Turtlemint IPO: Issue Subscribed 32% On Day 1 So Far

As of 14:09 IST, investors placed bids for 1.04 Cr shares against a total offer size of 3.29 Cr shares on offer, translating to a 32% subscription

QIBs subscribed their quota by 51%, placing bids for 90.32 Lakh shares against 1.78 Cr shares earmarked for them

Following the bidding, Turtlemint will tentatively make its public markets debut on both the BSE and the NSE on June 29

Insurtech company Turtlemint’s IPO got off to a steady start on the first day of bidding. As of 14:09 IST, investors placed bids for 1.04 Cr shares against a total offer size of 3.29 Cr shares on offer, translating to a 32% subscription.

Qualified institutional buyers (QIBs) have been the most bullish on the company’s public float till now. These investors have already subscribed their quota by 51%, placing bids for 90.32 Lakh shares against 1.78 Cr shares earmarked for them.

Retail individual investors (RIIs) have subscribed their quota by 21%. These investors have bid for 12.80 Lakh shares against 60.49 Lakh shares reserved for them as of now.

Non institutional investors (NIIs) have subscribed their quota the least till now. These investors have placed bids for 73,892 shares against 90.72 Lakh shares on offer, translating to a 1% subscription of their quota.

Following the bidding, Turtlemint will tentatively make its public markets debut on both the BSE and the NSE on June 29.

The IPO comprises a fresh issue of shares worth ₹660.7 Cr and an offer-for-sale (OFS) of up to 1.46 Cr shares by promoters and existing shareholders. 

At the upper end of its price band of ₹144-152, the issue values the company at ₹4,513 Cr (about $475 Mn). 

Turtlemint plans to deploy the fresh capital towards technology infrastructure, product development, marketing, working capital requirements and inorganic growth opportunities.

Ahead of opening its IPO, the insurtech startup raised ₹397.2 Cr from anchor investors, and it allotted 2.61 Cr equity shares to anchor investors, which consists of seven domestic mutual funds via a total of 12 schemes. The domestic mutual funds that anchored the round included ICICI Prudential, Bank of India, Bandhan Bank, among others. 

Other investors who participated in the round included Societe Generale, 360 One, Amansa Holdings, BNP Paribas, Citi Group, among others.

(The story will be updated shortly)

Source: Inc42 - Startups