Turtlemint IPO to Open on June 19: Here's All You Need To Know

Turtlemint Fintech Solutions Ltd will open its initial public offering (IPO) for subscription on June 19, with the issue set to close on June 23. The company aims to raise ₹882.67 crore through a combination of a fresh issue of ₹660.72 crore and an offer for sale (OFS) worth ₹221.95 crore, according to the company's Red Herring Prospectus (RHP).

The IPO has been priced in the range of ₹144-₹152 per share, with a lot size of 98 shares. At the upper end of the price band, retail investors will need to invest a minimum of ₹14,896.

The shares are proposed to be listed on the BSE and NSE on June 29, while the basis of allotment is expected to be finalised on June 24.

The latest grey market premium (GMP) reportedly stood between ₹0 and ₹2 per share ahead of the issue opening, indicating muted expectations for listing gains.

Business Model and Market Position

According to the RHP, Turtlemint operates a technology-enabled insurance distribution platform connecting customers, insurance advisors and insurers. The company was among the first firms to adopt the Point-of-Sale Person (PoSP) model in 2015 and had one of the largest certified PoSP networks in India as of December 2025.

The platform has partnerships with 45 insurers and facilitated the distribution of 21.87 million insurance policies between April 2022 and December 2025.

A significant share of its business comes from beyond India's top 30 cities. "For us, Tier 3 and Tier 4 markets contribute about 75% of the business," Dhirendra Nalin Mahyavanshi, MD & CEO, told Outlook Business, adding that the firm looks to strengthen its position in the industry.

He added that around 80% of the company's advisors are based in B30 markets and nearly 75% of platform premiums originate from these regions.

Financial Performance and Growth Plans

Turtlemint reported consolidated total income of ₹693.21 crore in FY25, compared with ₹119.12 crore in FY24. However, the company remained loss-making, posting a net loss of ₹194.11 crore in FY25 against a loss of ₹193.35 crore a year earlier. EBITDA stood at ₹82.43 crore.

Despite the losses, Mahyavanshi told Outlook Business that profitability is approaching. "As mentioned in our DRHP, our profitability trend has improved significantly and remains on a strong trajectory. The trend line has shown substantial improvement and, based on that trajectory, we believe we should achieve profitability very soon," he said.

Discussing the use of IPO proceeds, he said, "Broadly, there are two major areas where IPO proceeds will be used.

The IPO proceeds will help in expanding the company's distribution footprint, he added, as the firm "intends to deepen our penetration and advisor recruitment efforts."

Turtlemint also looks to investing in technology, including AI infrastructure, AI use cases, enablement capabilities and deeper insurer integrations. The RHP stated that funds will also be deployed towards cloud infrastructure, technology teams, marketing initiatives, lease payments, working capital support for subsidiary TIB, acquisitions and general corporate purposes.

Risks and Analyst View

Turtlemint reportedly derives most of its revenue from commissions and fees earned from insurers and financial service providers, making it vulnerable to regulatory changes and revisions in commission structures.

The company also cautioned that recent growth has been influenced by the acquisition of its subsidiary Turtlemint Insurance Broking Services Private Limited (TIB), which may affect comparability with past financial performance.

Brokerage SMIFS Ltd has recommended subscribing to the IPO for the long term, citing Turtlemint's large PoSP network, strong presence in underserved markets, growing insurance penetration, AI-led scalability and opportunities to expand across financial products.