Turtlemint's IPO includes a fresh issue worth ₹660.7 Cr and an OFS of up to 1.46 Cr shares by existing shareholders
Priced at ₹144-152 per share, the issue values the company at ₹4,513 Cr (about $475 Mn) at the upper end
Proceeds from the fresh issue will be used for technology upgrades, product development, marketing, working capital and potential acquisitions
The IPO of insurtech company Turtlemint
continued to witness a lukewarm response on the final day of bidding, with the issue subscribed 57% as of 12:22 IST.
According to NSE data, investors bid for 1.87 Cr shares against 3.29 Cr shares on offer.
Retail investors emerged as the most active participants, with the portion reserved for them subscribed 79%. The category attracted bids for 47.73 Lakh shares against 60.49 Lakh shares reserved.
Demand from qualified institutional buyers was relatively stronger, with the segment subscribed 73%. These investors placed bids for 1.3 Cr shares against 1.78 Cr shares earmarked for them.
In contrast, participation from non-institutional investors remained subdued. The NII portion was subscribed just 10%, garnering bids for 9.48 Lakh shares against 90.73 Lakh shares set aside for the category.
Turtlemint’s 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.
The issue is priced in the range of ₹144 to ₹152 per share and values the company at ₹4,513 Cr (about $475 Mn) at the upper end of the price band.
The company plans to deploy the proceeds from the fresh issue to bolster its technology infrastructure, expand product development and marketing efforts, meet working capital needs, and explore potential acquisitions.
Ahead of the IPO launch, the insurtech company raised ₹397.2 Cr from anchor investors by allotting 2.61 Cr equity shares. The anchor round saw participation from seven domestic mutual funds through 12 schemes, including those managed by ICICI Prudential, Bank of India and Bandhan Mutual Fund.
The anchor book also attracted global institutional investors such as Societe Generale, 360 One, Amansa Holdings, BNP Paribas and Citi Group, among others.
Turtlemint is slated to make its stock market debut on the BSE and NSE on June 29, while the allotment is expected to be finalised on June 24.
On the financial front, Turtlemint’s net loss widened 19% YoY to ₹184.7 Cr in the first nine months of FY26 from ₹154.7 Cr a year earlier. Its operating revenue surged 80% to ₹741.1 Cr during the period from ₹411.1 Cr in 9M FY25.
Source: Inc42 - Startups
