IPO details · Updated
Turtlemint Fintech Solutions Limited
- Price Band
- ₹144 – ₹152
- Lot Size
- 98 shares
- Min. Investment
- ₹14,896
- Issue Size
- ₹882.67 Cr
- Offer Dates
- 19 Jun – 23 Jun 2026
- Listing
- 29 Jun 2026
Issue Details
- Total Issue Size
- ₹882.67 Cr
- 5,80,70,398 shares
- Fresh Issue
- ₹660.72 Cr
- 4,34,68,552 shares
- Offer for Sale
- ₹221.95 Cr
- 1,46,01,846 shares
- Face Value
- ₹1 per share
- Issue Type
- Book-built IPO
- Listing At
- BSE, NSE
- Shares Pre-Issue
- 25,10,10,354
- Shares Post-Issue
- 29,44,78,906
IPO Timeline
Offer opens
19 Jun 2026
Offer closes
23 Jun 2026
Allotment
24 Jun 2026
Listing
29 Jun 2026
Issue Allocation
Share of the offer reserved for each investor category
- Anchor45.0%2,61,31,680 shares
- QIB30.0%1,74,21,120 shares
- HNI15.0%87,10,559 shares
- Retail10.0%58,07,039 shares
Subscription Status
Times subscribed by investor category
| Category | Offered | Bids | Subscribed |
|---|---|---|---|
| QIB | 1,74,21,120 | 2,83,32,486 | 1.63x |
| NII | 87,10,559 | 47,60,840 | 0.55x |
| Retail | 58,07,039 | 64,54,378 | 1.11x |
| Total | 3,19,38,718 | 3,95,47,704 | 1.24x |
Lot Size & Investment
1 lot = 98 shares
Retail (min)
1 lot · 98 shares
Retail (max)
13 lots · 1,274 shares
S-HNI (min)
14 lots · 1,372 shares
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 1 | 98 | ₹14,896 |
| Small HNI (S-HNI) | 14 | 1,372 | ₹2,08,544 |
| Big HNI (B-HNI) | 68 | 6,664 | ₹10,12,928 |
Financial Performance
Restated figures in ₹ crore, unless stated otherwise
| Period | Dec-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 467.14 | 578.69 | 612.55 | 900.37 |
| Total Income | 748.91 | 693.21 | 119.12 | 460.11 |
| Profit After Tax | -187.39 | -194.11 | -193.35 | -288.18 |
| EBITDA | 81.58 | 82.43 | — | — |
| Net Worth | 295.68 | 410.46 | 563.8 | 743.45 |
| Reserves & Surplus | 288.77 | 408.88 | 562.22 | 741.87 |
| Total Borrowing | — | 0 | 0 | 0 |
Key Performance Indicators
| Period | Dec-25 | Mar-25 |
|---|---|---|
| RoNW (%) | -63.38 | -47.29 |
| EPS (₹) | — | -7.73 |
| P/E (pre-issue) | — | -19.66 |
| P/E (post-issue) | — | -17.91 |
Peer Comparison
Listed companies in the same business
| Company | P/E | ROE |
|---|---|---|
| PB Fintech | 202.33 | 5.74% |
About Turtlemint Fintech Solutions Limited
Incorporated in 2015, Turtlemint Limited is a technology-enabled insurance distribution platform that connects customers, insurance advisors (Digital Partners), and insurers through a phygital (physical + digital) model. The company was among the first to adopt the Point-of-Sale Person (PoSP) distribution model and has built India's largest certified PoSP network among its peer group. Turtlemint offers a comprehensive platform that enables Digital Partners to compare, recommend, and distribute insurance products from multiple insurers while managing customer acquisition, policy servicing, claims support, training, and lead management. The platform provides access to life, health, motor, and other insurance products through partnerships with 45 insurer partners. The company has facilitated the distribution of over 21.87 million insurance policies between April 2022 and December 2025, generating platform premium of over ₹10,066 crore across 19,171 pin codes, covering nearly 98% of India's pin codes. Turtlemint has a network of 6.32 lakh+ Digital Partners, including over 5.07 lakh certified PoSPs, supported by its proprietary advisor app, Turtlemint Pro. Turtlemint has a strong presence in India's B30+ markets (cities beyond the top 30 by population), where over 80% of its Digital Partners are based. The company leverages AI-driven technology, mobile-first tools, and a large physical advisory network to improve insurance accessibility, customer experience, and insurance penetration across India. As of December 31, 2025, the company employed 2,348 permanent employees across sales, technology, product development, and corporate functions. Strengths Leading position in India's PoSP-based insurance distribution ecosystem. Largest certified Digital Partner and PoSP network among peers. Partnerships with 45 insurer partners offering a wide product portfolio. Strong presence in underserved B30+ markets across India. Scalable technology-driven phygital distribution model. AI-powered platform supporting customer acquisition, servicing, and claims management. Strong network effects driven by Digital Partners and insurer relationships. Consistent growth in platform premium and earnings. High Digital Partner retention and favorable unit economics. Experienced promoter-led management team backed by marquee investors.
Objects of the Issue
- Expenditure towards cloud and server related infrastructure of the Company (₹25.64 Cr)
- Salary expenditure towards the technology and product development teams of the Company (₹193.04 Cr)
- Expenditure towards marketing initiatives by the Company (₹39.07 Cr)
- Expenditure towards lease payments for existing properties of the Company and wholly owned Subsidiary, TIB, breakup of which is as follows: Expense by the Company (₹22.21 Cr)
- Expenditure towards lease payments for existing properties of thr Company and wholly owned Subsidiary, TIB, breakup of which is as follows: Expense by wholly owned Subsidiary, TIB (₹20.87 Cr)
- Investment in wholly owned Subsidiary, TIB, for funding its working capital requirements (₹128.64 Cr)
- Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes (₹151.24 Cr)
- Issue Expenses (₹80.01 Cr)
Promoters
- Anand Rohidas Prabhudesai
- Dhirendra Nalin Mahyavanshi
Company Information
- Book running lead managers
- ICICI Securities Ltd.
- Jefferies India Pvt.Ltd.
- JM Financial Ltd.
- Motilal Oswal Investment Advisors Ltd.
- Registered office
- The ORB Sahar, 4B, 1st Floor, A Wing, Marol Vill, Andheri (East), Mumbai, Maharashtra, 400099
Official Documents
Opens the source filing in a new tab
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