rediff Money Desk, NEWDELHI Feb 12, 2024 13:30
Trust Fintech, a SaaS product-focused fintech software solutions provider, has filed draft papers with NSE Emerge to raise funds through an IPO. The company plans to use proceeds for expansion and development.
![Trust Fintech Files IPO Draft Papers with NSE Emerge](https://im.rediff.com/news/2021/apr/ipo-2-o.jpg)
Illustration: Uttam Ghosh/Rediff.com
New Delhi, Feb 12 (PTI) 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.
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.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...