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 issue comprises a fresh issue of shares worth Rs 660.72 crore and an offer-for-sale (OFS) of 1.46 crore shares aggregating to Rs 221.95 crore.
The company has fixed a price band of Rs 144-152 per share, valuing it at over Rs 4,500 crore at the upper end. The public issue will close on June 23, while the anchor investor portion opens on June 18.
Promoters Anand Prabhudesai and Dhirendra Mahyavanshi will partially dilute their holdings through the OFS. Other selling shareholders include Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures, and GGV Capital.
Turtlemint Fintech Solutions GMP Today
The grey market premium (GMP) for Turtlemint Fintech Solutions IPO is Rs 2 as of June 18, 2026, 10:33 am. With a price band of Rs 154, the expected percentage gain per share is 1.32% per share for investors.
Note: GMP does not represent official data and is based on speculation.
Turtlemint Fintech Solutions Financials
Fresh issue proceeds will be deployed towards strengthening cloud and server infrastructure, funding employee costs for technology and product teams, and boosting marketing initiatives. The company will also use funds for lease payments and invest in its subsidiary TIB to support working capital. A portion is earmarked for inorganic growth through acquisitions.
About Turtlemint Fintech Solutions
Founded in 2015, Turtlemint focuses on simplifying insurance purchase and management. It has sold about 1.6 crore policies through a network exceeding five lakh advisors. The company says it has processed more than 90 crore claims for over 1.2 crore customers. Turtlemint operates a unified technology platform connecting insurers, advisors, and consumers. It has partnered with over 40 insurers, covering nearly 65% of India's life and general insurance market.
Its core offerings span health, life, and motor insurance. The platform also distributes financial products such as mutual funds, personal and business loans, and credit cards.
The IPO reserves 75% for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors. Shares are slated to list on June 29.
Turtlemint had filed its draft papers confidentially in September and received SEBI approval in December. ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal are managing the issue, with KFin Technologies as registrar.
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