Summary of this article
Turtlemint IPO closes with 1.2 times final subscription
QIBs lead demand while NII quota remains undersubscribed
Grey market premium hints at a tepid stock debut
The subscription window of Turtlemint Fintech Solutions' initial public offering (IPO) is closed today, on June 23. Turtlemint Fintech Solutions IPO was subscribed 1.2 times on the final day of subscription.
The grey market premium (GMP) for the insurtech company's shares hints at a tepid debut for the stock. Here is a look at some of the key details related to Turtlemint Fintech Solutions' public issue:
Turtlemint Fintech Solutions IPO GMP
The GMP for Turtlemint Fintech Solutions' shares continued to remain steady on the final day of bidding. The GMP for the tech-enabled insurance distribution platform's shares was Rs 0.5 to Rs 2 per share as per websites which monitor the demand for shares of unlisted companies. Turtlemint Fintech Solutions shares are expected to list with gains of 1.31 per cent at Rs 154 per share.
Turtlemint Fintech Solutions IPO Subscription On Day 3
On the third day of subscription, the Turtlemint Fintech Solutions IPO was subscribed 1.2 times. Cumulatively, the tech-enabled insurance distribution platform's issue received bids for 39.54 million shares compared to the 32.9 million shares offered for subscription.
Qualified institutional buyers (QIBs) subscribed to their quota in the public issue 1.59 times. QIBs drove the demand as they placed bids for 28.33 million shares against the 17.78 million shares set aside for the category.
Retail investors booked their quota in the public issue 1.07 times as they bid for 6.45 million shares compared to the 6.04 million shares reserved for them.
Turtlemint Fintech Solutions IPO has been booked 52 per cent by non-institutional investors (NII) so far. NIIs bid for 4.76 million shares against the 9.07 million shares set aside for non-institutional investors.
Turtlemint Fintech Solutions IPO Issue Size
Turtlemint Fintech Solutions seeks to raise Rs 882.67 crore from its public issue. The tech-enabled insurance distribution platform's issue comprises a fresh issue of 43.5 million shares and an offer for sale of 14.6 million shares.
Turtlemint Fintech Solutions IPO Price Band
Turtlemint Fintech Solutions IPO price band was set at Rs 144 and Rs 152 per share. The minimum lot size for retail individual investors was set at 98 shares, which amounts to an investment of Rs 14,896.
Turtlemint Fintech Solutions IPO: Subscription Dates and Listing Date
Turtlemint Fintech Solutions IPO subscription window opened on June 19 and closed on June 23. The basis of allotment for the Turtlemint Fintech Solutions IPO will be announced on June 24. Turtlemint Fintech Solutions will issue refunds for unsuccessful applicants on June 25. Turtlemint Fintech Solutions shares are scheduled to list on the bourses on June 29.
Turtlemint Fintech Solutions: Financials
Turtlemint Fintech Solutions posted a total income of Rs 748.91 crore in the period ended December 31, 2025. In the nine month period, the net loss and net worth for the period ended December 31, 2025, were Rs 187.39 crore and Rs 295.68 crore, respectively.
In FY25, the tech-enabled insurance distribution platform posted a total income of Rs 693.21 crore, increasing from Rs 119.12 crore in the preceding fiscal. The company's net loss for FY25 stood at Rs 194.11 crore, compared to Rs 193.35 crore in the preceding fiscal. The net worth of the company was Rs 410.46 crore in FY25 compared to Rs 563.80 crore in FY24.
Turtlemint Fintech Solutions IPO: Registrar
The registrar for Turtlemint Fintech Solutions IPO is Kfin Technologies Ltd., and the book-running lead manager for the issue is ICICI Securities Ltd.
Turtlemint Fintech Solutions: Promoters
The promoters of the company include Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. The promoters of the tech-enabled insurance distribution platform held a 17.05 per cent stake in the company; their shareholding will reduce to 13.10 per cent post the issue.
About Turtlemint Fintech Solutions
Turtlemint Fintech Solutions is a Maharashtra-based tech-enabled insurance distribution platform. The company’s platform connects customers, insurance advisors, and insurers through a phygital model and enables digital partners to compare, recommend, and distribute insurance products.
