Summary of this article
Turtlemint Fintech shares listed at over 10 per cent discount on both exchanges
Retail investors lost up to Rs 1,676 per lot on listing day
Despite revenue growth, the company remains loss-making and reported losses in FY25
Turtlemint Fintech Share Price: Insurance distribution platform Turtlemint Fintech Solutions' shares made a weak debut on the stock exchange on July 29, in line with grey market expectations.
The stock listed at Rs 136.20 per share on the BSE, which was Rs 15.80, or 10.39 per cent, below its issue price of Rs 152.
On the NSE, the shares opened at Rs 134.90 apiece, marking a steeper discount of Rs 17.10, or 11.25 per cent, compared to the issue price.
Ahead of its listing, Turtlemint Fintech Solutions' grey market premium (GMP) stood at a discount of Rs 5, indicating a likely listing price of around Rs 147 per share.
How Much Did IPO Investors Lose On Listing Day?
Retail investors who received one lot of 98 shares in the IPO at the issue price of Rs 152 per share would have invested Rs 14,896. If they chose to sell the shares immediately at the listing price of Rs 136.20 on the BSE, they would have incurred a loss of Rs 1,548.40, or 10.39 per cent. Those who sold at the NSE listing price of Rs 134.90 per share would have lost Rs 1,675.80, translating into a loss of 11.25 per cent on their investment.
Turtlemint Fintech IPO Subscription Details
Turtlemint Fintech Solutions' IPO was subscribed 1.24 times during the three-day bidding window between June 19 and June 23.
The qualified institutional buyers (QIB) portion received the strongest response, with subscriptions reaching 1.63 times the shares on offer, indicating healthy participation from institutional investors. The retail investor segment was subscribed 1.11 times, while the non-institutional investor (NII) category remained undersubscribed at 0.55 times.
Within the HNI segment, the big HNI portion was subscribed 0.54 times and the small HNI category saw subscription of 0.56 times.
Overall, the issue attracted bids for 39.50 million shares against the 31.90 million shares available for subscription.
Turtlemint Fintech IPO Details
The Turtlemint Fintech Solutions IPO was a book-built issue worth Rs 882.67 crore. It comprised a fresh issue of 43.50 million shares aggregating to Rs 660.72 crore and an offer for sale (OFS) of 14.60 million shares worth Rs 221.95 crore.
The company fixed the issue price at Rs 152 per share, at the upper end of the price band of Rs 144-152. For retail investors, the minimum application size was one lot consisting of 98 shares, requiring an investment of Rs 14,896.
The basis of allotment was finalised on June 24, while refunds and credit of shares to demat accounts were completed on June 25.
ICICI Securities acted as the book-running lead manager to the issue, while KFin Technologies served as the registrar.
Ahead of the IPO opening, the company raised Rs 397.20 crore from anchor investors on June 18. The anchor book accounted for around 45 per cent of the total issue size.
Turtlemint IPO Objectives
The company intends to use the proceeds from the fresh issue to support various business initiatives.
About Rs 193 crore has been earmarked for employee expenses related to technology and product development teams. Another Rs 128.64 crore will be infused into its wholly-owned subsidiary, TIB, to meet working capital requirements.
The company also plans to allocate Rs 25.64 crore towards cloud and server infrastructure and Rs 39.07 crore for marketing activities.
The remaining proceeds will be used for lease payments, strategic acquisitions, inorganic growth opportunities and general corporate purposes.
Turtlemint Financial Performance
Turtlemint continues to remain loss-making, although its revenue has shown significant improvement over the past few years.
The company's total income stood at Rs 460.11 crore in FY23, declined to Rs 119.12 crore in FY24, and then surged to Rs 693.21 crore in FY25. During the nine months ended December 2025, total income reached Rs 748.91 crore.
Net losses stood at Rs 288.18 crore in FY23, Rs 193.35 crore in FY24 and Rs 194.11 crore in FY25. For the nine months ended December 2025, the company reported a loss of Rs 187.39 crore.
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 of December 31, 2025, the company reported total assets of Rs 467.14 crore, a 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.
