Turtlemint Fintech Solutions IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 1.63x |
| NII | 0.55x |
| Retail (RII) | 1.11x |
| Total | 1.24x |
Bidding day 5 · final figures at close of bidding: 15 Jul 2026, 12:00 am IST
IPO Details
- Open Date
- 19 Jun 2026
- Close Date
- 23 Jun 2026
- Listing Date
- 29 Jun 2026
- Face Value
- ₹1
- Fresh Issue
- ₹660.72 Cr
- OFS
- ₹221.95 Cr
- Listing On
- NSE, BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 98 | ₹14,896 |
| Retail (Max) | 14 | 1,372 | ₹2,08,544 |
| B-HNI (Min) | 68 | 6,664 | ₹10,12,928 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 2,61,31,680 | 45% |
| QIB (ex-anchor) | 1,74,21,120 | 30% |
| NII | 87,10,559 | 15% |
| — sNII (< ₹10L) | 29,03,519 | 5% |
| — bNII (> ₹10L) | 58,07,040 | 10% |
| Retail | 58,07,039 | 10% |
| Total | 5,80,70,398 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 460.11 | -288.18 | — | 743.45 | 900.37 | 0 | — |
| FY 2024 | 119.12 | -193.35 | — | 563.8 | 612.55 | 0 | — |
| FY 2025 | 693.21 | -194.11 | 82.43 | 410.46 | 578.69 | 0 | — |
| Dec 2025 (interim) | 748.91 | -187.39 | 81.58 | 295.68 | 467.14 | — | -7.73 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- -19.66x
- P/E (post-issue)
- -17.91x
- RoNW
- -63.38%
- RoE
- -95.18%
- RoCE
- -59.09%
- Debt / Equity
- 0.15
- EPS (pre-issue)
- ₹-7.73
- EPS (post-issue)
- ₹-8.48
- EBITDA Margin
- 11.01%
- P/BV
- 2.77x
- NAV / share
- ₹54.95
- Market Cap
- ₹4,476.08 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| 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 |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| BRLMs fees and commissions (including underwriting commission, brokerage and selling commission) | ₹39.06 Cr |
| Fees payable to the Registrar to the Offer | ₹0.02 Cr |
| Selling commission/processing fee for SCSBs and Bankers to the Offer, fee payable to the Sponsor Bank for Bids made by RIIs using UPI, brokerage and selling commission and bidding charges for the Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹0.61 Cr |
| Advertising and marketing expenses | ₹4.32 Cr |
| Other expenses-Listing fees, SEBI filing fees, BSE and NSE processing fees, book building software fees | ₹3.91 Cr |
| Other expenses-Other regulatory expenses | ₹0.34 Cr |
| Other expenses-printing and stationery expenses | ₹1.05 Cr |
| Other expenses-Fees payable to the legal counsel | ₹11.57 Cr |
| Other expenses-Fees payable to other advisors to the Offer, including but not limited to Statutory Auditors, independent chartered accountant, industry expert, and independent chartered engineer | ₹13.45 Cr |
| Miscellaneous | ₹5.69 Cr |
Promoters & Shareholding
Promoters: Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi
- Holding (pre-issue)
- 17.05%
- Holding (post-issue)
- 13.1%
- Dilution
- 3.95%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| ICICI PRUDENTIAL EQUITY & DEBT FUND | Other | 29,44,116 | ₹152 | 44.75 | 11.27% |
| BNP PARIBAS FINANCIAL MARKETS-ODI | Other | 20,38,792 | ₹152 | 30.99 | 7.8% |
| MIRAE ASSET AGGRESSIVE HYBRID FUND | Other | 19,62,744 | ₹152 | 29.83 | 7.51% |
| EDELWEISS RECENTLY LISTED IPO FUND | Other | 19,57,256 | ₹152 | 29.75 | 7.49% |
| BORDER TO COAST EMERGING MARKETS EQUITY FUND,A SUB FUND OF BORDER TO COAST AUTHORISED CONTRACTUAL SCHEME | Other | 19,57,256 | ₹152 | 29.75 | 7.49% |
| AMANSA HOLDINGS PVT.LTD. | Other | 16,28,368 | ₹152 | 24.75 | 6.23% |
| SUSQUEHANNA PACIFIC PTY.LTD. | Other | 13,15,846 | ₹152 | 20 | 5.04% |
| ICICI PRUDENTIAL LIFE INSURANCE CO.LTD. | Insurance | 12,99,382 | ₹152 | 19.75 | 4.97% |
| TURNAROUND OPPORTUNITIES FUND | Other | 12,99,284 | ₹152 | 19.75 | 4.97% |
| BANK OF INDIA MID & SMALL CAP EQUITY & DEBT FUND | Bank | 11,36,898 | ₹152 | 17.28 | 4.35% |
| MIRAE ASSET MULTICAP FUND | Other | 9,81,372 | ₹152 | 14.92 | 3.76% |
| BAJAJ LIFE INSURANCE LTD. | Insurance | 9,73,728 | ₹152 | 14.8 | 3.73% |
| 360 ONE HIGH GROWTH COMPANIES FUND | Other | 6,57,972 | ₹152 | 10 | 2.52% |
| AXIS MAX LIFE INSURANCE LTD.-DIVERSIFIED EQUITY FUND-ULIF02201/01/20 LIFEDIVEQF104 | Insurance | 6,49,740 | ₹152 | 9.88 | 2.49% |
| SOCIETE GENERALE-ODI | Other | 5,77,744 | ₹152 | 8.78 | 2.21% |
| ITI BANKING & FINANCIAL SERVICES FUND | Bank | 4,93,430 | ₹152 | 7.5 | 1.89% |
| BAJAJ FINSERV CONSUMPTION FUND | Other | 3,89,550 | ₹152 | 5.92 | 1.49% |
| BANDHAN FINANCIAL SERVICES FUND | Other | 3,30,098 | ₹152 | 5.02 | 1.26% |
| ASHIKA GLOBAL FINANCE PVT.LTD. | FII/FPI | 3,29,542 | ₹152 | 5.01 | 1.26% |
| BAJAJ GENERAL INSURANCE LTD. | Insurance | 3,29,548 | ₹152 | 5.01 | 1.26% |
| CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD. | FII/FPI | 3,29,542 | ₹152 | 5.01 | 1.26% |
| NOMURA SINGAPORE LTD. | Other | 3,29,542 | ₹152 | 5.01 | 1.26% |
| LC PHAROS MULTI STRATEGY FUND VCC-LC PHAROS MULTI STRATEGY FUND SF1 | Other | 3,29,542 | ₹152 | 5.01 | 1.26% |
| ASAS GLOBAL FUND INCORPORATED VCC SUB FUND | FII/FPI | 3,29,542 | ₹152 | 5.01 | 1.26% |
| AXIS MAX LIFE INSURANCE LTD.-SUSTAINABLE EQUITY FUND-ULIF02505/10/21 SUSTAINEQU104 | Insurance | 3,24,870 | ₹152 | 4.94 | 1.24% |
| BAJAJ FINSERV BANKING & FINANCIAL SERVICES FUND | Bank | 3,24,576 | ₹152 | 4.93 | 1.24% |
| BAJAJ FINSERV HEALTHCARE FUND | Other | 2,59,602 | ₹152 | 3.95 | 0.99% |
| AXIS MAX LIFE INSURANCE LTD.-ULIF 00225/06/04 LIFEBALANC 104-BALANCED FUND | Insurance | 2,59,896 | ₹152 | 3.95 | 0.99% |
| ITI BUSINESS CYCLE FUND | Other | 1,64,542 | ₹152 | 2.5 | 0.63% |
| BANK OF INDIA BANKING & FINANCIAL SERVICES FUND | Bank | 1,62,484 | ₹152 | 2.47 | 0.62% |
| AXIS MAX LIFE INSURANCE LTD.-SMART INNOVATION FUND | Insurance | 64,876 | ₹152 | 0.99 | 0.25% |
Anchor bidding took place on 18 Jun 2026. Anchor lock-in: 50% of shares unlock on 23 Jul 2026, the remainder on 21 Sept 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Turtlemint Fintech Solutions | -7.33 | 7,768.02 | — | -47.29% | — | Restated |
| PB Fintech | 7.77 | 140.06 | 202.33x | 5.74% | 11.05x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
- ICICI Securities Ltd.
- JM Financial Ltd.
- Motilal Oswal Investment Advisors Ltd.
- Jefferies India Pvt.Ltd.
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Turtlemint Fintech Solutions IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Turtlemint Fintech Solutions IPO
The Turtlemint Fintech Solutions mainboard IPO runs from 19 Jun 2026 to 23 Jun 2026, offered at a price band of ₹144–152 per share, and is set to list on NSE and BSE. The company is looking to raise ₹882.67 crore through the offer. Retail investors bid in lots of 98 shares, a minimum application of ₹14,896.
Issue structure
The offer combines a fresh issue of ₹660.72 crore with an offer for sale (OFS) of ₹221.95 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward salary expenditure towards the technology and product development teams of the company (₹193.04 crore), alongside funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes (₹151.24 crore). In all, 8 objects are disclosed — the full break-up is in the table above.
Financials
In FY2025, Turtlemint Fintech Solutions reported revenue of ₹748.91 crore and a net loss of ₹187.39 crore. Revenue grew from ₹460.11 crore in FY2023 to ₹748.91 crore in FY2025 (+63.0%). Net worth stood at ₹295.68 crore at the end of FY2025.
Valuation
At the upper band, the issue is priced at -17.91× post-issue earnings and 2.77× book value, against a return on net worth of -63.38% and a debt-to-equity ratio of 0.15. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. Promoter holding stands at 17.05% before the issue and comes down to 13.1% after listing.
Grey market premium (GMP)
In the unofficial grey market, Turtlemint Fintech Solutions shares are quoted at a premium of ₹-5 implying an expected listing around ₹147, about -3.3% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Turtlemint Fintech Solutions IPO was subscribed 1.24 times overall. The strongest demand came from qualified institutional buyers (QIB) at 1.63 times, with non-institutional investors (NII) at 0.55× and retail investors at 1.11×.
Listing performance
Turtlemint Fintech Solutions listed on 29 Jun 2026 at ₹136.2, a discount of -10.4% over the issue price of ₹152.
What to weigh
When evaluating the Turtlemint Fintech Solutions IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Turtlemint Fintech Solutions
Founded in 2015, Turtlemint Fintech is a tech-enabled platform, connecting insuracen advisors, customers and insurance company for offering insurance products, including health insurance, life insurance, motor insurance, etc. The platform allows users to compare various types of insurance to help them buy the right plan. It also offers access to other products like mutual funds, and personal loans.
Turtlemint Fintech Solutions — Contact Details
- Registered office
- The ORB Sahar, 4B, 1st Floor, A Wing, Marol Vill, Andheri (East), Mumbai, Maharashtra, 400099
- Phone
- 1800 266 0101
- Website
- www.turtlemintinsurance.com/
- Registrar (IPO queries)
- turtlemint.ipo@kfintech.com
Frequently asked questions
- What is the Turtlemint Fintech Solutions IPO price band?
- The Turtlemint Fintech Solutions IPO price band is ₹144 to ₹152 per share, with a lot size of 98 shares.
- What was the Turtlemint Fintech Solutions IPO GMP before listing?
- The final grey market premium recorded before the Turtlemint Fintech Solutions IPO listed was ₹-5. The IPO listed on 29 Jun 2026 at ₹136.2, -10.4% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Turtlemint Fintech Solutions IPO open and close?
- The Turtlemint Fintech Solutions IPO opens on 19 Jun 2026 and closes on 23 Jun 2026.
- When is the Turtlemint Fintech Solutions IPO allotment and listing date?
- Allotment is expected on 24 Jun 2026. The shares are scheduled to list on 29 Jun 2026 on NSE and BSE.
- How many times was the Turtlemint Fintech Solutions IPO subscribed?
- The Turtlemint Fintech Solutions IPO was subscribed 1.24 times in total across all investor categories.
- What is the reservation split in the Turtlemint Fintech Solutions IPO?
- Of the total shares offered, retail investors get 10%, QIBs 30% (plus 45% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Turtlemint Fintech Solutions and what is their holding?
- The promoters are Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. Promoter holding is 17.05% before the issue and 13.1% after listing.
- What is the P/E ratio of the Turtlemint Fintech Solutions IPO?
- At the upper price band, the Turtlemint Fintech Solutions IPO is valued at -19.66× pre-issue earnings and -17.91× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Turtlemint Fintech Solutions IPO?
- The net proceeds go primarily toward salary expenditure towards the technology and product development teams of the company, among 8 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Turtlemint Fintech Solutions IPO?
- The book-running lead managers are ICICI Securities Ltd., JM Financial Ltd., Motilal Oswal Investment Advisors Ltd. and 1 others.
- Is Turtlemint Fintech Solutions a Mainboard or SME IPO?
- Turtlemint Fintech Solutions is a Mainboard IPO, listing on NSE and BSE.