Turtlemint Fintech Solutions

Turtlemint Fintech IPO

Listed

MainboardOpens 19 June 2026Closes 23 June 2026

Turtlemint Fintech Solutions Limited, founded in 2015, operates as a leading technology-driven insurance distribution platform across India. Utilizing a unique 'phygital' (physical + digital) model, the platform…

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Live GMPSubscriptionAllotment
Price band
₹144 - ₹152
Issue size
₹882.67 Cr
Lot size
98 shares
Type
Mainboard
GMP
₹-5 (-3.3%)
Est. listing
₹147
Est. profit / app
₹-490
Retail quota
Not more than 10.00% of the Offer

Key ratios

As per RHP / filings
Face value
₹1
EPS
-7.73
P/E ratio
-19.66
RoNW
-47.29%
ROE
-95.18%
Debt / Equity
0.15
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Timeline

IPO Opens

19 Jun

IPO Closes

23 Jun

Allotment

24 Jun

Listing

29 Jun

IPO Timeline & Listing Details

EventDate
IPO Open Date19 June 2026
IPO Close Date23 June 2026
Allotment Date24 June 2026
Listing Date29 June 2026

Investment Categories

CategoryLotsAmount
Retail (Min)
1₹14,896
Retail (Max)Just less than ₹2,00,000
13₹1,93,648
SHNI (Min)Just above ₹2,00,000
14₹2,08,544
SHNI (Max)Below ₹10,00,000
67₹9,98,032
BHNIAbove ₹10,00,000
68₹10,12,928

IPO Reservation Details

CategoryReservation
QIB (Qualified Institutional Buyer)Not less than 75.00% of the Offer size
NII (Non-Institutional Investor)Not more than 15.00% of the Offer
SHNI (Small Non-Institutional Investor)5.00%
BHNI (Big Non-Institutional Investor)10.00%
RetailNot more than 10.00% of the Offer
Total100.00%

IPO Objectives

  • Salary expenditure towards the technology and product development teams of the Company (₹193.04 Cr).
  • Investment in its wholly owned subsidiary, TIB, for funding its working capital requirements (₹128.64 Cr).
  • Expenditure towards marketing and digital brand visibility initiatives (₹39.07 Cr).
  • Expenditure towards cloud services and server-related core IT data infrastructure (₹25.64 Cr).
  • Expenditure towards lease payments for existing commercial properties of the Company and its wholly owned subsidiary, TIB (₹22.21 Cr + ₹20.87 Cr).
  • Funding organic growth through unidentified acquisitions, strategic enterprise initiatives, and general corporate layouts.

Strengths

  • The company possesses an **Unrivaled Scale of POSP Network**, operating India's largest certified network of digital partners and PoSP advisors among insuretech intermediaries to drive powerful brand network effects.
  • It commands a **Dominant B30 Footprint**, building exceptionally strong distribution channels inside underserved B30 markets where over 80% of its partner ecosystem is structurally based.
  • The business demonstrates **Massive Sourcing Runways**, successfully facilitating the distribution of over 2.18 Crore policies across 19,171 pin codes to achieve a massive 98% footprint coverage across India.
  • It leverages **Extensive Institutional Linkages**, offering a vast, stable cross-selling canvas through tied distribution agreements spanning 45 premier national insurance corporations.
  • The firm maintains **Zero Long-Term Debt**, displaying premium financial flexibility with zero outstanding borrowing components recorded across its historical balance sheets.

Weaknesses

  • The company is impacted by **Chronic Operational Losses**, severely constrained by a long, continuing historical track record of high cash burn and negative restated cash flows, posting a loss of -₹187.39 Cr for late 2025.
  • It exhibits **Depressed Capital Return Efficiency**, with return metrics tracking deep inside negative territory, leading to a reported Return on Net Worth (RoNW) sitting at a negative **47.29%** as of March 2025.
  • The issue faces **Dull Gray Market Traction**, with unofficial pre-listing unlisted marketplace sentiments indicating a cold immediate reception and an initial tracking premium of only **₹2**.
  • The firm is subject to a **Capped Retail Allotment Limit**, where regulatory mandates compress the individual retail investor reservation quota to a highly restrictive **10%** because the company remains loss-making.
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Financial Performance

Period Ended31 Dec 2025 (9M)31 Mar 202531 Mar 202431 Mar 2023
Assets (₹ Cr.)467.14578.69612.55900.37
Revenue (₹ Cr.)748.91693.21119.12460.11
PAT (₹ Cr.)-187.39-194.11-193.35-288.18
Net Worth (₹ Cr.)295.68410.46563.8743.45

Peer Comparison

CompanyP/B RatioP/E RatioRONW (%)Net Worth (₹ Cr.)
Turtlemint Fintech10.29112.289.16%295.68
PB Fintech7.77202.335.74%3,853.01

Subscription Details

Daily Bids Status

CategoryDay 1Day 2Day 3
QIB0.75x0.75x1.63x
NII0.01x0.05x0.55x
S-HNI0.03x0.09x0.56x
B-HNI0x0.03x0.54x
RII0.3x0.64x1.11x
Total0.46x0.54x1.24x

Overall Subscription Statistics

CategoryShares OfferedShares BidBid Amount (₹ Cr)
QIB1,74,21,1192,83,32,486430.65
NII87,10,56047,60,84072.36
Small NII29,03,52016,20,33224.63
Big NII58,07,04031,40,50847.74
RII58,07,04064,54,37898.11
Total3,19,38,7193,95,47,704601.13
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Company Details

  • Turtlemint Fintech Solutions Ltd.
  • The ORB – Sahar, 4B, 1st Floor, A Wing, Marol Vill, Andheri (East), Mumbai, Maharashtra, 400099
  • 1800 266 0101
  • support@turtlemint.com
  • https://www.turtlemint.com/

Registrar Details

Frequently Asked Questions

What does Turtlemint Fintech Solutions do?
Turtlemint Fintech Solutions is an insurtech company that helps customers compare, purchase, and manage insurance products across health, life, and motor insurance categories through its digital platform and advisor network.
What are the IPO dates for Turtlemint Fintech Solutions IPO?
The Turtlemint Fintech Solutions IPO will open for subscription on June 19, 2026, and close on June 23, 2026.
What is the price band and minimum investment for Turtlemint Fintech Solutions IPO?
The IPO price band is fixed at ₹144 to ₹152 per share. Retail investors need to apply for a minimum of 1 lot (98 shares), requiring an investment of ₹14,896 at the upper price band.
What is the Grey Market Premium (GMP) of Turtlemint Fintech Solutions IPO today?
As of June 18, 2026, the Grey Market Premium (GMP) of Turtlemint Fintech Solutions IPO is around ₹2 per share, indicating an estimated listing price of about ₹154.
Why is the retail quota only 10% in Turtlemint Fintech Solutions IPO?
The IPO follows SEBI regulations applicable to companies without the required track record of profits, resulting in a higher allocation to Qualified Institutional Buyers (QIBs) and a retail reservation of 10%.
Where will Turtlemint Fintech Solutions IPO be listed?
Turtlemint Fintech Solutions IPO is proposed to be listed on both BSE and NSE, with the tentative listing date set for June 29, 2026.

Turtlemint Fintech IPO News & Updates

Follow the latest updates for Turtlemint Fintech IPO, including grey market moves and allotment news.

Turtlemint Fintech IPO IPO Pages

Open related pages for this IPO: details, GMP, subscription, allotment, review, FAQ, registrar, timeline, and news.

Turtlemint Fintech IPO Details

Issue size, price, financials, and company info

Turtlemint Fintech IPO GMP

Live grey market premium and listing estimate

Turtlemint Fintech IPO Subscription

QIB, NII, Retail, SHNI and BHNI subscription

Turtlemint Fintech IPO Allotment

Allotment date, chances, and check by PAN

Turtlemint Fintech IPO Review

SWOT, strengths, risks, and IPO review

Turtlemint Fintech IPO FAQ

Common questions on dates, GMP, and allotment

Turtlemint Fintech IPO Registrar

Registrar website and how to check allotment

Turtlemint Fintech IPO Timeline

Open, close, allotment, and listing dates

Turtlemint Fintech IPO News

Updates, blogs, and latest IPO news

Sources

We match Turtlemint Fintech IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.

  • SEBIRules for IPO allotment and disclosures in India
  • NSEExchange notices, bidding data, and listing updates
  • BSEExchange notices and IPO allotment check tools
  • RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
  • Kfin Technologies Ltd.Official site to check allotment status for this IPO

Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.

Reviewed by

Dinesh Agrawal · Lead IPO Analyst

15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.

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