- Turtlemint Fintech IPO subscribed 1.20 times on the last day of bidding with Rs 883 crore issue size
- Qualified Institutional Buyers quota saw 1.59 times subscription while retail investors subscribed 1.07 times
- IPO price band set at Rs 144-152 per share, valuing the firm over Rs 4,500 crore at the higher end
The initial public offer of Turtlemint Fintech Solutions Ltd sailed through on the last day of bidding on Tuesday, getting subscribed 1.20 times.
The Rs 883-crore IPO received bids for 3,95,47,704 shares against 3,29,01,878 shares on offer, according to details available with the NSE.
Qualified Institutional Buyers' (QIBs) quota received 1.59 times subscription, while the category for retail investors got subscribed 1.07 times. Non Institutional Investors portion got subscribed 52 per cent.
ALSO READ | Turtlemint Fintech IPO Subscribed 1.20 Times On Last Day
Turtlemint Fintech Solutions Ltd on Thursday raised Rs 397.20 crore from anchor investors.
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.
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.
Turtlemint had confidentially filed its draft prospectus in September and received Sebi's approval in December to move ahead with the public issue.
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.
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.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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