Turtlemint Fintech Solutions IPO
LISTEDMAINBOARDListing Performance
Listed
Issue Price
₹152
Listed On
29 Jun 2026
- Price Band
- ₹144 – ₹152
- Lot Size
- 98
- Lot Value
- ₹14,896
- Open Date
- 19 Jun19 Jun 2026
- Close Date
- 23 Jun23 Jun 2026
- Min Investment
- ₹14,896
Turtlemint Fintech Solutions — Stock Performance
About Turtlemint Fintech Solutions
Use of IPO Proceeds
Total allocation: ₹42.95 Cr (excludes issue expenses)
Promoters
Anand Rohidas Prabhudesai
Executive Director and Chief Operating Officer · age 50
Pre-issue: 8.41%
Dhirendra Nalin Mahyavanshi
Chairperson and Managing Director and Chief Executive Officer · age 47
Pre-issue: 8.81%
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE, NSE
Strengths (6)
- •Largest PoSP distribution network with 434,163 registered partners across 19,171 pin codes
- •Strong B30+ market penetration with 75.13% of premiums from underserved markets
- •High Digital Partner retention with cohorts earning 2.8x their initial average earnings
- •Diversified network of 631,885 Digital Partners enabling scalable pan-India distribution
- •Technology-enabled platform driving 33.57% CAGR Digital Partner growth from FY2020 to Dec 2025
- •Long-term partnerships with multiple Insurer Partners providing stable revenue streams
Risk Factors (6)
- •Company incurred losses of ₹1,873.89-₹2,881.83 million annually; negative cash flows and declining net worth threaten viability.
- •Negative return on net worth and negative EPS across all periods; unable to achieve profitability despite revenue growth.
- •High employee attrition rates (24-49%) and benefits expense (25-50% of revenue) create operational and cost pressures.
- •Recently acquired TIB (May 2024); limited consolidated operating history and proforma financials may not reflect actual future results.
- •Dependence on promoters and key personnel; loss of critical staff could harm business growth and competitive position.
- •Company may not prevent unauthorized use of intellectual property; 17 trademark applications opposed; could harm competitive position.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 0.71x (QIB 0.93x, NII 0.35x, Retail 0.62x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 98 | ₹14,896 |
| Retail (max) | 13 | 1,274 | ₹1,93,648 |
| S-HNI (min) | 14 | 1,372 | ₹2,08,544 |
| S-HNI (max) | 67 | 6,566 | ₹9,98,032 |
| B-HNI (min) | 68 | 6,664 | ₹10,12,928 |
Subscription Status
| Category | Day 1 | Day 3 | Day 4 | Day 5 |
|---|---|---|---|---|
| QIB | 0.51x | 0.93x | 0.51x | 0.93x |
| sNII (S-HNI) | 0.02x | 0.40x | 0.06x | 0.40x |
| bNII (B-HNI) | 0.00x | 0.33x | 0.02x | 0.33x |
| Retail | 0.16x | 0.62x | 0.35x | 0.62x |
| Total | 0.31x | 0.71x | 0.35x | 0.71x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
0.62x
Allotment Ratio
Full allotment
Allotment Probability
~100.0%
Non-Institutional Investors (NII / HNI)
Subscription
0.35x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
0.93x
Allotment Type
Discretionary allotment
Total Subscription
0.71x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
19 Jun 2026 · Fri
Issue Closes
23 Jun 2026 · Tue
Bidding Cut-off (UPI Mandate)
23 Jun 2026 · 5:00 PM IST
Allotment
24 Jun 2026 · Wed
Listing
29 Jun 2026 · Mon
Issue Opens
19 Jun 2026 · Fri
Issue Closes
23 Jun 2026 · Tue
Bidding Cut-off (UPI Mandate)
23 Jun 2026 · 5:00 PM IST
Allotment
24 Jun 2026 · Wed
Listing
29 Jun 2026 · Mon
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹882.67 Cr |
| Fresh Issue | ₹66.07 Cr |
| OFS Size | — |
| Lead Managers | ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 700.27 | -194.11 | — | — | — |
| FY24 | 564.17 | -193.35 | — | — | — |
| FY23 | 537.98 | -288.18 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | -305.78 | -198.73 | -176.61 |
From the company's offer document (DRHP/RHP); restated figures where available.
Check the valuation yourself
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹0.53 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Turtlemint Fintech Solutions offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Turtlemint Fintech Solutions's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Turtlemint Fintech Solutions's filing.
Source: Turtlemint Fintech Solutions offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+75.00%
- NII / HNI+15.00%
- Retail+10.00%
OFS Selling Shareholders
- Promoter Selling Shareholders43,23,218 sh
- Investor Selling Shareholders97,45,181 sh
- Individual Selling Shareholder5,33,447 sh
Source: Turtlemint Fintech Solutions offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Dhirendra Nalin Mahyavanshi
Chairperson and Managing Director and Chief Executive Officer
- Anand Rohidas Prabhudesai
Executive Director and Chief Operating Officer
Bachelor's degree in technology (electrical engineering) from Indian Institute of Technology, Bombay and Master's degree in business administration from University of Chicago
Over 23 years of experience in the field of technology and insurance
- Mohua Sengupta
Independent Director
Master's degree in arts in economics from Jadavpur University, Kolkata and Master's degree in business administration from University at Buffalo School of Management, New York. Certified General Accountant from Certified General Accountants Association of Ontario
Over 10 years of experience in the field of investment banking, corporate banking and retail finance
- Alok Chandra Misra
Independent Director
Bachelor's degree in commerce from Calcutta University. Fellow member of the Institute of Chartered Accountants of India
Over 35 years of experience in the field of finance and accounting
- Anup Wadhawan
Independent Director
Bachelor's and Master's degree in arts (economics) from University of Delhi and Master's degree in arts and doctorate in philosophy from Duke University
Over 35 years of experience in the field of commerce and industry, finance, public policy/administration
- Dinanath Mohandas Dubhashi
Independent Director
Bachelor's degree in mechanical engineering from Sardar Patel College of Engineering, University of Bombay and post graduate diploma in management from Indian Institute of Management, Bangalore
Over 27 years of experience in the field of investment banking, corporate banking and retail finance
Key Managerial Personnel (2)
- Badrinarayan Sanjeevi₹0.17 Cr p.a.
Chief Financial Officer
Bachelor's degree in commerce from University of Madras and Master's degree in business administration from INSEAD, France. Associate of the Institute of Chartered Accountants of India. Completed cost and works accountancy from the Institute of Cost and Work Accountants of India
Over 27 years of experience in the field of consulting and finance
- Prashant Saini₹0.08 Cr p.a.
Company Secretary and Compliance Officer
Bachelor's degree in commerce (honours) and Bachelor's degree in law from University of Delhi. Associate of the Institute of Company Secretaries of India. Master's degree in law from Kurukshetra University
Over 17 years of experience in the field of legal and secretarial functions
Source: Turtlemint Fintech Solutions offer document (DRHP/RHP).
Industry & Market
Operates the largest number of registered PoSP distribution network amongst the Peer Group as of December 31, 2025, with 434,163 PoSPs accounting for approximately 15.97% of the approximately 2.7 million PoSPs in the insurance industry in Fiscal 2025
Per Redseer Report, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Company (Turtlemint) | — | -7.33 | -47.29 | 7768.02 |
| PB Fintech Limited | 202.33 | 7.77 | 5.74 | 140.06 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Labour | Subsidiaries | 3 | — |
| Criminal | Directors | 3 | — |
| Statutory | Directors | 1 | — |
| Civil | Directors | 1 | 9.9 |
Turtlemint Fintech Solutions has no material outstanding criminal proceedings, regulatory actions, or civil litigation as of the date of this Red Herring Prospectus. Its subsidiary TIB faces pending labour law matters under the Minimum Wages Act, Payment of Bonus Act, and Payment of Gratuity Act, but these do not meet the materiality threshold for disclosure as material litigation.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Turtlemint Fintech Solutions IPO opening?
The Turtlemint Fintech Solutions IPO opens on 19 Jun 2026 and closes on 23 Jun 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Turtlemint Fintech Solutions IPO?
The price band for the Turtlemint Fintech Solutions IPO is ₹144 to ₹152. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Turtlemint Fintech Solutions IPO?
The minimum lot size is 98 shares with a minimum investment of ₹14,896. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Turtlemint Fintech Solutions IPO today?
The latest Grey Market Premium for Turtlemint Fintech Solutions is ₹0 (+0.20%). GMP is unofficial data and is not a guarantee of listing price.
When will the Turtlemint Fintech Solutions IPO list on NSE and BSE?
The Turtlemint Fintech Solutions IPO is expected to list on 29 Jun 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Turtlemint Fintech Solutions IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Turtlemint Fintech Solutions IPO a mainboard or SME issue?
Turtlemint Fintech Solutions is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Turtlemint Fintech Solutions IPO?
You can apply for the Turtlemint Fintech Solutions IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Turtlemint Fintech Solutions IPO?
The GMP-implied price (unofficial, not a forecast) is ₹152: the upper price band of ₹152 plus the latest grey market premium of ₹0, as of 01 Jul 2026, 06:00 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Turtlemint Fintech Solutions IPO?
Based on the retail subscription of 0.62x, all retail applicants are expected to receive full allotment for the Turtlemint Fintech Solutions IPO.
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