Turtlemint Fintech Solutions IPO: The initial public offering (IPO) of Turtlemint Fintech Solutions, which was open for subscription from June 19 to 239, received muted response from investors during its three-day bidding period and is now set to make its stock market debut on Monday, June 29 on both the BSE and NSE. With the listing date approaching, investors are closely tracking the issue’s potential listing premium and expected gains.
The basis of allotment for the ₹883-crore public issue was finalised on June 24. Successful applicants are scheduled to receive the shares in their demat accounts on June 25, ahead of the company’s listing on the stock exchanges.
The IPO of Turtlemint witnessed an overall subscription of 0.68 times in three days. The retail investors’ portion was subscribed 1.11 times, while the non-institutional investors (NIIs) segment saw 0.55 times bids. Meanwhile, the qualified institutional buyers (QIBs) category garnered 1.63 times bids.
Turtlemint Fintech Solutions IPO GMP today
Ahead of its market debut, Turtlemint Fintech IPO was commanding a discounted grey market premium (GMP) of ₹-3 per share. Considering the upper end of the issue price band at ₹152 and the prevailing GMP, the estimated listing price stands at ₹149 per share, indicating a discount of 1.97%.
The grey market premium reflects the amount investors are willing to pay over and above the IPO issue price in the unofficial market.
Turtlemint Fintech Solutions IPO Details
The Turtlemint IPO comprises a fresh issue of 4.35 crore equity shares worth ₹660.72 crore and an offer for sale (OFS) of 1.46 crore shares aggregating to ₹221.95 crore.
Under the OFS, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will pare part of their holdings. Existing investors, including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures and GGV Capital, will also sell a portion of their stakes through the public issue.
The company has fixed the price band for the IPO at ₹144-152 per equity share.
As per the allocation structure, qualified institutional buyers (QIBs) have been allotted 75% of the issue, while non-institutional investors (NIIs) will receive 15%. The remaining 10% has been reserved for retail investors.
Use of proceeds
Turtlemint plans to deploy the proceeds from the fresh issue towards expanding its technology capabilities, including investments in cloud infrastructure and server capacity. The company will also use the funds to support employee costs across its technology and product teams, while increasing spending on branding and marketing initiatives.
A part of the proceeds will be utilised for lease-related payments for office premises occupied by Turtlemint and its wholly owned subsidiary, TIB. The company also intends to infuse funds into TIB to meet working capital requirements and evaluate strategic acquisitions to support inorganic growth.
The IPO is being managed by ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors as the book-running lead managers. KFin Technologies has been appointed as the registrar to the issue.
About Turtlemint Fintech Solutions
Founded in 2015, Turtlemint Limited operates a technology-driven insurance distribution platform that connects customers, insurance advisors—known as Digital Partners—and insurance companies through a phygital business model combining digital and offline services.
The company was among the early adopters of the Point-of-Sale Person (PoSP) model and claims to have built the largest certified PoSP network among its peer group in India.
Its platform enables Digital Partners to compare, recommend and distribute insurance products offered by multiple insurers. It also provides end-to-end support, including customer acquisition, policy servicing, claims assistance, training and lead management.
Turtlemint offers access to life, health, motor and other insurance products through partnerships with 45 insurance companies.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
