Home >> Blog >> Trust Fintech Ltd. IPO: Review, Valuation, Date & GMP

Trust Fintech Ltd. IPO: Review, Valuation, Date & GMP


Trust Fintech Limited IPO  - Complete Overview

Established in 1998, Trust Fintech Limited is a Nagpur-based SaaS Product focused company specializing in providing Core Banking Software, IT Solutions, ERP Implementation, and Customized Software Solutions Development, SAP B1, and Offshore IT services for the BFSI sector. 

The company has invested in developing more than 10 banking-related products for Commercial and Cooperative Banks and Financial Institutions, including Core Banking Software, Loan Origination software, GST compliance software, Financial Accounting & Billing Software, GST Suvidha provider, SAP B1 Services, and various add-on modules for Statutory Report Generation, ATM Reconciliation, Anti-Money Laundering, and Mobile Banking solutions.

The company's product portfolio consists of two offerings: 

  • Banking Software

  • Software as a Service. 

It is primarily involved in the Implementation and deployment of Core banking Software, including TrustBankCBS and MicroFinS. 

TrustBankCBS, the flagship product of the company, is a web-based software available "on-premises with infrastructure," allowing customers to deploy it on their premises with customized infrastructure. 

MicroFinS, on the other hand, is a cloud-based Core Banking Solution for Savings & Credit for Cooperative Societies, Credit Unions, and Microfinance Institutions.

The company proudly holding several quality certifications such as ISO 27001:2013, ISO 9001:2015, and CMMI Level 5.

It boasts 25+ years of operational excellence and a dedicated team of 250+ individuals. 

It serves customers in more than 15 states of India and in over 10 countries worldwide, including California, Nepal, Gambia, Ghana, Liberia, Nigeria, Sri Lanka, Tanzania, Zimbabwe, Siberia, and the Central African Republic.

Operating through its offices located in Nagpur, Pune, and Mumbai, the company's facilities span a total area of 1064.42 sq. mtr.


Trust Fintech Limited IPO Overview

Trust Fintech Limited IPO date is slated to be open for subscription from March 26, 2024, to March 28, 2024. This NSE SME IPO follows a Book Built Issue IPO.

Trust Fintech Limited IPO price is fixed in the range of at Rs.95 to Rs.101 per share. 

The total issue size of this IPO amounts to Rs.63.45 Cr. The company has allocated shares 35% to retail investors, 50% to institutional and 15% to non instituional investors.



Company Financial

Compared to the previous financial years, Trust Fintech Limited has seen growth in total assets, net worth, and total revenue. The profit after tax has increased while the total borrowing decreased.

(Amount in Lakhs)


30 Sep 2023

31 Mar 2023

31 Mar 2022

Total Assets 




Total Revenue








Net worth




Reserve & Surplus 




Total Borrowings




Product Wise Revenue Breakup

(Amount in lakhs)


September 30, 2023

March 31, 2023

March 31, 2022

TrustBankCBS AMC




TrustBankCBS One time




TrustBankCBS Rental




Export TrustBankCBS




Addon AMC 








Soft GST




LOS one time








Export MicroFinS









The Objective of the Issue

The company plans to use the net fresh issue proceeds for the following purposes:

1) Setting up an additional development facility, including the installation of fit-outs and interior design works in Nagpur, Maharashtra.

2) Investing in procuring hardware and upgrading IT infrastructure.

3) Funding expenses related to enhancing, maintaining, and upgrading existing products.

4) Meeting global and domestic business development, sales, and marketing expenses for the company.

5) Covering general corporate expenses.




Peers of Trust Fintech Limited IPO

Name of Company

Face Value (Rs)

EPS (Rs)

P/E Ratio

Trust Fintech Limited




Network People Services Technologies Limited




Veefin Solutions Limited




*P/E calculation based on annualized EPS reported in Sept 23 financials and closing market price prevailing for Veefin Solutions Limited and Network People Services Technologies Limited on result declaration date i.e. 6 November 2023 and 20th Oct 2023 respectively



The IPO is priced within the range of Rs.95 to Rs.101 per share.

Evaluation of P/E Ratio

  • Considering the FY23 EPS of Rs 2.29 from the last year, the resulting P/E ratio is 44.05x.

  • Taking into account the weighted EPS of Rs 5.44 for the last three years, the P/E ratio amounts to 18.56x.

Comparative Analysis with Listed Peers

  • The industry's average P/E is 350.68x.


As a result, the IPO price range, with a P/E ratio ranging from 44.05x to 18.56x, seems fully priced to the industry average of 350.68x.


IPO's Strengths 

  • The company offers comprehensive solutions in secure Core Banking Solutions, ERP Implementation, and Customized Software Solutions Development.

  • It maintains strong and enduring customer relationships.

  • It holds government empanelments.

  • The company prioritizes quality assurance and holds quality certifications.

  • The experienced promoters and senior management team possess deep industry expertise and a successful track record.

  • The company focuses on expanding its business through intellectual property capabilities.

  • Pricing details are carefully discussed and agreed upon with clients before starting a project.

  • It boasts a prestigious clientele.


IPO's Weaknesses 

  • A significant portion of the company's revenues relies on its Core Banking software, TrustBankCBS.

  • The majority of domestic sales over the last 3 years and the current period are concentrated in the top 2 states. Any adverse impact in these states could negatively affect the business.

  • The company has yet to place orders totaling Rs. 430.32 for hardware, servers, Microsoft licenses, antivirus software, computers, networking accessories, UPS, generators, and legal software to support product development and its proposed facility at Mihan SEZ, Nagpur.

  • International operations expose the company to complex management, legal, tax, and economic risks, which could adversely affect its business.

  • The company faces competition from both onshore and offshore providers of Core Banking Software and ERP solutions.



The Latest GMP of Trust Fintech Limited is Rs.45.




Trust Fintech Limited IPO timetable (Tentative)

Trust Fintech Limited IPO is scheduled from March 26 to March 28, 2024, with allotment on April 2, refund initiation on April 3, and listing on April 4, 2024.



IPO Opening Date

March 26, 2024

IPO Closing Date

March 28, 2024

IPO Allotment Date 

April 2, 2024

Refund initiation 

April 3, 2024

IPO Listing Date

April 4, 2024


Trust Fintech Limited IPO Details

Trust Fintech Limited IPO, with a face value of Rs.10 per share, opens on March 26 and closes on March 28, 2024, offering 6,282,000 shares at Rs.95 to Rs.101 per share, with a lot size of 1200 shares, aiming to raise Rs.63.45 Cr, and will be listed on NSE SME.

IPO Opening & Closing Date 

March 26, 2024 to March 28, 2024

Face value 

Rs.10 per share

Issue Price

Rs.95 to Rs.101 per share

Lot Size


Price of 1 lot


Issue Size

6,282,000 Shares (aggregating up to Rs.63.45 Cr)

Fresh issue 

6,282,000 Shares (aggregating up to Rs.63.45 Cr)

Listing at


Issue Type 

Book Built Issue IPO


Bigshare Services Pvt Ltd 


Trust Fintech Limited IPO Lot Details 

For Trust Fintech Limited IPO, the retail investor minimum and maximum lot investments are both 1 lot (1200 shares) at Rs.121,200 while for HNI investors, the minimum investment is 2 lots (2400 shares) at Rs.242,400.

Minimum Lot Investment (Retail) 

1 Lot

Maximum Lot Investment (Retail) 

1 Lot

Minimum Lot Investment (HNI) 

2 Lot




Trust Fintech Limited IPO Reservation

Institutional share Portion


Non-institutional share Portion


Retail share Portion



Promoters and Management of Trust Fintech Limited

  • Mr. Hemant Padmanabh Chafale

  • Mr. Sanjay Padmanabh Chafale

  • Mr. Heramb Ramkrishna Damle

  • Mr. Anand Shankar Kane

  • Mr. Mandar Kishor Deo.

Pre-issue Promoter shareholding


Post-issue Promoter shareholding



Trust Fintech Limited IPO Lead Managers

  • Corporate Capitalventures Pvt Ltd 


Dividend Policy

The company has not paid any dividends in the past financial years, and future dividend payments will depend on the financial performance of the company.





Trust Fintech Limited presents a promising opportunity for investors to participate in its upcoming IPO. With a growing business and a solid customer base, the company's financial performance is on the rise. Investors looking to capitalize on this opportunity are advised to conduct thorough research before applying for the issue to achieve optimal results.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.


To Read the Prospectus of the Company Click Here to Download the DRHP.


Want to start Your Journey in stock market trading and investment? Join our Stock Market Class to become beginner to expert trader! We cover everything from the basics of trading to advanced strategies for picking stocks. Plus, we're offering a special discount for women and students. Don't miss out - enroll now and kickstart your path to success in the stock market!

Open a world of Stock Market by Opening a Demat Account with your favourite Broking firm & Get a trading Strategy worth Rs.15,000!





Thank You for reading this blog.
Hope you loved the IPO analysis.
Please Comment Below with your feedback because Your feedback motivates us to deliver more such content.


Follow MUKUL AGRAWAL for the latest IPO news and reviews. You can connect with us on social media platforms like Twitter, Facebook, and Instagram. You can also subscribe to our YouTube Channel for the latest videos of the stock market.


Frequently Asked Questions


The IPO is scheduled to open for subscription on March 26, 2024.



The issue price for Trust Fintech Limited IPO is set in the range of ₹95 to ₹101 per share.



The total issue size of the IPO is Rs.63.45 Cr, with 35% reserved for retail investors.



The IPO is set to close on March 28, 2024.



The net proceeds from the IPO will be allocated for various purposes. These include setting up an additional development facility in Nagpur, Maharashtra, along with the installation of fit-outs and interior design works. Additionally, funds will be directed towards procuring hardware and upgrading IT infrastructure. Expenditure related to enhancing, maintaining, and upgrading existing products will also be funded. Furthermore, the proceeds will be utilized to meet global and domestic business development, sales, and marketing expenses, as well as general corporate expenses.


Liked What You Just Read? Share this Post:

Viewer's Thoughts

Any Question or Suggestion

Post your Thoughts


Related Blogs

Kataria Industries Limited-IPO

SME IPO | 16-07- 2024

Kataria Industries Ltd IPO: Re...

Discover Kataria Industries Ltd IPO, its financials, product offerings & investment opportunities. IPO's strengths, weak...

Continue Reading
Macobs Technologies Limited-IPO

SME IPO | 16-07- 2024

Macobs Technologies Ltd IPO: R...

Discover Macobs Technologies Ltd IPO, its financials, product offerings & investment opportunities. IPO's strengths, wea...

Continue Reading
Tunwal E-Motors Limited-IPO

SME IPO | 15-07- 2024

Tunwal E-Motors Ltd IPO: Revie...

Explore the details of Tunwal E-Motors Ltd IPO. Learn about the company's financial performance, IPO offerings, key date...

Continue Reading
Three M Paper Boards Limited

SME IPO | 12-07- 2024

Three M Paper Boards Ltd IPO: ...

Explore the details of Three M Paper Boards Ltd IPO. Learn about the company's financial performance, IPO offerings, key...

Continue Reading
Prizor Viztech Limited-IPO

SME IPO | 11-07- 2024

Prizor Viztech Ltd IPO: Review...

Get an overview of Prizor Viztech Ltd IPO. its company's financials, objectives, strengths & weaknesses with reservatio...

Continue Reading
Aelea Commodities Limited-IPO

SME IPO | 11-07- 2024

Aelea Commodities Ltd IPO: Rev...

Discover Aelea Commodities Ltd IPO. its company’s financials, IPO details, strengths, and weaknesses. Get insights to ...

Continue Reading
to Learn Important Strategy worth Rs.15000