Turtlemint Fintech Solutions made a weak stock market debut on Monday, with its shares listing at a discount.
The stock debuted at ₹134.90 on the NSE, an 11.25 per cent discount to the issue price of ₹152, while it began trading at ₹136.20 on the BSE, a 10.3 per cent discount.
The has rung in the celebration of the listing of Turtlemint Fintech Solutions Limited at our exchange
— NSE India (@NSEIndia)
Shivani Nyati, Head of Wealth at Swastika Investmart, said Turtlemint Fintech’s weak listing reflected muted investor sentiment following the IPO’s modest response. She noted that the company remains loss-making with a negative return on net worth and is valued at nearly 6.8 times FY25 revenue despite continued losses.
Nyati added that revenue visibility remains uncertain, while profitability depends on achieving scale as Digital Partner costs form a significant portion of expenses. She said the stock may be suitable only for long-term, high-risk investors, advising allottees to hold with a stop loss at ₹128, while fresh investors should wait for better price stability before taking exposure.
The IPO fetched an . Ahead of the public issue, the company raised ₹397.20 crore from anchor investors, providing an early boost to the offering.
The company had fixed the price band for the IPO at ₹144-152 per equity share, valuing the insurance distribution and fintech platform at more than ₹4,500 crore at the upper end of the band.
The IPO comprised a fresh issue of equity shares aggregating up to ₹660.72 crore and an offer for sale (OFS) of 1.46 crore equity shares worth approximately ₹221.95 crore by existing shareholders.
Turtlemint plans to utilise the net proceeds from the fresh issue to strengthen its cloud and server infrastructure, fund salary expenses for its technology and product development teams, and support marketing and brand-building initiatives.
Turtlemint operates a technology-led insurance distribution platform that enables insurance agents and financial advisors to sell and service insurance products digitally.