Pi News –
Published by: Muhammad Khoris
Last Updated: 12 Feb 2024 16:10 IST
Trust Fintech, a fintech software solutions provider focused on SaaS products, said on Monday it has submitted projects to NSE Emerge to raise funds through an initial public offering (IPO).
The Nagpur-headquartered company also announced plans to increase its workforce from the current 263 employees to 1,000 over the next three years, according to a statement.
The company’s IPO is an all-new issue of 62.82 lakh equity shares of face value of Rs 10 each.
It plans to use the IPO proceeds to purchase hardware and set up a new manufacturing facility at Mihan SEZ in Nagpur to upgrade its IT infrastructure; improving, maintaining, updating existing products; financing global and domestic business development, sales, marketing and general corporate expenses.
Trust Fintech provides fintech software solutions around core banking SaaS (software as a service) products and ERP (enterprise resource planning), implementation and customized software solutions development and offshore IT services for the BFSI sector.
The company posted a total revenue of Rs 18.83 crore and a net profit of Rs 7.27 crore in the first half of the current financial year ended September 30, 2023.
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