Trust Fintech IPO: SME issue subscribed over 11 times on day 2; check subscription status, GMP, other details

  • Trust Fintech IPO: The SME issue was subscribed 11.43 times on the second day of subscription with the portion reserved for retail investors booked the highest.

Nikita Prasad
Updated27 Mar 2024, 11:13 PM IST
Trust Fintech IPO opened for subscription on March 26, 2024. (Image Credit: https://www.softtrust.com/)
Trust Fintech IPO opened for subscription on March 26, 2024. (Image Credit: https://www.softtrust.com/)(https://www.softtrust.com/)

Trust Fintech IPO: The initial public offering (IPO) of small and medium-sized enterprise (SME) Trust Fintech was subscribed 11.43 times by end of the second day, i.e., Wednesday, March 27. The SME IPO opened for subscription on Tuesday, March 26 and will remain open for subscription till Thursday, March 28, 2024.

The Nagpur-based company has reserved a total of 20.88 lakh equity shares or 33.24 per cent to retail investors, 18.99 per cent for qualified institutional buyers (QIBs), and 14.25 per cent for non-institutional investors (NIIs) in the issue. 3.18 lakh equity shares are also set aside for market makers.

Trust Fintech IPO Subscription Status:

Trust Fintech IPO was subscribed 11.43 times on the second day of bidding. The SME IPO received 5,13,55,200 share application against offered 41,76,000 shares on Tuesday. On the first day of issue, retail investors bid the highest as the portion reserved for them was booked 18.44 times. 

The retail portion received 3,79,53,600 shares against 20,88,000 shares offered. The portion reserved for NIIs was subscribed 14.21 times, while the portion reserved for QIBs was not fully booked on the second day, according to stock exchange data.

Also Read: Trust Fintech IPO: Check issue size, price band, key dates, more

Trust Fintech IPO Details: 

The SME IPO consist of a fresh issue of 62,82,000 equity shares having a face value of 10. The company hopes to raise about 63.45 crore (at upper band) from the offering. Trust Fintech IPO price band has been set in the range of 95 to 101 per equity share of face value of 10 each.

The issue's registrar is Bigshare Services Private Limited, while Corporate Capital Ventures is the book running lead manager. Trust Fintech IPO lot size consists of 1,200 shares. Bids may be placed for 1,200 equity shares as a minimum, and subsequently in multiples of 1,200 equity shares. The floor price is 9.50 times of the face value and the cap price is 10.1 times of the face value of the equity shares.

Also Read: Trust Fintech IPO: 10 must-know facts for potential investors

Tentatively, Trust Fintech IPO basis of allotment of shares will be finalised on Monday, April 1, and the company will initiate refunds on Tuesday, April 2, while the shares will be credited to the demat account of allottees on the same day following refund. Trust Fintech share price is likely to be listed on NSE SME on Wednesday, April 3.

The net proceeds from the IPO will be used by the company to finance its global and domestic business development, sales and marketing costs, and general corporate expenses. Additionally, the company plans to establish a new development facility at Mihan SEZ in Nagpur, purchase hardware and upgrade IT infrastructure, and improve, maintain, and upgrade existing products.

Trust Fintech Company Details:

The company offers offshore IT services, Fintech software solutions, ERP implementation, SAP B1 development, and customised software solutions development for the banking, financial services, and insurance (BFSI) sector.

During the first half of the current fiscal year, which concluded on September 30, 2023, the company posted revenue of 18.82 crore and profit (PAT) of 7.27 crore. Its FY2022–2023 revenue was 22.54 crore, while its PAT was 4.02 crore.

Also Read: Trust Fintech Limited files draft papers with NSE Emerge to launch IPO

As per the Red Herring Prospectus (RHP), the company's listed peers are Network People Services Technologies Limited (with a P/E of 17.18), and Veefin Solutions Limited (with a P/E of 220.95).

Trust Fintech IPO GMP:

Trust Fintech IPO GMP or grey market premium was 45, which meant shares were trading at premium of 44.55 per cent at an estimated listing price of 145, over their issue price of 101 in the grey market according to investorgain.com. 'Grey market premium' indicates investors' readiness to pay more than the issue price.

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First Published:27 Mar 2024, 11:13 PM IST
HomeMarketsIPOTrust Fintech IPO: SME issue subscribed over 11 times on day 2; check subscription status, GMP, other details

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