Peak XV Partners and Nexus Venture Partners are set to clock gross returns of about 7-9 times on shares they sell in insurtech company Turtlemint’s upcoming initial public offering. The two venture capital firms will continue to hold stock worth more than Rs 1,500 crore, taking the upper end of the price band, in the Mumbai-based startup.
Turtlemint has set a price band of Rs 144-152 per share for its Rs 883 crore IPO, which opens on June 19. The IPO comprises a fresh issue of Rs 660.72 crore and an offer for sale of Rs 221.94 crore at the upper band.
