Turtlemint IPO opens June 19: Check price band, lot size and key dates

Insurtech unicorn Turtlemint Fintech Solutions' initial public offering will open for subscription on June 19. The issue, which will conclude on June 23, has set a price band of ₹144 to ₹152 per share.

The ₹882.66 crore initial share sale consists of fresh issuance of shares valued at ₹660.72 crore and an offer for sale (OFS) of ₹221.94 crore.

Under the OFS route, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavansh and investors Kunal Shah, Vistra (ITCL) India Ltd - Trustee - Blume Ventures Fund 1X, Nexus Ventures VI Holdings, LLC, Peak XV Partners Investments V, Jungle Ventures III Investment Holding, Nexus Ventures IV, GGV VII Investments and Catalyst Trusteeship Limited – Trustee - Blume Ventures (Opportunities) Fund IIA will offload their stake.

The fresh issue proceeds will be used for expenditure towards cloud and server-related infrastructure, salary expenditure towards product development and technology teams, marketing initiatives, lease payments, investment in a wholly-owned unit, TIB, for funding working capital needs, and funding inorganic growth through unidentified acquisitions and general corporate purposes.

Turtlemint Fintech Solutions IPO lot size

A lot consists of 98 shares and multiples thereof. The company has reserved 75% of the offer for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors.

Turtlemint Fintech Solutions IPO: Key dates

Turtlemint is a technology-enabled insurance distribution platform, connecting customers, insurance advisors and insurers. It offers insurance products, including life insurance, health insurance, motor insurance, etc.

The platform helps users to compare different types of insurance and buy the right plan. The company, according to the Redseer Report, has significantly outpaced the growth of the overall retail insurance market on the basis of gross direct premium income (GDPI).