Trust Fintech share price makes strong debut; lists with 42% premium at ₹143.25 apiece on NSE SME

Trust Fintech share price made a strong stock market debut on Thursday as the stock was listed with a premium of 41.83% on NSE SME. Trust Fintech shares were listed at ₹143.25 apiece as against its issue price of ₹101 per share.

Trust Fintech IPO listing was in line with market expectations. Ahead of the listing, Trust Fintech IPO GMP was ₹45 per share which indicated that Trust Fintech share listing could take place at around ₹146 apiece, a 44.55% premium to the IPO price, as per stock market observers.

Trust Fintech Ltd is a software development company specializing in providing Core Banking Software, IT Solutions, ERP Implementation, Customized Software Solutions Development, SAP B1, and Offshore IT services for the BFSI sector.

It offers over 10 banking products for commercial, cooperative banks, and financial institutions. 

Also Read: Bharti Hexacom IPO: Planning to buy? Know 10 key risks involved before subscribing

The company launched its initial public offering (IPO) on March 26 to raise capital from the primary markets.

The bidding for Trust Fintech IPO began on March 26 and concluded on March 28. The IPO allotment was finalized on April 2 and the shares listing date was fixed on April 4.

The company raised ₹63.45 crore from the IPO which was entirely a fresh issue of 62.82 lakh equity shares.

Trust Fintech IPO price band was set at ₹95 to ₹101 per share and the minimum lot size for an application was 1,200 shares. 

Also Read: Radiowalla Network IPO allotment finalised; latest GMP, steps to check allotment status, other key details

The SME IPO garnered strong demand from investors as the issue was subscribed 108.63 times in total. Trust Fintech IPO was subscribed 75.10 times in the retail category, 65.38 times in the Qualified Institutional Buyers (QIB) category, and 244.48 times in the Non-Institutional Investors (NII) category.

The company intends to utilize the net issue proceeds to set up additional development facilities, invest in procuring hardware and upgrading IT infra, funding of expenditures related to enhancement, maintenance, and upgrading existing products, meet the global and domestic business development, sales and marketing expenses and general corporate expenses.

Corporate Capitalventures Pvt Ltd is the book-running lead manager of the Trust Fintech IPO, while Bigshare Services Pvt Ltd is the IPO registrar.

Catch Stock Market Live Updates here