Trust Fintech Ltd IPO Timeline

Trust Fintech Ltd IPO opens on 26-Mar-2024, and closes on 28-Mar-2024. The Trust Fintech Ltd IPO bid date is from 26-Mar-2024 to 28-Mar-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Event Date
Trust Fintech Ltd IPO Opening Date 26-Mar-2024
Trust Fintech Ltd IPO Closing Date 28-Mar-2024
Basis of Allotment 02-Apr-2024
Initiation of Refunds 03-Apr-2024
Credit of Shares to Demat 03-Apr-2024
Trust Fintech Ltd IPO Listing Date 04-Apr-2024

Trust Fintech Ltd IPO Lot Size

Trust Fintech Ltd IPO lot size is 1200 shares. A retail-individual investor can apply for up to 1 lots (1200 shares or 121200).

Application Lots Shares Amount
Minimum 1 1200 ₹121200
Maximum 1 1200 ₹121200

Trust Fintech Ltd IPO Details

Trust Fintech Ltd IPO Date 26-Mar-2024 to 28-Mar-2024
Trust Fintech Ltd IPO Face Value Shares of ₹10 per share
Trust Fintech Ltd IPO Price ₹95 to ₹101 per share
Trust Fintech Ltd IPO Lot Size 1200
Issue Size Shares of ₹10 (aggregating up to ₹63.45 Cr)
Fresh Issue Shares of ₹10 (aggregating up to ₹63.45 Cr)
Offer for Sale -
Issue Type Book Building - SME
Listing At NSE - SME
QIB Shares Offered -
Retail Shares Offered -
NII (HNI) Shares Offered -
Company Promoters Hemant Padmanabh Chafale, Sanjay Padmanabh Chafale, Heramb Ramkrishna Damle.

Objects of the Issue

The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

  • 1 To setup additional development facility instalment of fit outs and interior design work in
  • 2 Investment in procuring hardware and upgrade IT Infra
  • 3 Funding for expenditure related to enhancement and upgrading existing product
  • 4 To meet out the Global & Domestic Business Development sales and marketing expenses for the company
  • 5 General corporate expenses

Company Financials

Trust Fintech Ltd Financial Information (Restated)

Period Ended Total Assets Total Revenue Profit After Tax
03-2023 31.19 22.70 4.02
03-2022 19.59 18 1.34
03-2021 15.90 24.18 2.20
Amount in ₹ Crore
  • Experienced Promoter and management team with strong industry expertise and successful track record.
  • Established Global Presence.
  • Experienced Promoters (experience of over 31 years in Software Delivery).
  • Versatile, Technically Sound and young operation Team, which understands creativity at its excellence.
  • Well versed and equipped with advance technology.
  • Track record of growth and profitability.
  • The company has applied for registration of logo under the Class 42 and the company does not own the trademark legally as on date. Its may be unable to adequately protect the company intellectual property. Furthermore, its may be subject to claims alleging breach of third-party intellectual property rights.
  • Significant disruptions in its information technology systems or breaches of data security could affect its business and reputation.
  • Substantial portion of its revenues has been dependent upon the company Core Banking software i.e. Trust Bank CBS. The loss of any one or more of its major clients would have a material effect on the company's business operations and profitability.
  • Substantial portion of its revenues has been dependent upon the company few clients (Top 10). The loss of any one or more of its major clients would have a material effect on the company's business operations and profitability.
  • Majority of its domestic sales for the last 3 years and stub period is dependent majorly on Top 2 States. Any loss of business from may adversely affect its revenues and profitability.
  • Its business is completely dependent on the company's ability to customize its software products as per requirements of the customer based on latest technology and statutory requirements. If the company is not able to update its existing products in response to evolving industry requirements, its operating results may be negatively affected.
  • Non-availability of secretarial records of the company filed with ROC since incorporation and non-updating of recent records at MCA.
  • Its Restated Financial Statements are Prepared and Signed by the Peer Review Chartered Accountants who is not Statutory Auditors of the Company.
  • Its revenues are dependent on clients concentrated in the BFSI segment. An economic slowdown or factors affecting this segment may have an adverse effect on its business, financial condition and results of operations.
  • The company yet to place orders for Rs.430.32 of the hardware, server, Microsoft license, Antivirus, computer, Networking accessories, UPS, Generator and Legal software to support the product development work and for its proposed facility at Mihan SEZ, Nagpur. Any delay in placing orders or procurement of such hardware or Microsoft license may delay the schedule of implementation and possibly increase the cost of commencing operations.
  • The company has not applied for registration of brand names "MicroFinS", "SoftGST", "TrustLOS" and "TrustFAB", the company may be unable to adequately protect its intellectual property. Furthermore, its may be subject to claims alleging breach of third-party intellectual property rights.
  • If the company fail to attract and retain highly skilled IT professionals, its promoters, directors and senior management the company may not have the necessary resources to properly staff projects and failure to successfully compete for such IT professionals could adversely affect its business, financial condition and results of operations.
  • The nature of its software product exposes the company to a range of risks, including conflicting legal and regulatory requirements. Non-compliance of which may negatively impact its business and operational outcomes.
  • There are certain discrepancies and non- compliances noticed in some of its corporate records relating to forms filed with the Registrar of Companies, taxation authorities and other public authorities.
  • The company has relied on certain suppliers for its operations. Furthermore, the company has not entered into any long-term agreement or contract with the suppliers. The potential loss of any one or more of its major suppliers would have a material effect on the company's business operations and profitability.
  • Risk of Attrition Rates Variability and Its Impact on Operations and Revenue.
  • Its international operations expose it to complex management, legal, tax and economic risks, which could adversely affect its business, results of operations and financial condition.
  • The company is expose to competition from onshore and offshore CBS & ERP providers, its inability to compete successfully against competitors, pricing pressures or loss of market share could materially adversely affect its business, financial condition and results of operations.
  • Software Product development is a long, expensive and uncertain process and its current expenditure in product development may not provide a sufficient or timely return.
  • The Company and Promoters is involved in certain legal proceeding(s) and potential litigations. Any adverse decision in such proceeding(s) may render them liable to liabilities/penalties.
  • If the company fail to provide timely and effective client support, it could materially impact its relationships with the company clients.
  • One of its objects of the Offer is to augment its business development, sales & marketing and other related expenses for the company. The expenditure proposed to be incurred is subject to external factors and uncertainty of the outcome of such expenditure.
  • The company may face several risks associated with the proposed expansion of its development facility at Mihan SEZ, Nagpur, which could hamper the company growth, prospects, cash flows and business and financial condition.
  • Its business relies heavily on technology, and any disruptions or failures in its technology systems could have a major impact on the company operations.
  • Any customer dispute regarding its performance or workmanship may amount in delay or withholding of payment to it.
  • If the company does not successfully develop or commercialise new products in a timely manner, or if the products that its commercialise does not perform as expected, the company's business, results of operations and financial condition may be adversely affected.
  • The company may be exposed to the risk of delays or non-payment by its clients and other counterparties, which may also affect its cash flows and business.
  • The company has certain contingent liabilities and its financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.
  • If the company is unable to attract new customers or its existing customers does not allocate a greater portion of their marketing spend to it, its revenue growth will be adversely affected.
  • Employee fraud or misconduct could harm it by impairing its ability to attract and retain clients and subject it to significant legal liability and reputational harm.
  • Its Promoters as well as Directors hold Equity Shares in the Company and are therefore interested in the company performance in addition to their remuneration and reimbursement of expenses.
  • The company does not own the premises in which its branch office are located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect its operations.
  • If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
  • Its Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company even after the Issue which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • The Company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
  • Its business, financial condition and results of operations may be materially adversely affected by global health epidemics, such as COVID-19 outbreak.
  • Its insurance coverage may not be adequate to protect it against certain operating hazards and this may have a material adverse effect on its business.
  • The company has issued Equity Shares during the last one year at a price that may be below the Issue Price.
  • The average cost of acquisition of Equity Shares by its Promoters could be lower than the issue price.
  • Its Promoters have interest in the Company, other than reimbursement of expenses incurred or remuneration.
  • There may be potential conflicts of interest if its Promoters or Directors get involved in any business activities that compete with or are in the same line of activity as its business operations.
  • The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in its financing arrangements.
  • The company requires certain approvals, licenses, registrations and permits to operate its business, and failure to obtain or renew them in a timely manner or maintain the statutory and regulatory permits and approvals required to operate its business may adversely affect the company operations and financial conditions.
  • There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
  • The Price of its Equity Shares may be volatile, or an active trading market may not develop.
  • The Objects of the Issue for which funds are being raised, are based on its management estimates and any bank or financial institution or any independent agency has not appraised the same. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
  • Strikes, work stoppages or increased wage demands by its employees or any other kind of disputes with the company employees /workmen in future could adversely affect its business and results of operations.
  • The company cannot assure you that its equity shares will be listed on the SME platform of NSE in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
  • Sale of Equity Shares by its Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
  • The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of its Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • Customizing TrustBankCBS for NBFCs to Seize Mandatory CBS Opportunity in India.
  • Elevating Market Presence: Unleashing the Potential of its Product Portfolio.
  • Increasing its Global presence in US and North America.
  • Establishing a Robust Facility at Mihan SEZ, Nagpur to accommodate additional personnel.

Trust Fintech Ltd IPO Promoter Holding

Pre Issue Share Holding 92.98%
Post Issue Share Holding 68.46%

Trust Fintech Ltd IPO Subscription Status (Bidding Detail)

The Trust Fintech Ltd IPO is subscribed - times on Mar 28, 2024 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)

Category QIB NII Retail Employee Total
Subscription (times) - - - - -

Trust Fintech Ltd IPO Prospectus

Trust Fintech Ltd IPO Listing Date

Listing Date 04 Apr 24
BSE Script 92787
NSE Symbol TRUST
Listing In NSE - SME
ISIN INE0SWN01019
IPO Price ₹101
Face Value ₹10

Trust Fintech Ltd IPO Registrar

Bigshare Services Pvt Ltd

Phone: +91 - 22 - 6263 8200;
Email: ipo@bigshareonline.com
Website: www.bigshareonline.com

Trust Fintech Ltd IPO Lead Manager(s)

  1. Corporate Capitalventure Pvt Ltd

FAQs on Trust Fintech Ltd IPO

Trust Fintech Ltd IPO, which opens for subscription from 26-Mar-2024 to 28-Mar-2024 has an issue size of ₹63.45 crore. The issue type is book building issue.

In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Trust Fintech Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.

Trust Fintech Ltd IPO Opens for subscription from 26-Mar-2024 to 28-Mar-2024.

The lot size of Trust Fintech Ltd is 1200 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹121200 and ₹121200 respectively.

Allotment date for Trust Fintech Ltd is 02-Apr-2024 and refund of application amount (in case allotment is not received) will begin from 03-Apr-2024. If your allotment goes through, then shares will be credited in your Demat account by 03-Apr-2024.

The registrar for Trust Fintech Ltd IPO is Bigshare Services Pvt Ltd . You can check your IPO allotment status on the registrar's website.

The shares of Trust Fintech Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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