Published: 16 June 2026 | 6.00 AM
Last Updated: 16 June 2026 | 8.00 PM
IPO Overview / Intro
Turtlemint Fintech Solutions IPO is a mainboard book building issue of Rs. 882.67 crore. The IPO comprises a fresh issue of 4.35 crore shares aggregating to Rs. 660.72 crore and an offer for sale of 1.46 crore shares aggregating to Rs. 221.95 crore.
The IPO opens for subscription on 19 June 2026 and closes on 23 June 2026. The shares are proposed to be listed on NSE and BSE with a tentative listing date of 29 June 2026.
Turtlemint Fintech Solutions Ltd is a technology-enabled insurance distribution platform that connects customers, insurance advisors and insurers through a phygital model. The company operates one of India’s largest certified PoSP-based insurance distribution networks and provides access to life, health, motor and other insurance products through multiple insurer partnerships.
Key Highlights
| Particulars |
Details |
| IPO Type |
Book Building Mainboard IPO |
| Issue Size |
Rs. 882.67 Crore |
| Fresh Issue |
Rs. 660.72 Crore |
| Offer For Sale |
Rs. 221.95 Crore |
| Price Band |
Rs. 144 to Rs. 152 Per Share |
| Face Value |
Rs. 1 Per Share |
| Listing Exchange |
NSE & BSE |
| Lot Size |
98 Shares |
| Retail Application |
Rs. 14,896 |
| Market Cap |
To Be Declared |
| Listing Date |
29 June 2026 |
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
Turtlemint Fintech Solutions IPO GMP – Latest Update
| GMP Details |
Value |
| Turtlemint Fintech Solutions IPO GMP Today |
Rs.6 |
| Kostak Rate |
Updating Soon |
| Subject to Sauda |
R- Rs. 400
H- Rs. 5,600 |
Turtlemint Fintech Solutions IPO Subscription Status – Live Update
| Category |
Subscription |
| QIB Category |
Updating Soon |
| NII Category |
Updating Soon |
| Retail Category |
Updating Soon |
| Total Subscription |
Updating Soon |
IPO Details at a Glance
| Particulars |
Details |
| IPO Date |
19 June 2026 to 23 June 2026 |
| Listing Date |
29 June 2026 |
| Face Value |
Rs. 1 Per Share |
| Price Band |
Rs. 144 to Rs. 152 Per Share |
| Lot Size |
98 Shares |
| Issue Type |
Book Building IPO |
| Listing At |
NSE & BSE |
| Total Issue Size |
5,80,70,398 Shares |
| Total Issue Amount |
Rs. 882.67 Crore |
| Fresh Issue |
4,34,68,552 Shares |
| Fresh Issue Amount |
Rs. 660.72 Crore |
| Offer For Sale |
1,46,01,846 Shares |
| Offer For Sale Amount |
Rs. 221.95 Crore |
| Sale Type |
Fresh Capital cum OFS |
| Shareholding Pre Issue |
25,10,10,354 Shares |
| Market Cap |
To Be Declared |
IPO Timetable
| Event |
Date |
| IPO Open Date |
19 June 2026 |
| IPO Close Date |
23 June 2026 |
| Basis of Allotment |
24 June 2026 |
| Refund Initiation |
25 June 2026 |
| Credit of Shares |
25 June 2026 |
| Listing Date |
29 June 2026 |
Reservation
| Investor Category |
Reservation |
| QIB Shares Offered |
Not Less Than 75% of the Offer Size |
| NII Shares Offered |
Not More Than 15% of the Offer |
| Retail Shares Offered |
Not More Than 10% of the Offer |
Lot Size
| Application Type |
Lots |
Shares |
Amount |
| Retail Minimum |
1 |
98 |
Rs. 14,896 |
| Retail Maximum |
13 |
1,274 |
Rs. 1,93,648 |
| S-HNI Minimum |
14 |
1,372 |
Rs. 2,08,544 |
| S-HNI Maximum |
67 |
6,566 |
Rs. 9,98,032 |
| B-HNI Minimum |
68 |
6,664 |
Rs. 10,12,928 |
Company Details
Turtlemint Fintech Solutions Ltd was incorporated in 2015 and is a technology-enabled insurance distribution platform. The company connects customers, Digital Partners and insurers through a phygital model.
The company was among the early adopters of the Point-of-Sale Person distribution model and has built a large certified PoSP network in India. Its platform enables Digital Partners to compare, recommend and distribute insurance products from multiple insurers.
Turtlemint offers life, health, motor and other insurance products through 45 insurer partners. Between April 2022 and December 2025, the company facilitated distribution of more than 21.87 million insurance policies and generated platform premium of over Rs. 10,066 crore across 19,171 pin codes.
The company has a network of more than 6.32 lakh Digital Partners, including over 5.07 lakh certified PoSPs. More than 80% of its Digital Partners are based in B30+ markets, giving the company a strong presence in underserved Indian markets.
Competitive Strengths
| Key Strengths |
| Leading Position in PoSP-Based Insurance Distribution |
| Large Certified Digital Partner Network |
| Partnerships With 45 Insurer Partners |
| Strong Presence in B30+ Markets |
| Scalable Technology-Driven Phygital Model |
| AI-Powered Platform for Acquisition, Servicing and Claims |
| Strong Network Effects |
| Experienced Promoter-Led Management Team |
IPO Objects
| Sr. No. |
Objects of the Issue |
Estimated Amount |
| 1 |
Cloud and server related infrastructure expenditure |
Rs. 25.64 Crore |
| 2 |
Salary expenditure for technology and product development teams |
Rs. 193.04 Crore |
| 3 |
Marketing initiatives |
Rs. 39.07 Crore |
| 4 |
Lease payments for existing properties of the Company |
Rs. 22.21 Crore |
| 5 |
Lease payments for existing properties of wholly owned subsidiary TIB |
Rs. 20.87 Crore |
| 6 |
Investment in wholly owned subsidiary TIB for working capital |
Rs. 128.64 Crore |
| 7 |
Inorganic growth, unidentified acquisitions, strategic initiatives and general corporate purposes |
To Be Declared |
| Total |
Total Identified Objects |
Rs. 429.47 Crore |
Company Address
| Particulars |
Details |
| Registered Office |
The ORB – Sahar, 4B, 1st Floor, A Wing, Marol Village, Andheri East, Mumbai, Maharashtra – 400099 |
| Phone |
1800 266 0101 |
| Email |
support@turtlemint.com |
| Website |
Visit Website |
Lead Manager & Registrar
| Particulars |
Details |
| Lead Manager |
ICICI Securities Ltd. |
| Lead Manager |
Jefferies India Pvt. Ltd. |
| Lead Manager |
JM Financial Ltd. |
| Lead Manager |
Motilal Oswal Investment Advisors Ltd. |
| Registrar |
Kfin Technologies Ltd. |
| Registrar Phone |
04067162222 / 04079611000 |
| Registrar Email |
turtlemint.ipo@kfintech.com |
Financials
| Particulars (Rs. Crore) |
31 Dec 2025 |
FY2025 |
FY2024 |
FY2023 |
| Total Assets |
467.14 |
578.69 |
612.55 |
900.37 |
| Total Income |
748.91 |
693.21 |
119.12 |
460.11 |
| Profit After Tax |
-187.39 |
-194.11 |
-193.35 |
-288.18 |
| EBITDA |
81.58 |
82.43 |
To Be Declared |
To Be Declared |
| Net Worth |
295.68 |
410.46 |
563.80 |
743.45 |
| Reserves & Surplus |
288.77 |
408.88 |
562.22 |
741.87 |
| Total Borrowings |
To Be Declared |
0.00 |
0.00 |
0.00 |
Valuation
Key Performance Indicators (KPI)
| KPI |
31 Dec 2025 |
FY2025 |
| ROE |
To Be Declared |
-95.18% |
| ROCE |
To Be Declared |
-59.09% |
| Debt / Equity |
To Be Declared |
0.15 |
| RoNW |
-63.38% |
-47.29% |
| EBITDA Margin |
11.01% |
12.44% |
| Price to Book Value |
2.77 |
0.02 |
EPS & Valuation
| Particulars |
Pre IPO |
Post IPO |
| EPS (Rs.) |
-7.73 |
To Be Declared |
| P/E (x) |
-19.66 |
To Be Declared |
Shareholding Pattern
| Particulars |
Pre Issue |
Post Issue |
| Promoter Holding |
17.05% |
13.10% |
| Promoters |
| Anand Rohidas Prabhudesai |
| Dhirendra Nalin Mahyavanshi |
Chanakya View
Investment Summary
| Parameter |
Observation |
| Business Segment |
Technology-Enabled Insurance Distribution |
| Industry Outlook |
Strong Long-Term Potential |
| Revenue Growth |
Healthy |
| Profitability |
Loss-Making |
| Platform Premium |
Over Rs. 10,066 Crore |
| Policies Distributed |
Over 21.87 Million |
| Digital Partner Network |
Over 6.32 Lakh |
| Certified PoSP Network |
Over 5.07 Lakh |
| Insurer Partners |
45 |
| B30+ Market Presence |
Strong |
| Valuation |
Needs Careful Review |
| Listing Liquidity |
Mainboard Presence |
Positives
| Strengths |
| Large PoSP-Based Insurance Distribution Network |
| Strong Technology-Led Phygital Business Model |
| Wide Insurance Product Access Through 45 Insurer Partners |
| Strong Presence in Underserved B30+ Markets |
| Large Digital Partner Network |
| AI-Driven Platform Capabilities |
| Strong Growth in Platform Premium |
| Mainboard Listing May Improve Liquidity |
Concerns
| Risks |
| Company Remains Loss-Making |
| Negative RoNW |
| Low Promoter Holding |
| Valuation Comfort Needs Careful Assessment |
| Business Depends on Insurance Distribution Regulations |
| High Marketing and Technology Spend |
| Competitive Fintech and Insurance Distribution Market |
| OFS Component Means Partial Exit by Existing Shareholders |
Turtlemint Fintech Solutions Ltd operates in India’s fast-growing insurance distribution and insurtech segment. The company has built a large Digital Partner and PoSP-led network supported by technology, insurer partnerships and a strong reach in B30+ markets.
The company’s platform scale, policy distribution volume, insurer relationships and digital infrastructure are key positives. Its phygital model gives it access to customers who may not be fully served by pure online insurance platforms.
However, the company remains loss-making and reported negative RoNW. Investors should carefully assess the IPO valuation, future profitability path and execution capability before applying.
Considering its strong platform scale, large Digital Partner network, presence in underpenetrated insurance markets and mainboard listing, Turtlemint Fintech Solutions IPO may attract investor attention. However, conservative investors should wait for GMP trend, subscription response and valuation comfort before taking a final call.
FAQs
What is Turtlemint Fintech Solutions IPO GMP today?
| Question |
Answer |
| What is Turtlemint Fintech Solutions IPO GMP today? |
Turtlemint Fintech Solutions IPO GMP is currently updating in the grey market. Investors should track the latest GMP movement closer to the IPO opening date for better listing sentiment. |
What is the Turtlemint Fintech Solutions IPO price band?
| Question |
Answer |
| What is the Turtlemint Fintech Solutions IPO price band? |
Turtlemint Fintech Solutions IPO price band is Rs. 144 to Rs. 152 per share. |
What is the Turtlemint Fintech Solutions IPO lot size?
| Question |
Answer |
| What is the Turtlemint Fintech Solutions IPO lot size? |
Turtlemint Fintech Solutions IPO lot size is 98 shares. The minimum retail application amount is Rs. 14,896. |
When will Turtlemint Fintech Solutions IPO list?
| Question |
Answer |
| When will Turtlemint Fintech Solutions IPO list? |
Turtlemint Fintech Solutions IPO is expected to list on NSE and BSE on 29 June 2026. |
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