Turtlemint Fintech Solutions IPO Day 2: Should You Apply? Check GMP, Price, Lot Size, Other Details

Turtlemint Fintech Solutions IPO GMP: The initial public offering of Turtlemint Fintech Solutions Ltd, which was opened for public subscription on June 19, is witnessing its second day of bidding today, Monday, June 22. Nearly half of the IPO has been subscribed. Till 10:30 am today, the Rs 882.67-crore mainboard IPO received a 0.49x (or 49 per cent) subscription, garnering bids for 1,56,52,952 shares as against the 3,19,38,719 shares on offer.

Its retail category has received a 0.43x subscription so far, while the qualified institutional buyer (QIB) quota has received a muted 0.75x subscription. The non-institutional investor (NII) category received a 0.02x subscription.

The IPO will remain open for subscription till around 5:00 pm tomorrow,

June 23. Its listing is scheduled to take place on both NSE and BSE on June 29.

Turtlemint Fintech Solutions IPO Price

The company has set the IPO price band at Rs 144 to Rs 152 per share.

Turtlemint Fintech Solutions IPO Lot Size

Investors can bid for a minimum of 98 shares, requiring Rs 14,896 at the upper price band. The minimum investment is Rs 2.09 lakh for small NIIs (14 lots) and Rs 10.13 lakh for big NIIs (68 lots).

NIIs (non-institutional investors) include high-net-worth individuals (HNIs), trusts, corporates, and other investors applying for more than Rs 2 lakh worth of shares in an IPO.

Turtlemint Fintech Solutions IPO GMP

According to market observers, unlisted shares of Turtlemint Fintech Solutions Ltd were trading at Rs 153.5 apiece in the grey market, which is only 0.99 per cent premium over the upper IPO price of Rs 152. It indicates flat listing for investors on Monday, June 29.

The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Turtlemint Fintech Solutions IPO: Should You Subscribe?

Brokerage firm Bajaj Broking has assigned a positive long-term view on the issue and recommends the IPO primarily for investors with a medium- to long-term investment horizon.

At the upper price band of Rs 152 per share, Turtlemint is valued at around Rs 44.76 billion. While the valuation is not considered inexpensive, the company benefits from several structural strengths, including India’s largest certified PoSP network, partnerships with 45 insurance companies, a technology-driven distribution platform, and a strong presence in underpenetrated B30+ markets.

The brokerage believes Turtlemint is well placed to benefit from the growing adoption of insurance products and rising insurance penetration across India. However, the company is yet to achieve sustained profitability, making future earnings execution a key monitorable.

Given its scale, extensive distribution network and growth potential in the insurance ecosystem, Bajaj Broking suggests that investors with a 3-5 year investment horizon may consider subscribing to the issue. Near-term listing gains may be limited, with long-term returns likely to depend on the company’s ability to translate growth and market reach into consistent profitability.

“Overall, the IPO is best suited for investors with a 3-5 year horizon, where returns will depend on the company’s ability to convert its scale into sustainable profitability rather than on near-term listing gains,” the brokerage added.

Based on these factors, Bajaj Broking’s view suggests that long-term investors seeking exposure to India’s growing insurance distribution and insurtech opportunity may consider the issue, while expectations for immediate listing gains should remain measured.

Turtlemint Fintech Solutions IPO: More Details

The IPO comprises a fresh issue of equity shares aggregating up to Rs 660.72 crore and an offer for sale (OFS) component of 1.46 crore equity shares worth about Rs 221.95 crore by existing shareholders.

As part of the OFS, promoters — Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi — along with several existing investors, including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures, and GGV Capital, will offload their partial stakes.

Ahead of the IPO, Turtlemint Fintech Solutions Ltd on Thursday raised Rs 397.20 crore from anchor investors.

The company plans to utilise the IPO proceeds for strengthening its cloud and server-related infrastructure, meeting salary expenses for its technology and product development teams, and undertaking marketing initiatives.

A portion of the proceeds will also be used towards lease payments for existing properties of the company and its wholly owned subsidiary, TIB. In addition, the company intends to invest in TIB to support its working capital requirements and funds will be used inorganic growth through unidentified acquisitions.

Turtlemint had confidentially filed its draft prospectus in September and received Sebi’s approval in December to move ahead with the public issue.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the company focuses on simplifying the purchase and management of insurance policies and has sold around 1.6 crore policies through a network of more than five lakh advisors.

Its technology helps financial advisors instantly match customers with insurance products best suited to their needs, thereby improving efficiency and supporting business growth.

The company’s primary offerings in the insurance sector include retail products across health, life, and motor insurance. In addition to the distribution of insurance policies, it facilitates other financial products on the platform, including mutual funds, loans (personal and business) and credit cards.

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.