Insurtech startup Turtlemint Fintech Solutions, backed by Nexus Venture Partners, is set to launch its initial public offering (IPO) on June 19. The company has fixed the price band for the public issue at Rs 144 to Rs 152 per equity share.
IPO Details and Issue Size
The IPO will remain open for subscription until June 23. Investors can bid for a minimum of 98 shares and in multiples thereafter. At the upper end of the price band (Rs 152 per share), Turtlemint aims to raise Rs 882.67 crore, which would result in a post-listing market capitalization of Rs 4,476.08 crore.
The public issue comprises a fresh issue of shares worth Rs 660.72 crore and an offer for sale (OFS) of 1.46 crore equity shares. The OFS includes stake sales by promoters Anand Prabhudesai and Dhirendra Mahyavanshi, as well as existing investors such as Peak XV Partners, Nexus Venture Partners, Jungle Ventures, Blume Ventures, and individual investor Kunal Shah.
Company Overview and Financials
Turtlemint operates a technology-led insurance distribution platform, effectively connecting customers, insurers, and various digital partners. As of September 30, 2025, the company boasted over 6 lakh digital partners, including 4.85 lakh Point of Sales Persons (PoSPs). Between April 2022 and September 2025, Turtlemint facilitated the distribution of 19.68 million insurance policies.
For the financial year 2025, Turtlemint reported a revenue of Rs 662.7 crore, a significant increase from Rs 78.6 crore in FY24. However, its net loss marginally widened to Rs 194.1 crore in FY25, up from Rs 193.3 crore in the previous fiscal year.
Key Dates and Investor Reservations
The anchor investor portion of the IPO is scheduled to open on June 18, a day before the main public issue commences. Following the closure of the IPO on June 23, the shares are tentatively scheduled to list on both the BSE and NSE on Monday, June 29.
In terms of allocation, 75 percent of the total issue size has been reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors (NIIs), and the remaining 10 percent for retail investors.
Lead Managers and Registrar
The book-running lead managers for the Turtlemint IPO include ICICI Securities, JM Financial, Jefferies India, and Motilal Oswal Investment Advisors. Kfin Technologies has been appointed as the official registrar for the issue.