Turtlemint Fintech IPO Opens: Modest Listing Gains Expected

Turtlemint Fintech IPO Set for June 19 Launch

Turtlemint Fintech Solutions’ initial public offering (IPO) is set to open tomorrow, June 19. Market observers are noting a subdued grey market premium (GMP), signaling cautious listing gains for investors.

The latest GMP for Turtlemint Fintech Solutions IPO stands at Rs 2. This suggests an estimated listing price of Rs 154 against the upper price band of Rs 152 per share, indicating a modest 1.32% gain.

Key IPO Details

• The IPO is a book-built issue valued at Rs 882.67 crore.
• It includes a fresh issue of 4.35 crore shares worth Rs 660.72 crore.
• An offer-for-sale (OFS) comprises 1.46 crore shares amounting to Rs 221.95 crore.
• The price band is set between Rs 144 and Rs 152 per share.
• Retail investors need a minimum lot size of 98 shares, requiring an investment of Rs 14,896 at the upper price band.

Timeline and Company Overview

ICICI Securities Ltd. is the book-running lead manager, with Kfin Technologies Ltd. as the registrar. The subscription window closes on June 23, and share allotment is expected on June 24. Listing on both NSE and BSE is slated for June 29.

Established in 2015, Turtlemint Fintech Solutions operates a technology platform that connects customers, insurance advisors, and insurers. The company has partnered with 45 insurers and distributed over 21.87 million insurance policies between April 2022 and December 2025.

Financially, Turtlemint reported a total income of Rs 693.21 crore for FY25, up from Rs 119.12 crore in FY24. Despite revenue growth, the company recorded a net loss of Rs 194.11 crore in FY25, slightly higher than the Rs 193.35 crore loss in the previous year.