Shares of Turtlemint Fintech Solutions will be listed today. The IPO was subscribed1..20 times overall. The IPO price has been fixed at ₹152.
According to exchange data, the retail investors’ portion was subscribed 1.07 times, while the qualified institutional buyers (QIB) category received bids for 1.59 times and the non-institutional investors (NII) segment 0.52 times.
Ahead of the public issue, Turtlemint Fintech Solutions raised ₹397.20 crore providing an early boost to the offering.
The company has fixed the IPO price band at ₹144-152 per equity share, which values the insurance distribution and fintech platform at over ₹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.
The company plans to utilise the net proceeds from the fresh issue to strengthen its cloud and server infrastructure, fund salary expenses for 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.