Turtlemint IPO Opens June 19: GMP Hints at 4% Listing Gain

Turtlemint IPO Launches This Week

The Initial Public Offering (IPO) of Turtlemint Fintech Solutions is set to open for subscription on June 19, closing on June 23. This significant offering aims to raise Rs 882.67 crore.

The issue comprises a fresh issue of 4.35 crore shares, valued at Rs 660.72 crore, alongside an Offer For Sale (OFS) of 1.46 crore shares worth Rs 221.95 crore. The IPO price band has been fixed between Rs 144 and Rs 152 per share.

GMP Indicates Listing Gains

According to InvestorGain, the Grey Market Premium (GMP) for Turtlemint Fintech Solutions IPO stood at Rs 6 on June 17. This suggests an estimated listing price of approximately Rs 158 per share.

This projection indicates a potential listing gain of 3.95% for investors. It’s crucial to remember that GMP is speculative and not official data.

Key Dates & Company Details

• Minimum Investment: Retail investors can apply for a minimum lot size of 98 shares, requiring an investment of Rs 14,896 at the upper price band.
• Allotment & Listing: IPO allotment is expected on June 24, with shares slated to list on NSE and BSE on June 29.
• Book-Running Lead Manager: ICICI Securities Ltd.
• Registrar: Kfin Technologies Ltd.

Established in 2015, Turtlemint Fintech Solutions operates a technology-driven platform for insurance distribution, connecting customers, advisors, and insurers. The company partners with 45 insurers and distributed over 21.87 million insurance policies between April 2022 and December 2025.

Financially, Turtlemint reported a consolidated total income of Rs 693.21 crore for FY25, a substantial increase from Rs 119.12 crore in FY24. Despite revenue growth, the company remained loss-making, with a net loss of Rs 194.11 crore in FY25, compared to a loss of Rs 193.35 crore the previous year. EBITDA for FY25 was Rs 82.43 crore.