Turtlemint IPO closes with 1.2x subscription; GMP drops to zero

The initial public offering (IPO) of insurtech unicorn Turtlemint Fintech Solutions sailed through on the final day of bidding, with the issue being subscribed 1.20 times, aided by qualified institutional buyers (QIBs).

The ₹882.66-crore public issue received bids for 3.95 crore equity shares against the 3.29 crore shares on offer, according to exchange data available at the close of bidding.

Institutional investors led the demand, with the QIB portion subscribed 1.59 times. The category received bids for 2.83 crore shares against 1.78 crore shares reserved for it. Foreign institutional investors accounted for the bulk of the demand, bidding for 1.63 crore shares, while mutual funds sought 39.47 lakh shares and domestic financial institutions bid for 53.95 lakh shares.

The retail investor portion was subscribed 1.07 times, receiving bids for 64.54 lakh shares against 60.48 lakh shares reserved for the category.

However, demand from non-institutional investors (NIIs) remained subdued. The segment was subscribed only 0.52 times, with bids for 47.61 lakh shares against 90.73 lakh shares on offer. Within the category, the portion reserved for applications above ₹10 lakh was subscribed 0.52 times, while the ₹2 lakh-₹10 lakh segment saw subscription of 0.54 times.

Turtlemint IPO GMP drops to zero

The grey market premium (GMP) for the Turtlemint Fintech Solutions IPO slipped to zero on the final day of bidding from ₹3 when the issue opened on June 19. At the current GMP, the estimated listing price is ₹152 per share, implying a flat debut on the domestic bourses.

Turtlemint's IPO, which opened for subscription on June 19, was priced in the range of ₹144-152 per share and comprised a combination of a fresh issue and an offer for sale (OFS).

The issue comprises a fresh issue worth ₹660.72 crore and an OFS of 1.46 crore equity shares aggregating ₹221.94 crore.

The allotment of shares is expected to be finalised on June 24, while the company's shares are scheduled to list on the BSE and NSE on June 29.

Under the OFS, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, along with existing shareholders including Kunal Shah, Blume Ventures, Nexus Venture Partners, Peak XV Partners, Jungle Ventures, and GGV Capital, are partially offloading their stakes.

Founded in 2015, Turtlemint operates a technology-driven insurance distribution platform that connects insurance advisors, customers, and insurance companies. The company enables users to compare and purchase health, life, and motor insurance products and has expanded into adjacent financial services such as mutual funds and personal loans.

The company plans to use the proceeds from the fresh issue to strengthen its technology infrastructure, invest in cloud and server capabilities, fund product development and technology teams, support marketing initiatives, meet lease obligations, and provide funding support to its wholly owned subsidiary, TIB. Part of the proceeds will also be used for potential acquisitions and general corporate purposes.

On the financial front, Turtlemint continues to report strong revenue growth but remains loss-making. For the six months ended September 2025, the company reported total income of ₹469.37 crore. Net loss stood at ₹125.15 crore during the period, following losses of ₹194.11 crore in FY25 and ₹193.35 crore in FY24.