Trust Fintech Limited (“The Company” or “TFL”), a leading provider of SaaS product-focused fintech software solutions, has successfully completed its Anchor book subscription, raising Rs. 18.05 crore from the sale of 17.88 lakh equity shares at Rs. 101/- each.
A clutch of marquee investors, including Finavenue Capital Trust – Finavenue Growth Fund, Persistent Growth Fund – Varsu India Growth Story Scheme 1, Vikasa India EIF I Fund – Incube Global Opportunities, Acintyo Investment Fund PCC – Cell 1, Astrone Capital VCC – Arven, Craft Emerging Market Fund PCC – Citadel Capital Fund, Craft Emerging Market Fund PCC – Elite Capital Fund, and Chanakya Opportunities Fund – I subscribed to the anchor book.
| Number of Anchor Investors | No. Equity Shares Allocated (at Rs 101/- each) | No. of Equity Shares Allocated as % of Anchor Investor Portion |
| Finavenue Capital Trust – Finavenue Growth Fund | 1,47,600 | 8.2 |
| Persistent Growth Fund – Varsu India Growth Story Scheme 1 | 4,46,400 | 24.97 |
| Vikasa India EIF I Fund – Incube Global Opportunities | 3,00,000 | 16.78 |
| Acintyo Investment Fund PCC – Cell 1 | 1,99,200 | 11.14 |
| Astrone Capital VCC – Arven | 1,99,200 | 11.14 |
| Craft Emerging Market Fund PCC – Citadel Capital Fund | 1,98,000 | 11.07 |
| Craft Emerging Market Fund PCC – Elite Capital Fund | 1,53,600 | 8.59 |
| Chanakya Opportunities Fund – I | 1,44,000 | 8.05 |
| Total | 17,88,000 | 100.00 |
While Finavenue Capital Trust – Finavenue Growth Fund (8.26%), Persistent Growth Fund – Varsu India Growth Story Scheme 1 (24.97%) and Vikasa India EIF Fund – Incube Global Opportunities (16.78%) cumulatively contributed to 50% of the total anchor book subscription, Acintyo Investment Fund PCC Cell 1 and Astrone Capital VCC – Arven subscribed 11.14% each, Craft Emerging Market Fund PCC – Citadel Capital Fund, Craft Emerging Market Fund PCC – Elite Capital Fund and Chanakya Opportunities Fund I subscribed 11.07%, 8.59% and 8.05% of the anchor book respectively.
The Nagpur-based company’s IPO begins today, March 26, and will conclude on Thursday, March 28, 2024. Trust Fintech is looking to raise approximately Rs. 63.45 crore from the offering. It will utilize the net proceeds from the IPO to set up a new development facility at Mihan SEZ in Nagpur, procure hardware and upgrade IT infrastructure, enhance, maintain and upgrade existing products, fund its global and domestic business development, sales and marketing expenses and general corporate expenses.
The price band of the issue is Rs. 95-101/- per equity share with a face value of Rs. 10/- apiece. The company’s IPO comprises a fresh issue of 62.82 lakh Equity Shares with a face value of Rs. 10/- through the book-building route. Corporate Capital Ventures Private Limited is the sole Book Running Lead Manager for the issue.
The company has allotted 3.18 lakh equity shares for Market Maker, 8.95 lakh equity shares allocated for HNIs, 11.92 lakh equity shares for QIBs, and the Retail (RII) portion accounted for 20.88 lakh equity shares. The lot size is 1,200 shares.
Trust Fintech was founded by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo with a focus on delivering secured core banking solutions and world-class technological solutions to a virtually integrated banking and financial ecosystem. The company has evolved over the last 25 years, adapting to technology and market shifts to reach its current business model and product version.
