Turtlemint Fintech Solutions IPO Day 1: Check subscription status, price band, lot size and objectives

Turtlemint Fintech Solutions IPO opened for public subscription on Friday, June 19. The issue will conclude on Tuesday, June 23. The price band has been fixed at ₹144 to ₹152 per share.

The ₹882.67 crore initial share sale is a fresh issuance of 4.35 crore shares valued at ₹660.72 crore and an offer for sale (OFS) of ₹221.95 crore.

Those divesting their stake under the OFS include promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi and investors Kunal Shah, Peak XV Partners Investments V, Vistra ITCL (India) Ltd - Trustee - Blume Ventures Fund 1X, Nexus Ventures IV, GGV VII Investments, Catalyst Trusteeship Limited – Trustee - Blume Ventures (Opportunities) Fund IIA, Humming Bird Investment Holdings SPV and Dream Incubator.

The fresh issue proceeds will be utilised for expenditure towards cloud and server-related infrastructure, salary expenditure, marketing initiatives, lease repayment of the company and its wholly owned unit TIB, fulfilling working capital requirements of TIB, inorganic growth via unidentified acquisitions and general corporate purposes.

Turtlemint Fintech Solutions IPO Day 1: Subscription status

The subscription details for the first day of the issue will be available post 10 am.

The minimum investment for an individual investor is 98 shares and in multiples thereof.

The issue has reserved 75% of the net offer for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint focuses on simplifying the purchase and management of insurance policies. It has sold around 1.6 crore policies via a network of more than five lakh advisors.

The insurtech company claims to have processed more than 90 crore claims for over 1.2 crore customers.

Turtlemint Fintech Solutions IPO GMP