Turtlemint Fintech IPO listing date has been scheduled for Monday, 29 June. Turtlemint Fintech IPO allotment was finalised on Wednesday, 24 June . For those who have been allocated shares, the crediting of shares to demat accounts took place on Thursday, 25 June. The refund process for those who have not yet received their shares was completed on Thursday itself.
The company launched its IPO for subscription from Friday, 19 June to Tuesday, 23 June. By the conclusion of the bidding period, the offering received a healthy response, particularly from retail investors who subscribed 1.07 times, followed by non-institutional investors (NIIs) who subscribed 52%.
Qualified institutional buyers (QIBs) showed a subscription rate of 1.59 times. Notably, on the third day of the IPO, the Turtlemint IPO subscription status stood at 1.20 times, as reported by the BSE.
Turtlemint IPO has reserved 75% of the shares in the public issue for QIB, 15% for NII, and 10% of the offer is reserved for retail investors.
Turtlemint IPO price band was fixed at ₹144-152 per share.
Turtlemint IPO GMP today
Turtlemint Fintech IPO GMP is ₹0, which means shares were trading at their issue price of ₹152 with no premium or discount in the grey market, according to investorgain.com.
Based on grey market activity over the past 12 sessions, the GMP for today’s IPO is declining and is expected to decrease further. Experts indicate that the lowest GMP is ₹0.00 and the highest is ₹6.
‘Grey market premium‘ indicates investors’ readiness to pay more than the issue price.
Turtlemint Fintech IPO details
The Turtlemint IPO comprises a fresh issue of equity shares worth up to ₹660.72 crore and an offer-for-sale (OFS) of 1.46 crore equity shares valued at around ₹221.95 crore by existing shareholders.
The OFS includes partial stake sales by promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, as well as by investors such as Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures, and GGV Capital.
The company intends to use the net proceeds from the fresh issue to strengthen its technology infrastructure by investing in cloud and server capabilities, fund employee costs for its technology and product teams, and enhance brand-building and marketing initiatives.
Turtlemint will also utilise a portion of the proceeds for lease-related payments for properties occupied by the company and its wholly owned subsidiary, TIB. In addition, it plans to infuse capital into TIB to meet working capital requirements and pursue strategic acquisitions to drive inorganic growth.
ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, while KFin Technologies has been appointed as the registrar.
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