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  1. Turtlemint Fintech Solutions IPO booked 49% so far on Day 2; check category-wise subscription status

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Turtlemint Fintech Solutions IPO booked 49% so far on Day 2; check category-wise subscription status

Journalist Kamal Joshi, former Republic TV and latestly news editor, currently associated with Upstox as senior ipo writer.

2 min read | Updated on June 22, 2026, 12:37 IST

SUMMARY

The ₹882.67 crore Turtlemint Fintech Solutions IPO, which will conclude on June 23, has set a price band of ₹144 to ₹152 per share.

Turtlemint focuses on simplifying the purchase and management of insurance policies. | Image: Shutterstock/turtlemint.com

Turtlemint focuses on simplifying the purchase and management of insurance policies. | Image: Shutterstock/turtlemint.com

The initial public offering of Turtlemint Fintech Solutions has been subscribed 49% so far on the second day of bidding on Monday, June 22.

The IPO secured bids for 1,62,25,860 shares against 3,29,01,878 shares on offer, according to the NSE data until 12:36 pm.

The quota for qualified institutional buyers (QIBs) attracted 73% subscription, while the category meant for retail investors was subscribed 49%. The part for non-institutional investors (NIIs) received 3% subscription.

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The ₹882.67 crore IPO, which will conclude on June 23, has set a price band of ₹144 to ₹152 per share.

It is a mix of a fresh issue of shares valued at ₹660.72 crore and an offer for sale of 1.46 crore shares aggregating to ₹221.95 crore by existing shareholders.

Under the OFS, promoters Dhirendra Nalin Mahyavanshi and Anand Rohidas Prabhudesai, along with several existing investors, including Peak XV Partners, Blume Ventures, Nexus Venture Partners, GGV Capital and Kunal Shah, will offload their partial stakes.

The money raised will be used for strengthening its cloud and server-related infrastructure, undertaking marketing initiatives, meeting salary expenses for its technology and product development teams, lease payments for the company's existing properties and its wholly owned unit TIB, working capital requirements, inorganic growth through unidentified acquisitions and general corporate purposes.

Turtlemint Fintech Solutions focuses on simplifying the buying and management of insurance policies. It has sold around 1.6 crore policies via a network of more than five lakh advisors. Its primary offerings in the insurance sector include retail products across life, health and motor insurance. Additionally, it facilitates other financial products like mutual funds, credit cards and loans (personal and business).

Turtlemint Fintech Solutions IPO GMP

According to investorgain.com and media reports, Turtlemint Fintech Solutions' unlisted shares were trading at ₹154.25 per share, reflecting a grey market premium (GMP) of 1.32% over the upper price band of ₹152.
Disclaimer: Grey Market Premium, or GMP, is an unofficial indicator of market sentiment toward an IPO. It is not regulated by the stock exchanges or SEBI. Upstox neither supports nor encourages grey market trading. Investors are advised to conduct their own research or consult an expert before making any investment decisions.

About The Author

Journalist Kamal Joshi, former Republic TV and latestly news editor, currently associated with Upstox as senior ipo writer.
Kamal Joshi is a business journalist who covers markets and IPOs. He places a special focus on in-depth analysis of DRHPs, RHPs and public-issue documents to produce data-driven stories. He covers trends across mainboard and SME IPOs, anchor allocations, subscription status and post-listing performance. He is passionate about breaking news and enjoys playing pickleball, especially flexing his net play. He was previously associated with Republic TV and LatestLY.

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