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Thu, 06 Aug 2026
07:13:38 pm
Thu, 06 Aug 2026
07:13:38 pm
Rudransh Sangwan
Published at: June 22, 2026, 1:57 PM
Synopsis
Turtlemint IPO Day 2 subscription reaches 51%. Check latest GMP, subscription status, price band, allotment date, listing schedule, anchor investors, and key IPO details.
Turtlemint Fintech Solutions IPO witnessed moderate investor demand on Day 2 of bidding, with the public issue subscribed 51% as of June 22, 2026. Institutional investors continued to drive subscriptions, while retail participation remained moderate and non-institutional investors (NIIs) showed limited interest.
The Turtlemint IPO, which opened for subscription on June 19, will close on June 23. The insurtech company aims to raise ₹882.67 crore through a combination of fresh issue and offer for sale.
As of 4:00 PM on June 22, the IPO had received bids for approximately 51% of the shares on offer.
The Qualified Institutional Buyers (QIBs) category emerged as the strongest segment, while the NII portion remained significantly under-subscribed.
| Category | Subscription (Times) |
|---|---|
| QIBs | 0.73x |
| Retail Investors | 0.59x |
| NIIs | 0.04x |
| Total Issue | 0.51x |
The issue allocation structure reserves 75% for QIBs, 15% for NIIs, and 10% for retail investors.
The IPO consists of a fresh issue worth ₹660.72 crore and an offer for sale (OFS) of 1.46 crore shares aggregating to ₹221.95 crore.
The company has fixed the price band at ₹144-₹152 per share, valuing the business at over ₹4,500 crore at the upper end of the price band.
| Particulars | Details |
|---|---|
| IPO Size | ₹882.67 Crore |
| Fresh Issue | ₹660.72 Crore |
| Offer For Sale | ₹221.95 Crore |
| Price Band | ₹144 - ₹152 |
| Face Value | ₹10 Per Share |
| Lot Size | 98 Shares |
| Minimum Investment | ₹14,896 |
| IPO Closing Date | June 23, 2026 |
| Listing Exchange | NSE & BSE |
Ahead of the IPO opening, Turtlemint Fintech Solutions raised ₹397.2 crore from anchor investors.
The company allotted 2.61 crore shares to 32 institutional investors at the upper end of the price band.
Notable participants included:
The strong anchor book provided an early indication of institutional confidence in the issue.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a technology-led insurance distribution platform.
The company enables customers to purchase insurance products through a large advisor network and digital platform.
| Metric | Details |
|---|---|
| Founded | 2015 |
| Founders | Dhirendra Mahyavanshi, Anand Prabhudesai |
| Industry | Insurtech |
| Customers Served | 12 Million+ |
| Insurance Policies Sold | Nearly 16 Million |
| Advisor Network | 500,000+ Advisors |
The platform has emerged as one of India's prominent insurance distribution ecosystems.
The company plans to utilize fresh issue proceeds to strengthen technology capabilities, improve infrastructure, expand operations, and pursue future growth opportunities.
| Purpose | Amount |
|---|---|
| Cloud & Server Infrastructure | ₹25.64 Crore |
| Technology Team Salaries | ₹193.04 Crore |
| Marketing Initiatives | ₹39.07 Crore |
| Lease Payments | ₹43 Crore |
| Subsidiary Working Capital | ₹128.64 Crore |
| Strategic Initiatives & Corporate Purposes | Remaining Amount |
The company is focused on enhancing its technology infrastructure and scaling its insurance distribution platform.
The Grey Market Premium (GMP) for Turtlemint IPO remained weak on June 22.
Market trackers indicated that shares were trading at a premium of only ₹0.75 to ₹1.50 in the unofficial market.
| Parameter | Value |
|---|---|
| Upper Price Band | ₹152 |
| Current GMP | ₹0.75 - ₹1.50 |
| Estimated Listing Price | ₹152.75 - ₹153.50 |
| Expected Listing Gain | Below 1% |
The GMP has declined considerably from earlier levels of around ₹6, indicating cautious sentiment among grey market participants.
Investors should keep track of the upcoming milestones related to the issue.
| Event | Date |
|---|---|
| IPO Opens | June 19, 2026 |
| IPO Closes | June 23, 2026 |
| Allotment Finalisation | June 24, 2026 |
| Refund Initiation | June 25, 2026 |
| Shares Credited to Demat | June 25, 2026 |
| Expected Listing Date | June 29, 2026 |
The company has built a sizeable insurance distribution ecosystem and continues to benefit from increasing digital adoption in the insurance sector.
Despite strong business growth, investors should also consider certain risks.
Turtlemint Fintech Solutions IPO has witnessed moderate demand on the second day of bidding, with institutional investors leading participation. While the company's strong insurance distribution platform, large advisor network, and technology-driven business model remain positives, the subdued GMP and weak NII demand suggest cautious market sentiment. Investor response on the final day of subscription will be closely watched ahead of the expected listing on June 29.
The IPO was subscribed 51% overall as of June 22, 2026.
The company has fixed the price band at ₹144 to ₹152 per share.
The grey market premium is around ₹0.75 to ₹1.50 per share.
The IPO will close for subscription on June 23, 2026.
The shares are expected to list on NSE and BSE on June 29, 2026.
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