Shares of Turtlemint Fintech Solutions made a weak debut on the Indian stock market on Monday listing at a notable discount to their issue price. The stock opened at Rs 134.90 on the NSE which is an 11.25% drop from the IPO price of Rs 152. On the BSE, it began trading at Rs 136 per share which marks a 10.39% discount.
This subdued listing meant IPO investors incurred losses of over 11% at the time of debut.
Turtlemint Fintech Solutions IPO Debut
Photo Credit: (Photo: NDTV Profit)
The price band was 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.
ALSO READ: Turtlemint Fintech Solutions IPO Day 3: Check GMP, Subscription Status, Key Details, And More
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.
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.
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 IPO Subscribed 1.2 Times On Final Day Of Bidding
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
