Turtlemint Fintech Solutions IPO

This issue combines a fresh issue and an offer for sale. The amounts for each part are not available in our data; see the offer document for the split.

Lot size and investment

Reservation

QIB

4,35,52,800 shares (75.00% of the Offer)

NII

87,10,559 shares (15.00% of the Offer)

Retail

58,07,039 shares (10.00% of the Offer)

Current GMP

₹-5

▼-3.30%

Estimated listing price

₹147

Issue price ₹152

Highest

₹6

16 Jun

Lowest

₹-5

27 Jun

GMP by day (₹ per share)

GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.

P/E Ratio

-ve

EPS (₹)

-ve

RoE

-95.18%

RoCE

-59.09%

RoNW

-63.38%

EBITDA Margin

11.01%

Debt / Equity

0.15

NAV (₹)

54.95

Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.

Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.

Turtlemint Fintech Solutions Limited was incorporated in 2015 by founders Dhirendra Mahyavanshi and Anand Prabhudesai with the objective of simplifying insurance distribution in India through technology. The company started as a digital insurance platform and gradually expanded its reach by empowering insurance advisors and agents with technology-driven tools. Over the years, Turtlemint has built a strong presence across India, helping bridge the gap between insurers and customers, particularly in underserved and semi-urban markets. The company operates a technology-enabled insurance distribution business model, offering a wide range of life, health, motor and general insurance products from multiple insurance companies. Its platform enables Point of Sale Persons (PoSPs), brokers and advisors to manage customer acquisition, policy issuance, renewals and claims support through a single integrated system. By combining digital capabilities with an extensive advisor network, Turtlemint generates revenue through commissions and service fees while providing customers with access to diverse insurance solutions.

Objects of the issue

1. Expenditure towards cloud and server related infrastructure of the Company₹25.64 Cr
2. Salary expenditure towards the technology and product development teams of the Company₹193.04 Cr
3. Expenditure towards marketing initiatives by the Company₹39.07 Cr
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 Cr
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 Cr
6. Investment in wholly owned Subsidiary, TIB, for funding its working capital requirements₹128.64 Cr
7. Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes
8. Total₹429.47 Cr

Promoters and shareholding

Anand Rohidas Prabhudesai, Dhirendra Nalin Mahyavanshi

Promoter holding, pre-issue

17.05%

Promoter holding, post-issue

13.10%