Trust Fintech makes bumper market debut, lists at 42% premium on NSE SME

Trust Fintech

Shares of Trust Fintech soared on their market debut on April 4, listing at an impressive Rs 143.25, commanding a premium of 42 percent over the issue price of Rs 101 on the NSE SME platform.

The listing matched the trends in the grey market where the shares were trading around Rs 49 prior to listing. The public issue of Rs 63.45 crore was entirely a fresh issue of 62.82 lakh shares. The price band of the issue was fixed at Rs 95-Rs 101.

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The SME IPO received strong interest from investors, with an overall subscription of 108.63 times. Trust Fintech IPO was subscribed 75.10 times in the retail category, Qualified Institutional Buyers (QIB) bought 65.38 times, and the Non-Institutional Investors (NII) bought a massive 244.48 times the reserved portion.

The company intends to utilize the net proceeds for expanding development facilities, upgrading IT infrastructure, enhancing existing products, covering business development expenses, and meeting general corporate requirements.

The company is engaged in software development and specializes in providing Core Banking Software, IT Solutions, ERP Implementation, Customized Software Solutions Development, SAP B1, and Offshore IT services for the BFSI sector.

Corporate Capitalventures Pvt Ltd is the book running lead manager of the Trust Fintech IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Trust Fintech IPO is Ss Corporate Securities.

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