Turtlemint share price: Stock lists at 11% discount on NSE; here's how much investorts lost

This reflects a discount of 11.25% against the IPO issue price of ₹152 per share.

On the BSE, it debuted at ₹136.20 apiece, down 10.39% from the issue price.

Turtlemint Fintech Solutions IPO: Here's how much investors lost

A lot consisted of 98 shares. Investors who received Turtlemint Fintech Solutions IPO allotment saw their investment value drop to ₹13,220.2 per lot.

The ₹882.67 crore initial public offering consisted of a fresh issue of shares worth ₹660.72 crore and an offer for sale (OFS) of 1.46 crore shares valued at ₹221.95 crore by existing shareholders.

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

The money generated will be utilised for vitalising cloud and server-related infrastructure, undertaking marketing initiatives, meeting salary expenses for its product development and technology teams, lease payments for existing properties and its wholly owned subsidiary TIB, working capital needs, general corporate purposes and inorganic growth through unidentified acquisitions.

The initial public offering was booked 1.20 times, as it secured bids for 3,95,47,704 equity shares compared to 3,29,01,878 shares on offer.

The bidding was led by qualified institutional buyers (QIBs) who subscribed their portion 1.59 times. The part reserved for retail individual investors (RIIs) was booked 1.07 times, while non-institutional investors subscribed to their quota 52%.

Prior to the IPO, the company had raised ₹397.20 crore from anchor investors, including ICICI Prudential Equity & Debt Fund, Mirae Asset Multicap Fund, Axis Max Life Insurance A/C Smart Innovation Fund and Bajaj Life Insurance, among others.

Turtlemint Fintech Solutions is a technology-led insurance distribution platform that simplifies the process of buying and managing insurance policies.