Turtlemint Fintech IPO GMP Indicates Discounted Listing On June 29

Turtlemint Fintech IPO GMP: Turtlemint Fintech Solutions’ initial public offering (IPO) is headed for a weak stock market debut, as its grey market premium (GMP) has turned negative in the days leading up to its listing. The IPO, which is scheduled to list on the NSE and the BSE on June 29, is currently trading at a GMP of negative Rs 5, indicating a discounted listing.

At the latest GMP, the shares are expected to list at Rs 147 against the issue price of Rs 152, suggesting a loss of about 3.30 per cent for allottees.

The GMP trend has weakened steadily over the past week. The premium, which stood at Rs 6 on June 16, slipped to nil after the issue closed and later turned negative, reflecting cautious investor sentiment ahead of listing.

Turtlemint Fintech IPO Subscription Status

Turtlemint Fintech Solutions IPO was subscribed 1.24 times during the three-day bidding period between June 19 and June 23. The qualified institutional buyers (QIB) portion was subscribed 1.63 times, indicating healthy interest from institutional investors. The retail category was subscribed 1.11 times, while the non-institutional investor (NII) portion received only 0.55 times subscription.

Within the HNI segment, the big HNI category was subscribed 0.54 times and the small HNI category was subscribed 0.56 times. The issue received bids for 39.50 million shares against the 31.90 million shares on offer.

Turtlemint Fintech IPO Details

The Turtlemint Fintech Solutions IPO was a book-built issue worth Rs 882.67 crore. The issue consisted of a fresh issue of 43.50 million shares worth Rs 660.72 crore and an offer for sale (OFS) of 146 million shares aggregating to Rs 221.95 crore.

The company fixed the issue price at Rs 152 per share, within the price band of Rs 144-152.

The minimum application size for retail investors was one lot comprising 98 shares, requiring an investment of Rs 14,896. The IPO allotment was finalised on June 24, while refunds and credit of shares were completed on June 25.

ICICI Securities was the book-running lead manager to the issue and KFin Technologies acted as the registrar.

Before the issue opened, the company raised Rs 397.20 crore from anchor investors on June 18. The anchor portion accounted for 45 per cent of the total issue size.

About Turtlemint Fintech Solutions

Founded in 2015, Turtlemint Fintech Solutions operates a technology-driven insurance distribution platform that connects customers, insurance advisors and insurance companies through a physical and digital distribution model.

The company was among the early adopters of the Point-of-Sale Person (PoSP) model and has built one of the largest PoSP networks in the country.

Turtlemint works with 45 insurance companies and distributes life, health, motor and other insurance products. Between April 2022 and December 2025, it facilitated the sale of more than 21.80 million insurance policies and generated platform premiums exceeding Rs 10,066 crore.

Its network includes over 632,000 digital partners, including more than 507,000 certified PoSPs. More than 80 per cent of these partners are located in B30 and smaller markets. As on December 31, 2025, the company had 2,348 permanent employees.

Turtlemint IPO Objectives

The company plans to use the fresh issue proceeds for several business initiatives. Around Rs 193 crore will be used for salaries of technology and product development teams, while Rs 128.64 crore will be invested in its wholly-owned subsidiary TIB to meet working capital requirements.

The company will also spend Rs 25.64 crore on cloud and server infrastructure, and Rs 39.07 crore on marketing initiatives.

In addition, funds will be used for lease payments, strategic acquisitions, inorganic growth opportunities and general corporate purposes.

Turtlemint Financial Performance

Turtlemint continues to report losses, although its revenue has improved significantly over the past three years.

Total income stood at Rs 460.11 crore in FY23, fell to Rs 119.12 crore in FY24, and rose sharply to Rs 693.21 crore in FY25. During the nine months ended December 2025, the company reported income of Rs 748.91 crore.

The company reported a loss of Rs 288.18 crore in FY23, Rs 193.35 crore in FY24, and Rs 194.11 crore in FY25. The loss for the nine months ended December 2025 stood at Rs 187.39 crore.

The company’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) came in at Rs 82.43 crore in FY25 and Rs 81.58 crore during the nine months ended December 2025.

As on December 31, 2025, the company reported total assets of Rs 467.14 crore, net worth of Rs 295.68 crore and reserves and surplus of Rs 288.77 crore. The company had no outstanding borrowings during the period.