Turtlemint IPO subscribed 47%, with QIB portion leading demand.
₹883-crore IPO includes fresh issue and offer-for-sale.
GMP of ₹1.5 signals muted Turtlemint IPO listing expectations.
The initial public offering (IPO) of insurtech platform Turtlemint was subscribed 47% by the second day of bidding, led by strong participation from qualified institutional buyers (QIBs).
According to BSE data available at 10:24 am on June 22, investors had bid for 1.56 crore shares against the 3.29 crore shares on offer. The QIB portion was subscribed 73%, while the retail investor category saw 40% subscription. The non-institutional investor (NII) segment was subscribed 2%.
1 June 2026
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The IPO, which opened on June 19 and closes on June 23, has been priced in the range of ₹144-152 per share. At the upper end of the price band, the issue values the company at more than ₹4,500 crore.
Ahead of the public issue, Turtlemint raised ₹397.2 crore from 32 anchor investors. The company allotted 2.61 crore shares at ₹152 apiece on June 18, according to a BSE circular. Anchor investors included ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, Amansa Holdings, BNP Paribas, Edelweiss Mutual Fund, Bajaj Life Insurance, Societe Generale, ICICI Prudential Life Insurance and Axis Max Life Insurance.
Fresh Issue, OFS Structure
The IPO comprises a fresh issue of shares worth up to ₹660.72 crore and an offer-for-sale (OFS) of 1.46 crore shares valued at approximately ₹221.95 crore.
Promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi are partially diluting their holdings through the OFS. Existing investors, including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures and GGV Capital, are also selling shares as part of the offering.
The issue structure reserves 75% of the net offer for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors.
The company had confidentially filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) in September last year and received regulatory approval in December. Shares of the company are scheduled to list on the stock exchanges on June 29.
ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors are acting as the book-running lead managers to the issue, while KFin Technologies is the registrar.
Brokerage Views and Risks
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a technology-led insurance distribution platform with a network of more than 5 lakh advisors across India.
The company has sold nearly 1.6 crore insurance policies and facilitated claims worth more than ₹90 crore for over 1.2 crore customers. Analysts often compare the company with PB Fintech, the parent of Policybazaar, which raised ₹5,710 crore through its IPO in 2021.
Brokerage views on the issue remain mixed. SMIFS has recommended subscribing to the IPO, citing the company's extensive distribution network, partnerships with 45 insurers and growing presence beyond India's top 30 cities. The brokerage also highlighted Turtlemint's mutual fund assets under management of ₹12.8 billion.
Swastika Investmart, however, has maintained a cautious stance. The brokerage pointed to the company's negative return on net worth of 47.29% and an 81% year-on-year decline in revenue in FY24. It also flagged concerns around high payouts to digital partners, which account for 70-77% of total expenses.
Beacon Capital Advisors has assigned a neutral rating, raising concerns over the utilisation of fresh issue proceeds for operational expenses such as employee costs, cloud infrastructure, marketing, lease obligations and working capital support for subsidiary TIB.
Meanwhile, the grey market premium (GMP) stood at ₹1.5, indicating an estimated listing price of ₹153.5, or a premium of around 1% over the upper end of the price band.
