was subscribed 56 per cent by 12 noon on the final day of bidding, with retail investors showing the strongest participation while institutional demand remained subdued.
According to exchange data, the retail investors’ portion was subscribed 0.78 times, while the qualified institutional buyers (QIB) category received bids for 0.73 times the shares reserved. The non-institutional investors (NII) segment lagged significantly, garnering subscriptions of just 0.09 times.
Anchor portion and IPO details
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 comprises 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.
Under the OFS component, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will partially dilute their stakes. Existing investors including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures and GGV Capital are also offloading a portion of their holdings through the public issue.
Use of funds, listing date
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.
Following the closure of the issue, the basis of allotment is expected to be finalised later this week. Shares of the company are tentatively scheduled to list on the stock exchanges next week, subject to regulatory and procedural approvals.