Turtlemint Fintech IPO listing: Shares of Turtlemint Fintech made a muted debut in the Indian stock market on Monday, 29 June. Turtlemint Fintech Solutions share price listed up to 11.25% discount to the IPO price of ₹152.
Turtlemint Fintech share price opened at ₹134.90 per share on NSE and 10.39% discount at ₹136 apiece on BSE. This means the allottees made a loss of over 11.25% over the Turtlemint Fintech Solutions IPO listing.
Turtlemint Fintech IPO listing came below the market expectations. Ahead of the debut, the shares of Turtlemint Fintech IPO was ₹-5, indicating an estimated listing price of ₹147.
Turtlemint Fintech Solutions IPO
Turtlemint Fintech Solutions , which was open for subscription from June 19 to 23, witnessed a lukewarm response from investors during the three-day bidding window.
The issue was subscribed 0.68 times overall. The retail portion was fully subscribed at 1.11 times, while the non-institutional investors (NIIs) category received bids for 0.55 times the shares on offer. The qualified institutional buyers (QIBs) segment fared better, attracting subscriptions of 1.63 times.
The IPO consists of a fresh issue of 4.35 crore equity shares worth ₹660.72 crore, along with an offer for sale (OFS) of 1.46 crore shares valued at ₹221.95 crore.
As part of the OFS, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will offload a portion of their stakes. Existing shareholders, including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures and GGV Capital, are also selling part of their holdings through the public issue.
The company has set the price band at ₹144-152 per share.
Turtlemint intends to utilise the proceeds from the fresh issue to strengthen its technology infrastructure by investing in cloud services and server capacity. The funds will also be used to support hiring and employee costs across its technology and product teams, as well as to boost branding and marketing initiatives.
The IPO is being managed by ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors, which are acting as the book-running lead managers. KFin Technologies is the registrar to the issue.
Established in 2015, Turtlemint operates a technology-led insurance distribution platform that connects customers, insurance companies and insurance advisors—referred to as Digital Partners—through a phygital model that integrates digital capabilities with offline services.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.