Turtlemint Fintech Solutions Ltd.

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Overview

Turtlemint Fintech Solutions Limited operates a tech-enabled insurance distribution platform that connects customers with multiple insurers through a large network of certified POSPs (Digital Partners) supported by a mobile-first, paperless workflow and assisted selling. The platform enables product comparison, quote generation, digital onboarding/KYC, policy issuance, renewals, and claims support, with a strong footprint in B30+ (non-top-30 city) markets and partnerships with a broad set of insurer partners, while also expanding into adjacent financial products such as mutual funds and loans.

Opening Date

Jun 19, 2026

Closing Date

Jun 23, 2026

Listing Date

Jun 29, 2026

IPO Type

Mainboard

IPO Status

Closed

Issue Size

882.67 Cr

Fresh Issue

660.72 Cr

Offer for Sale

221.95 Cr

Price Band

₹144 - ₹152

Lot Size

IPO Price

₹152.00

Listing Price

₹136.20

Listing Gains

-10.39%

Est. Listing Gains

-3.29%

GMP Trend

Listed 7.11% below GMP estimate

IPO Timeline

Jun 19, 2026

Open Date

Jun 23, 2026

Close Date

Jun 24, 2026

Allotment Date

Jun 25, 2026

Initiation of Refunds

Jun 29, 2026

Listing Date

Financials

Revenue

Profit After Tax (PAT)

Use of IPO funds

Total IPO size₹882.67 Cr

Expenditure towards cloud and server related infrastructure of our Company₹25.64 Cr

Salary expenditure towards the technology and product development teams of our Company₹193.04 Cr

Expenditure towards marketing initiatives by our Company₹39.07 Cr

Expenditure towards lease payments for existing properties of our Company and our wholly owned Subsidiary, TIB₹43.08 Cr

Investment in our 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—

Key Performance Indicator

P/E Ratio

-19.66

EPS

-7.73

ROE

-95.18%

ROCE

-59.09%

RONW

-63.38%

Debt to Equity Ratio

0.15

PAT Margin

-187.39%

EBITDA Margin

11.01%

P/B

2.77

Bull vs Bear

📈

Bull case

•
Distribution at scale via PoSP model: 631,885 Digital Partners and 79,943 Active Transacting Partners, creating a hard-to-replicate last‑mile sales and service network.
•
Strong operating traction signal: Platform Premium of ₹29,459.36 million in Fiscal 2025 and ₹26,315.69 million in 9M FY2025, indicating large policy flow.
•
B30+ tailwind: industry expects motor GDPI CAGR 14–17% and health GDPI CAGR 17–19% in B30+ markets during Fiscal 2025–2030; company’s B30+ premium share 73.78% (FY2025).

📉

Bear case

•
The company has incurred losses of (₹1,941.05) million in Fiscal 2025 and negative operating cash flow of (₹2,158.08) million, reducing Net Worth from ₹7,434.54 million to ₹2,956.82 million.
•
Revenue concentration in general insurance: 93.27% of revenue in 9M FY2025 came from general insurers; top 10 Insurer Partners contributed 72.47% of revenue in 9M FY2025.
•
Almost all revenue depends on commission/fees: income from distribution was 98.91% of revenue in 9M FY2025; Digital Partner acquisition/retention cost was 77.45% of total expenses in 9M FY2025.

Net takeaway

At its core this is a bet on sustaining higher revenue scale (₹7,410.70 million in 9M FY2025) while narrowing losses (₹1,941.05 million in FY2025). If you believe the 631,885‑partner network can keep Platform Premium (₹29,459.36 million FY2025) rising without 77.45% expense drag, upside holds. If not, risk holds. Keep watching unit economics: cost of acquiring/retaining Digital Partners (₹6,825.87 million in 9M FY2025) as a % of total expenses -77.45%.

Subscription Rate

Category	Shares Bid For	Shares Offered	Times Subscribed
Qualified Institutional Buyers	1.30 Cr	1.74 Cr	0.75x
Non-Institutional Investors	4.34 L	87.11 L	0.05x
Retail Individual Investors	37.20 L	58.07 L	0.64x
Total	1.71 Cr	3.19 Cr	0.54x

Application Details

Category	Price Band	Application Range	Lot Size
Regular	—	Upto ₹2 Lakhs	—
High Networth Individual	—	Above ₹2 Lakhs	—

GMP data not available yet

Frequently Asked Questions

The Turtlemint Fintech Solutions Ltd. IPO is scheduled to open for subscription on Jun 19, 2026 and close on Jun 23, 2026. Investors can apply for shares during this period through eligible platforms.

The price band for the Turtlemint Fintech Solutions Ltd. IPO is ₹144 to ₹152. Investors can place bids within this range once the issue opens.

The minimum lot size for the Turtlemint Fintech Solutions Ltd. IPO is 98 shares. The minimum investment amount ₹14,896.

The total issue size of the Turtlemint Fintech Solutions Ltd. IPO is approximately ₹882.67. Issue size represents the total value of shares offered to the public.

As per the latest available information, the Turtlemint Fintech Solutions Ltd. IPO has been subscribed 0.54 times. Subscription levels can change significantly during the offer period.

The Grey Market Premium (GMP) for the Turtlemint Fintech Solutions Ltd. IPO is ₹[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.

The shares of Turtlemint Fintech Solutions Ltd. are expected to list on stock exchanges on Jun 29, 2026, subject to completion of the allotment process and regulatory approvals.

The net proceeds from the Turtlemint Fintech Solutions Ltd. IPO are proposed to be used for Our Company proposes to utilize the Net Proceeds towards funding the following objects (collectively, referred to herein as the ' Objects '):, Expenditure towards cloud and server related infrastructure of our Company, Salary expenditure towards the technology and product development teams of our Company, Expenditure towards marketing initiatives by our Company, Expenditure towards lease payments for existing properties of our Company and our wholly owned Subsidiary, TIB, Investment in our wholly owned Subsidiary, TIB, for funding its working capital requirements, Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes.

Before applying for the Turtlemint Fintech Solutions Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.