Turtlemint Fintech Solutions was incorporated on April 7, 2015. The company operates a technology-enabled insurance distribution platform that connects customers, advisors, and insurers. It leverages a large certified Point-of-Sale Person (PoSP) network, digital tools, and AI-driven solutions to support policy sales, customer servicing, and claims assistance across India
| Bidding Dates |
|---|
| 19 Jun 2026 - 23 Jun 2026 |
| Subscription |
|---|
| 1.2x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,112 | 1 | 13 | 98 | 58.1 M | ₹144 - ₹152 | 13.21 % | ₹8362.1 M - ₹8826.7 M | RHP DOC |
Turtlemint Fintech Solutions IPO SUBSCRIPTION STATUS
23 Jun '26Turtlemint Fintech Solutions IPO overall subscription rate was 1.2 times the total available shares
Turtlemint Fintech Solutions IPO retail subscription rate was 1.07 times in the retail segment
Turtlemint Fintech Solutions IPO non-institutional investor subscription rate was 0.52 times in the non-institutional investor category
Turtlemint Fintech Solutions IPO Qualified Institutional Bidder subscription rate was 1.59 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 10% | 15% | 75% |
23 Jun 2026 (Day 3) | 1.07x | 0.52x | 1.59x |
22 Jun 2026 (Day 2) | 0.61x | 0.05x | 0.73x |
19 Jun 2026 (Day 1) | 0.28x | 0.01x | 0.73x |
Turtlemint Fintech Solutions FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| 9MFY26 | 741.1 | -187.4 | -175.3 | -177.0 | - |
| 9MFY25 | 411.1 | -154.7 | -163.4 | -164.8 | - |
| FY25 | 662.7 | -194.1 | -215.8 | -217.8 | 11.9% |
| FY24 | 78.6 | -193.3 | -241.7 | -242.9 | 9.93% |
| FY23 | 419.9 | -288.2 | -285.9 | -297.9 | -12.04% |
Turtlemint Fintech Solutions IPO SUBSCRIPTION STATUS DETAILS
Turtlemint Fintech Solutions had 58.1 M shares on offer
Turtlemint Fintech Solutions IPO offer price was in the range ₹144 - ₹152
Turtlemint Fintech Solutions IPO minimum Investment was ₹14112
Turtlemint Fintech Solutions IPO issue size was ₹ 8362.1 M - ₹ 8826.7 M
Turtlemint Fintech Solutions had a minimum lot size of 98 Shares per application
Turtlemint Fintech Solutions NUMBER OF SHARES ON OFFER
Turtlemint Fintech Solutions IPO IMPORTANT DATES
| Issue Open Date | 19 Jun 2026 |
| Issue close Date | 23 Jun 2026 |
| Allotment Date | 24 Jun 2026 |
| Refund Date | 25 Jun 2026 |
| Demat Account Credit Date | 25 Jun 2026 |
| Listing Date | 29 Jun 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Turtlemint Fintech Solutions Allotment Status | Exchange/ Registrar |
Turtlemint Fintech Solutions IPO subscription opened on 19 Jun 2026, and closed on 23 Jun 2026
IPO allotment for Turtlemint Fintech Solutions was finalized on Wednesday, 24 Jun 2026
IPO listing for Turtlemint Fintech Solutions was on NSE and BSE on Monday, 29 Jun 2026
Turtlemint Fintech Solutions IPO LISTING GAINS
| Issue Price (adjusted) | 152.0 |
| Listing Open Price | 134.9 |
| Listing Close Price | 135.4 |
| Listing Gain% | -11.3% |
| Current Gain% | -26.4% |
Turtlemint Fintech Solutions Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Turtlemint Fintech Solutions Ltd. | 111.8 | 3293.5 | -17.9 | 3.5 | 3 | -60.4 | -40.9 | 1109.4 | 60 | -184.3 | 5.1 | -6.3 | -5.1 |
| One97 Communications Ltd. | 1441.6 | 92425.7 | 142.2 | 1.2 | 10.3 | 3.4 | 2.3 | 9291 | 21.9 | 553 | 184 | 10.1 | 114.7 |
| PB Fintech Ltd. | 1604.5 | 74239.4 | 99.2 | 1 | 10.1 | 9.2 | 7.7 | 7166.4 | 33.1 | 669.9 | 89.8 | 16.2 | 98.3 |
| Affle 3I Ltd. | 1645.6 | 23183.1 | 48.5 | 2.5 | 8.2 | 12.4 | 10.3 | 2787.6 | 18.1 | 454.9 | 19.1 | 33.9 | 19.2 |
| Pine Labs Ltd. | 154.4 | 17820.2 | 140 | 0.7 | 6.3 | 1.9 | 0.8 | 2847.2 | 22.3 | 112.5 | 177.3 | 1.1 | 212.8 |
| Fractal Analytics Ltd. | 817.7 | 14061.6 | 42.8 | 4.1 | 9.2 | 6.6 | 3362.6 | 19.4 | 292.2 | 31 | 19.1 |
Turtlemint Fintech Solutions INFORMATION ON IPO ISSUE
About Turtlemint Fintech Solutions
Turtlemint Fintech Solutions was incorporated on April 7, 2015. The company operates a technology-enabled insurance distribution platform that connects customers, advisors, and insurers. It leverages a large certified Point-of-Sale Person (PoSP) network, digital tools, and AI-driven solutions to support policy sales, customer servicing, and claims assistance across India
Object of the Issue
- Expenditure towards cloud and server related infrastructure of the company
- Salary expenditure towards the technology and product development teams of the company
- Expenditure towards marketing initiatives by the company
- Expenditure towards lease payments for existing properties of the company and its wholly owned subsidiary, TIB
- Investment in its wholly owned subsidiary, TIB, for funding its working capital requirements
- Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes
Turtlemint Fintech Solutions - PROMOTERS
| Name |
|---|
| Anand Rohidas Prabhudesai |
| Dhirendra Nalin Mahyavanshi |
Turtlemint Fintech Solutions - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Dhirendra Nalin Mahyavanshi | Chairperson, Managing Director & Chief Executive Office |
| Anand Rohidas Prabhudesai | Executive Director & Chief Operating Officer |
| Mohua Sengupta | Independent Director |
| Alok Chandra Misra | Independent Director |
| Anup Wadhawan | Independent Director |
| Dinanath Mohandas Dubhashi | Independent Director |
Turtlemint Fintech Solutions Book Running Lead Manager
ICICI Securities Limited
turtlemint.ipo@icicisecurities.com
Jefferies India Private Limited
Turtlemint.IPO@jefferies.com
JM Financial Limited
turtlemint.ipo@jmfl.com
Motilal Oswal Investment Advisors Limited
turtlemint.ipo@motilaloswal.com
Turtlemint Fintech Solutions Registrar to the Offer
KFin Technologies Limited
Turtlemint.ipo@kfintech.com
Turtlemint Fintech Solutions Strengths
Partner network
The company has built a diversified Digital Partner network supported by technology-led recruitment, onboarding, and training. It operates through a wide physical branch presence, helping attract both new and experienced partners. These partners mainly work as retail distributors, engaging directly with customers
Insurer partnerships
The company maintains long-term partnerships with Insurer Partners, covering a large share of insurers in India. These relationships support mutual growth. As highlighted in the Redseer Report, broker channels using Point of Sales Persons (PoSPs) often incur lower non-commission costs, delivering estimated savings of 8–10% for insurers
PoSP leadership
The PoSP model is expanding rapidly in India, significantly outpacing the growth of traditional insurance agents, according to the Redseer Report. PoSPs grew at a strong compound annual growth rate between Fiscal 2020 and Fiscal 2025 and now account for nearly half of the insurance agent base
Turtlemint Fintech Solutions Risks
Insurer concentration risk
The company derives a large share of its revenue from general insurance companies, primarily through motor insurance sales. Any disruption in relationships with these insurers, restrictions on general insurance products, or slower portfolio diversification could negatively affect revenue, profitability, and cash flows
Commission revenue risk
The company generates almost all of its revenue from commissions, rewards, and fees received from insurer partners and other financial service providers. Income from distribution accounted for the overwhelming majority of revenue in recent periods. Any reduction in commission rates, changes in fee structures, or renegotiation of commercial terms could adversely impact earnings and financial performance
Partner dependency
The company’s business model depends heavily on its Digital Partner network, including Point of Sales Persons (PoSPs). Expenses related to recruiting, activating, managing, and retaining partners form a significant portion of total costs
IPO FAQs
This IPO consists of an offer for sale of up to Rs 222.0 crore, of 14,601,846 shares. It also consists of a fresh issue of Rs 660.7 crore.
The promoters of the company are Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 144.0 - 152.0.
The IPO application opens on Jun 19, 2026 and closes on Jun 23, 2026.
The minimum lot size for the IPO is 98. The maximum lot size for the IPO is 1274.
For all category investors, the minimum application amount for this IPO is Rs. 14,112.0, the maximum value for this IPO is Rs 193,648.0.
This IPO will be allotted on Jun 24, 2026.
The refund will be credited to your account on Jun 25, 2026.
The allotted shares will be credited to your demat on Jun 25, 2026.
Turtlemint Fintech Solutions Ltd.’s shares listed on the stock exchanges on Jun 29, 2026.