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What is the story about?
Nexus Venture Partners-backed insurtech startup Turtlemint has announced the price band for its Initial Public Offering (IPO), which will open for subscription on June 19.
The company has fixed the price band at ₹144-₹152 per equity share. Investors can bid for a minimum of 98 shares and in multiples thereof.
At the upper end of the price band, Turtlemint aims to raise ₹882.67 crore through the public issue. The IPO comprises a fresh issue of shares worth ₹660.72 crore and an Offer for Sale (OFS) of 1.46 crore equity shares.
The OFS includes stake sales by promoters Anand Prabhudesai and Dhirendra Mahyavanshi, as well as existing investors Peak XV Partners, Nexus Venture Partners, Jungle Ventures, Blume Ventures and individual investor Kunal Shah.
At the upper end of the price band, Turtlemint will command a post-listing market capitalisation of ₹4,476.08 crore.
The IPO will open on June 19 and close on June 23, while the anchor investor portion is scheduled to open on June 18.
Of the total issue size, 75% has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and the remaining 10% for retail investors.
Turtlemint operates a technology-led insurance distribution platform that connects customers, insurers and digital partners. As of September 30, 2025, the platform had over 6 lakh digital partners, including 4.85 lakh Point of Sales Persons (PoSPs), and facilitated the distribution of 19.68 million insurance policies between April 2022 and September 2025.
For FY25, the company reported revenue of ₹662.7 crore, compared to ₹78.6 crore in FY24. Its net loss widened marginally to ₹194.1 crore from ₹193.3 crore a year earlier.
The company has fixed the price band at ₹144-₹152 per equity share. Investors can bid for a minimum of 98 shares and in multiples thereof.
At the upper end of the price band, Turtlemint aims to raise ₹882.67 crore through the public issue. The IPO comprises a fresh issue of shares worth ₹660.72 crore and an Offer for Sale (OFS) of 1.46 crore equity shares.
The OFS includes stake sales by promoters Anand Prabhudesai and Dhirendra Mahyavanshi, as well as existing investors Peak XV Partners, Nexus Venture Partners, Jungle Ventures, Blume Ventures and individual investor Kunal Shah.
At the upper end of the price band, Turtlemint will command a post-listing market capitalisation of ₹4,476.08 crore.
The IPO will open on June 19 and close on June 23, while the anchor investor portion is scheduled to open on June 18.
Of the total issue size, 75% has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and the remaining 10% for retail investors.
Turtlemint operates a technology-led insurance distribution platform that connects customers, insurers and digital partners. As of September 30, 2025, the platform had over 6 lakh digital partners, including 4.85 lakh Point of Sales Persons (PoSPs), and facilitated the distribution of 19.68 million insurance policies between April 2022 and September 2025.
For FY25, the company reported revenue of ₹662.7 crore, compared to ₹78.6 crore in FY24. Its net loss widened marginally to ₹194.1 crore from ₹193.3 crore a year earlier.
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