On Monday, Trust Fintech Limited, a supplier of fintech solutions, announced that it has submitted a draft red herring prospectus (DRHP) to NSE Emerge. The company is issuing 62,82,000 equity shares at a face value of ₹10 each as part of its initial public offering.

The company plans to use the net proceeds from the IPO, according to the DRHP, to fund its domestic and international business development, sales, marketing, and general corporate expenses; to establish a new development facility at Mihan SEZ in Nagpur; to upgrade IT infrastructure and purchase hardware; and to improve, maintain, and upgrade its current products.

Bigshare Services Private Limited is the registrar, and Corporate Capital Ventures has been named by the business as the book running lead manager for the issue. The MSMEx SME IPO Cohort program is where Trust Fintech originated.

The company is based in Nagpur and offers Fintech Software Solutions, Core Banking SaaS Products, ERP Implementation, Customized Software Solutions Development, SAP B1, and Offshore IT services for the BFSI industry.

Trust Fintech has been rapidly growing its operations both domestically and internationally by adjusting to the constantly shifting regulatory compliances of the global BFSI industry. Through its offices in Mumbai, Pune, and Nagpur, the company conducts business. Within the next three years, the company hopes to grow from its current 263 employees to 1000 workers.

According to the restated financial statements, Trust Fintech reported ₹18.83 crore in total revenue and ₹7.27 crore in profit (PAT) for the first half of the current fiscal year, which ended on September 30, 2023. This is in contrast to FY2022-23, which saw ₹22.70 crore in total revenue and ₹4.02 crore in profit (PAT).