Trust Fintech, known for its expertise in providing Core Banking Software, IT Solutions, and ERP Implementation, made a significant mark in the stock market with its stellar debut. The company’s shares opened at ₹143.25 apiece, soaring above its issue price of ₹101 per share.
The IPO listing of Trust Fintech lived up to market expectations, with the stock debuting strongly. Prior to its listing, market experts had anticipated a premium listing, with the Grey Market Premium (GMP) for Trust Fintech IPO pegged at ₹45 per share. This indicated that the listing price could hover around ₹146 apiece, reflecting a hefty 44.55% premium over the IPO price.
With a diverse portfolio, Trust Fintech offers more than 10 banking products catering to commercial, cooperative banks, and financial institutions. The company specializes in providing customized software solutions tailored for the BFSI sector.
The journey to its successful IPO began on March 26 when Trust Fintech launched its initial public offering to raise capital from the primary markets. The IPO bidding phase ran from March 26 to March 28, with allotment finalized on April 2 and shares officially debuting on April 4.
Having raised ₹63.45 crore from the IPO through a fresh issue of 62.82 lakh equity shares, Trust Fintech’s IPO was well-received by investors, witnessing robust demand. The offering garnered a total subscription of 108.63 times, indicating strong investor confidence.
The net proceeds from the IPO will be allocated towards various avenues, including setting up additional development facilities, procuring hardware, upgrading IT infrastructure, and funding product enhancement and maintenance.
Corporate Capitalventures Pvt Ltd served as the book-running lead manager for the Trust Fintech IPO, with Bigshare Services Pvt Ltd acting as the IPO registrar. With a successful listing and strong investor interest, Trust Fintech is poised to embark on its journey of growth and expansion in the burgeoning fintech landscape.
