Insurtech firm Turtlemint Fintech Solutions will open its Rs 883-crore initial public offering (IPO) on June 19, combining fresh capital raising with an exit route for existing shareholders. The IPO will conclude on June 23. The price band has been fixed at Rs 144-152 per share for the public issue, valuing the company at over Rs 4,500 crore at the higher end.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 660.72 crore and an offer for sale (OFS) component of 1.46 crore equity shares worth about Rs 221.95 crore by existing shareholders.
As part of the OFS, promoters -- Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi -- along with several existing investors, including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures, and GGV Capital, will offload their partial stakes.
ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, while KFin Technologies Ltd is the registrar.
Turtlemint Fintech Solutions IPO Day Two Subscription Status
The Turtlemint Fintech Solutions IPO has been booked 48% as of 11:16 am.
Qualified Institutional Buyers: 0.73 times
Non Institutional Investors: 0.02 times
Retail Individual Investors: 0.45 times
Employee Reserved: 0
Turtlemint Fintech Solutions IPO Day One Subscription Status
The initial public offering of Turtlemint Fintech Solutions Ltd received 45% subscription on the first day of bidding on Friday. The IPO received bids for 1.48 crore shares against 3.29 crore shares on offer, as per data available with the NSE. The category for Qualified Institutional Buyers (QIBs) fetched 73% subscription, while the quota meant for retail investors got subscribed 29%. The portion for non-institutional investors received 1% subscription.
Turtlemint Fintech Solutions IPO GMP
The grey market premium (GMP) for Turtlemint Fintech Solutions IPO is Rs 1.25 as of June 22, 2026, 11:09 am. With a price band of Rs 154, the estimated listing price is Rs 153.25. The expected gain per share is 0.82% per share.
Note: GMP does not represent official data and is based on speculation.
Turtlemint Fintech Solutions Financials
The company plans to utilise the proceeds for strengthening its cloud and server-related infrastructure, meeting salary expenses for its technology and product development teams, and undertaking marketing initiatives.
A portion of the proceeds will also be used towards lease payments for existing properties of the company and its wholly owned subsidiary, TIB. In addition, the company intends to invest in TIB to support its working capital requirements and funds will be used inorganic growth through unidentified acquisitions.
About The Company
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the company focuses on simplifying the purchase and management of insurance policies and has sold around 1.6 crore policies through a network of more than five lakh advisors.
Its technology helps financial advisors instantly match customers with insurance products best suited to their needs, thereby improving efficiency and supporting business growth.
The company's primary offerings in the insurance sector include retail products across health, life, and motor insurance. In addition to the distribution of insurance policies, it facilitates other financial products on the platform, including mutual funds, loans (personal and business) and credit cards.
ALSO READ: Turtlemint Fintech Raises Rs 397 Crore From Anchor Investors Ahead Of IPO
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