Turtlemint Fintech Solutions IPO
Bookbuilding IPO | ₹883.00 Cr | Listing at BSE, NSE
Closed
IPO Open
Fri, Jun 19, 2026
IPO Close
Tue, Jun 23, 2026
Price Band
₹144.00 to ₹152.00
Market Cap (Pre-IPO)
-
IPO Details
| IPO Date | Jun 19, 2026 to Jun 23, 2026 |
| Listing Date | Tentative: Jun 29, 2026 |
| Face Value | ₹1.00 per share |
| Price Band | ₹144.00 to ₹152.00 |
| Lot Size | 98 Shares (Minimum: ₹14,896.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹883.00 Crores |
| Total Shares Offered | 58,070,398 shares |
| Fresh Issue | 43,468,552 shares |
| Offer For Sale | 1,460,184 shares |
Turtlemint Fintech Solutions IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Offer size |
| Retail Shares Offered | Not more than 10% of the Offer |
| NII Shares Offered | Not more than 15% of the Offer |
Turtlemint Fintech Solutions IPO Lot Size
Investors can bid for a minimum of 98 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 98 | ₹14,896 |
| Retail (Max) | 13 | 1,274 | ₹193,648 |
| S-HNI (Min) | 14 | 1,372 | ₹208,544 |
| S-HNI (Max) | 67 | 6,566 | ₹998,032 |
| B-HNI (Min) | 68 | 6,664 | ₹1,012,928 |
Turtlemint Fintech Solutions Financial Information (Restated Consolidated)
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 467.14 | 578.69 | 612.55 | 900.37 |
| Total Income | 748.91 | 693.21 | 119.12 | 460.11 |
| Profit After Tax | -187.39 | -194.11 | -193.35 | -288.18 |
| EBITDA | 81.58 | 82.43 | - | - |
| NET Worth | 295.68 | 410.46 | 563.80 | 743.45 |
| Reserves and Surplus | 288.77 | 408.88 | 562.22 | 741.87 |
| Total Borrowing | - | 0.00 | 0.00 | 0.00 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | -95.18% |
| ROCE (Return on Capital Employed) | -59.09% |
| Debt/Equity | 0.15 |
| RoNW (Return on Net Worth) | -47.29% |
| EBITDA Margin | 12.44% |
| Price to Book Value | 0.02 |
Company Overview
Turtlemint Fintech Solutions – Company Overview
- Incorporated in 2015, Turtlemint Limited is a technology-enabled insurance distribution platform that connects customers, insurance advisors, and insurers through a phygital (physical + digital) model.
Core Segments
- Life Insurance
- Health Insurance
- Motor Insurance
- Other Insurance Products
- The company was among the early adopters of the Point-of-Sale Person (PoSP) model and has built one of India's largest certified PoSP and Digital Partner networks.
- Through its proprietary platform Turtlemint Pro, Digital Partners can compare, recommend, and distribute insurance products from multiple insurers while managing customer acquisition, policy servicing, lead management, training, and claims support.
- Turtlemint has partnerships with 45 insurer partners, providing customers access to a wide range of insurance products across life, health, motor, and other categories.
- Between April 2022 and December 2025, the company facilitated the distribution of over 21.87 million insurance policies and generated platform premiums exceeding ₹10,066 crore.
- The company has a network of 6.32 lakh+ Digital Partners, including 5.07 lakh+ certified PoSPs, with over 80% of its network located in B30+ cities and towns.
- Its technology-driven platform leverages AI, mobile-first tools, and a large advisory network to improve insurance accessibility and penetration across India.
- The company has a presence across 19,171 pin codes, covering nearly 98% of India's pin codes.
- As of December 31, 2025, the company had 2,348 permanent employees across sales, technology, product development, and corporate functions.
Company Strengths
- Leading position in India's PoSP-based insurance distribution ecosystem.
- Large advisor network supported by AI-powered technology.
- Strong presence in underserved and semi-urban markets.
- Scalable asset-light phygital business model.
- Strong insurer partnerships and network-driven growth.
- As of December 31, 2025, the company had 2,348 permanent employees across sales, technology, product development, and corporate functions.
Use of Proceeds
| 1) | Expenditure towards cloud and server related infrastructure of the Company | 25.64 |
| 2) | Salary expenditure towards the technology and product development teams of the Company | 193.04 |
| 3) | Expenditure towards marketing initiatives by the Company | 39.07 |
| 4) | Expenditure towards lease payments for existing properties of the Company and wholly owned Subsidiary, TIB, breakup of which is as follows: Expense by the Company | 22.21 |
| 5) | Expenditure towards lease payments for existing properties of thr Company and wholly owned Subsidiary, TIB, breakup of which is as follows: Expense by wholly owned Subsidiary, TIB | 20.87 |
| 6) | Investment in wholly owned Subsidiary, TIB, for funding its working capital requirements | 128.64 |
| 7) | Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes | |
| Total | 429.47 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Turtlemint Fintech Solutions IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Turtlemint Fintech Solutions Ltd. | -7.33 | -7.33 | 7,768.02 | - | -47.29 | - | - |
| PB Fintech | 7.76 | 7.65 | 140.06 | 202.33 | 5.74 | 11.05 | - |
Quick Info
| Sector | Finance - FinTech |
| Exchange | BSE, NSE |
Important Dates
| IPO Open | Jun 19, 2026 |
| IPO Close | Jun 23, 2026 |
| Allotment Date | Jun 24, 2026 |
| Credit to Demat | Jun 25, 2026 |
| Listing Date | Tentative: Jun 29, 2026 |
Lead Manager(s)
ICICI Securities Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- IPO Type: Book build issue aggregating to ₹882.67 crores.
- Fresh Issue: 4.35 crore shares aggregating to ₹660.72 crores
- Offer for Sale (OFS): 1.46 crore shares aggregating to ₹221.95 crores
- IPO Dates: The issue opens on June 19, 2026 and closes on June 23, 2026.
- Allotment Date: Expected to be finalized on June 24, 2026.
- Listing Details: Shares are proposed to be listed on National Stock Exchange of India (NSE) and BSE Limited (BSE) with a tentative listing date of June 29, 2026.
- Retail Investment Requirement: Minimum 1 lot (98 shares) amounting to approximately ₹14,896 (at the upper price band).
- sNII Investment Requirement: Minimum 14 lots (1,372 shares) totaling around ₹2,08,544.
- bNII Investment Requirement: Minimum 68 lots (6,664 shares) totaling around ₹10,12,928.
- This IPO offers investors an opportunity to participate in the fintech and insurance technology sector, subject to market risks.
- IPO Price Band: ₹144 to ₹152 per equity share.
- Lot Size: 98 shares per lot.