Insurtech firm Turtlemint Fintech Solutions is set to launch its Rs 883 crore initial public offering on June 19. The mainboard issue comprises a fresh issue of shares as well as an offer-for-sale by existing shareholders.
Here is everything investors need to know about the public issue:
Turtlemint IPO price band
The company has fixed the price band at Rs 144-152 per share. At the upper end of the price band, Turtlemint is valued at more than Rs 4,500 crore.
Turtlemint IPO important dates
The IPO will open for subscription on June 19 and close on June 23. The anchor investor portion will open on June 18, a day ahead of the public issue, according to the company's public announcement made on Tuesday. The shares are scheduled to list on the NSE and BSE on June 29.
Turtlemint IPO GMP today
In the grey market, the premium has climbed to 10.53%, indicating expectations of a decent listing gain. Based on the current premium, the expected listing price is around Rs 168 per share, compared with the issue price of Rs 152.
Investors should note that the grey market premium is an unofficial and unregulated indicator. It does not necessarily reflect or guarantee the stock's actual listing performance.
Turtlemint IPO details
The IPO consists of a fresh issue of equity shares worth up to Rs 660.72 crore and an offer-for-sale of 1.46 crore equity shares, aggregating to about Rs 221.95 crore by existing shareholders.
As part of the OFS, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, along with existing investors including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures and GGV Capital, will partially sell their holdings.
The issue allocation has been fixed at 75% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 10% for retail investors.
Turtlemint Financials
For FY25, the company reported revenue of Rs 662.7 crore, compared to Rs 78.6 crore in FY24. Its net loss widened marginally to Rs 194.1 crore from Rs 193.3 crore a year earlier
Use of IPO proceeds
Turtlemint plans to use the proceeds from the fresh issue to strengthen its cloud and server infrastructure, fund salary expenses for its technology and product development teams, and support marketing initiatives.
Part of the proceeds will also be used for lease payments related to existing properties of the company and its wholly-owned subsidiary, TIB.
In addition, the company plans to invest in TIB to support its working capital requirements. Funds will also be deployed towards inorganic growth through unidentified acquisitions.
About Turtlemint
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint focuses on simplifying the purchase and management of insurance policies. The company has sold around 1.6 crore policies through a network of more than five lakh advisors. It claims to have processed over 90 crore claims for more than 1.2 crore customers. Its technology platform enables financial advisors to instantly match customers with suitable insurance products, helping improve efficiency and support business growth.
Book-running lead managers
ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, while KFin Technologies Ltd is the registrar.
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