Turtlemint Fintech IPO: Check IPO Date, Live Subscription and Key Details
Turtlemint Fintech Solutions Limited, founded in 2015, operates as a leading technology-driven insurance distribution platform across India. Utilizing a unique 'phygital' (physical + digital) model, the platform seamlessly connects freelance insurance advisors, end consumers, and major insurance providers. Turtlemint was a pioneer in commercializing the Point-of-Sale Person (PoSP) insurance distribution framework, building a vast decentralized advisory network of over 6.32 lakh partners and 5.07 lakh certified PoSPs managed via its proprietary mobile application 'Turtlemint Pro'. The platform offers full-scale comparison and purchase options across life, health, motor, and niche commercial insurance policies through strategic distribution partnerships with 45 national insurance corporations.
Price Range
₹144.0 - ₹152.0
Issue Size
₹882.67 Cr
Lot Size
98 shares
IPO Type
Mainboard
GMP
₹3(+1.97%)
Est. Listing Price
₹155
Estimate Profit
₹294
Retail Portion
Not more than 10.00% of the Offer
Key Metrics
Check Live GMPGMPFace Value
₹1
EPS
-7.73
P/E Ratio
-19.66
RoNW
-47.29%
ROE
-95.18%
Debt to Equity
0.15
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Timeline
IPO Opens
19 Jun
IPO Closes
23 Jun
Allotment
24 Jun
Listing
29 Jun
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 19 June 2026 | Subscription starts |
| IPO Close Date | 23 June 2026 | Subscription ends |
| Allotment Date | 24 June 2026 | Allotment |
| Listing Date | 29 June 2026 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,896 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,93,648 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,08,544 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,98,032 |
BHNIAbove ₹10,00,000 | 68 | ₹10,12,928 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | Not less than 75.00% of the Offer size |
| NII (Non-Institutional Investor) | Not more than 15.00% of the Offer |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | Not more than 10.00% of the Offer |
| Total | 100.00% |
IPO Objectives
- Salary expenditure towards the technology and product development teams of the Company (₹193.04 Cr).
- Investment in its wholly owned subsidiary, TIB, for funding its working capital requirements (₹128.64 Cr).
- Expenditure towards marketing and digital brand visibility initiatives (₹39.07 Cr).
- Expenditure towards cloud services and server-related core IT data infrastructure (₹25.64 Cr).
- Expenditure towards lease payments for existing commercial properties of the Company and its wholly owned subsidiary, TIB (₹22.21 Cr + ₹20.87 Cr).
- Funding organic growth through unidentified acquisitions, strategic enterprise initiatives, and general corporate layouts.
Strengths
- The company possesses an **Unrivaled Scale of POSP Network**, operating India's largest certified network of digital partners and PoSP advisors among insuretech intermediaries to drive powerful brand network effects.
- It commands a **Dominant B30 Footprint**, building exceptionally strong distribution channels inside underserved B30 markets where over 80% of its partner ecosystem is structurally based.
- The business demonstrates **Massive Sourcing Runways**, successfully facilitating the distribution of over 2.18 Crore policies across 19,171 pin codes to achieve a massive 98% footprint coverage across India.
- It leverages **Extensive Institutional Linkages**, offering a vast, stable cross-selling canvas through tied distribution agreements spanning 45 premier national insurance corporations.
- The firm maintains **Zero Long-Term Debt**, displaying premium financial flexibility with zero outstanding borrowing components recorded across its historical balance sheets.
Weaknesses
- The company is impacted by **Chronic Operational Losses**, severely constrained by a long, continuing historical track record of high cash burn and negative restated cash flows, posting a loss of -₹187.39 Cr for late 2025.
- It exhibits **Depressed Capital Return Efficiency**, with return metrics tracking deep inside negative territory, leading to a reported Return on Net Worth (RoNW) sitting at a negative **47.29%** as of March 2025.
- The issue faces **Dull Gray Market Traction**, with unofficial pre-listing unlisted marketplace sentiments indicating a cold immediate reception and an initial tracking premium of only **₹2**.
- The firm is subject to a **Capped Retail Allotment Limit**, where regulatory mandates compress the individual retail investor reservation quota to a highly restrictive **10%** because the company remains loss-making.
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Financial Performance
| Period Ended | 31 Dec 2025 (9M) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 467.14 | 578.69 | 612.55 | 900.37 |
| Revenue (₹ Cr.) | 748.91 | 693.21 | 119.12 | 460.11 |
| PAT (₹ Cr.) | -187.39 | -194.11 | -193.35 | -288.18 |
| Net Worth (₹ Cr.) | 295.68 | 410.46 | 563.8 | 743.45 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Turtlemint Fintech | 10.29 | 112.28 | 9.16% | 295.68 |
| PB Fintech | 7.77 | 202.33 | 5.74% | 3,853.01 |
Subscription Details
Daily Bids Status
| Category | Day 1 |
|---|---|
| QIB | 0.75x |
| NII | 0.01x |
| S-HNI | 0.03x |
| B-HNI | 0x |
| RII | 0.3x |
| Total | 0.46x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 1,74,21,119 | 1,29,81,178 | 197.31 |
| NII | 87,10,560 | 1,02,704 | 1.56 |
| Small NII | 29,03,520 | 83,104 | 1.26 |
| Big NII | 58,07,040 | 19,600 | 0.3 |
| RII | 58,07,040 | 17,47,046 | 26.56 |
| Total | 3,19,38,719 | 1,48,30,928 | 225.43 |
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Company Details
- Turtlemint Fintech Solutions Ltd.
- The ORB – Sahar, 4B, 1st Floor, A Wing, Marol Vill, Andheri (East), Mumbai, Maharashtra, 400099
- 1800 266 0101
- support@turtlemint.com
- https://www.turtlemint.com/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- turtlemint.ipo@kfintech.com
- https://ipostatus.kfintech.com/
Frequently Asked Questions
What does Turtlemint Fintech Solutions do?
Turtlemint Fintech Solutions is an insurtech company that helps customers compare, purchase, and manage insurance products across health, life, and motor insurance categories through its digital platform and advisor network.
What are the IPO dates for Turtlemint Fintech Solutions IPO?
The Turtlemint Fintech Solutions IPO will open for subscription on June 19, 2026, and close on June 23, 2026.
What is the price band and minimum investment for Turtlemint Fintech Solutions IPO?
The IPO price band is fixed at ₹144 to ₹152 per share. Retail investors need to apply for a minimum of 1 lot (98 shares), requiring an investment of ₹14,896 at the upper price band.
What is the Grey Market Premium (GMP) of Turtlemint Fintech Solutions IPO today?
As of June 18, 2026, the Grey Market Premium (GMP) of Turtlemint Fintech Solutions IPO is around ₹2 per share, indicating an estimated listing price of about ₹154.
Why is the retail quota only 10% in Turtlemint Fintech Solutions IPO?
The IPO follows SEBI regulations applicable to companies without the required track record of profits, resulting in a higher allocation to Qualified Institutional Buyers (QIBs) and a retail reservation of 10%.
Where will Turtlemint Fintech Solutions IPO be listed?
Turtlemint Fintech Solutions IPO is proposed to be listed on both BSE and NSE, with the tentative listing date set for June 29, 2026.
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