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Trust Fintech files draft papers with NSE Emerge to mop up funds via IPO

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New Delhi: 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).

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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, and upgrade existing products; to fund its global and domestic business development, sales, marketing and general corporate expenses.

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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.

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