Turtlemint Fintech Launches ₹883-Crore IPO On June 19, Sets Price Band At ₹144-152 Per Share

Mumbai: Insurtech company Turtlemint Fintech Solutions will launch its Rs 883-crore Initial Public Offering (IPO) on June 19. The public issue will remain open for subscription until June 23, while the anchor investor portion will open on June 18.

The company has fixed the price band at Rs 144-Rs 152 per share. At the upper end of the price band, Turtlemint is valued at more than Rs 4,500 crore.

Fresh Issue and OFS Component

The IPO consists of a fresh issue of equity shares worth up to Rs 660.72 crore and an Offer for Sale (OFS) of 1.46 crore shares valued at around Rs 221.95 crore.

Under the OFS, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will sell part of their holdings. Existing investors such as Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures and GGV Capital will also dilute their stakes.

How the Company Will Use the Funds?

Turtlemint plans to use the fresh issue proceeds to strengthen its cloud and server infrastructure and support its technology and product development teams.

The company will also spend on marketing activities and lease payments for existing properties of the company and its wholly owned subsidiary, TIB.

Part of the funds will be invested in TIB to meet working capital requirements. The company has also earmarked money for future acquisitions to support growth.

Business and Operations

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a technology platform that connects insurers, advisers and customers.

The company says it has sold around 1.6 crore insurance policies through a network of more than five lakh advisers. It has partnerships with more than 40 insurance companies, covering nearly 65 percent of India's life and general insurance industry.

Apart from health, life and motor insurance products, Turtlemint also offers mutual funds, personal and business loans, and credit cards through its platform.

Issue Structure and Listing

The IPO has reserved 75 percent of the issue for Qualified Institutional Buyers (QIBs), 15 percent for Non-Institutional Investors (NIIs) and 10 percent for retail investors.

Shares of the company are expected to be listed on the stock exchanges on June 29.