Key facts
- Turtlemint Fintech Solutions will launch its IPO on June 19, aiming to raise up to Rs 883 crore.
- The price band for the IPO is set between Rs 144 and Rs 152 per share.
- The offering includes a fresh issue of Rs 660.72 crore and an offer-for-sale of Rs 221.95 crore.
- Proceeds will fund infrastructure, technology teams, marketing, and potential acquisitions.
- The company plans to list on exchanges on June 29.
Insurtech firm Turtlemint Fintech Solutions is set to launch its initial public offering (IPO) on June 19, aiming to raise up to Rs 883 crore. The company has fixed the price band for the public issue at Rs 144-152 per share, with the offering scheduled to close on June 23. The anchor investor portion will open for subscription on June 18.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 660.72 crore and an offer-for-sale (OFS) component of approximately Rs 221.95 crore by existing shareholders. Promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, along with investors including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures, and GGV Capital, will partially offload their stakes as part of the OFS.
Turtlemint plans to utilize the proceeds for strengthening its cloud and server infrastructure, meeting salary expenses for its technology and product development teams, and undertaking marketing initiatives. A portion will also be used for lease payments and to support the working capital requirements of its subsidiary, TIB, as well as for inorganic growth through unidentified acquisitions.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint focuses on simplifying the purchase and management of insurance policies. The company has sold around 1.6 crore policies through a network of over five lakh advisors and claims to have processed over 90 crore claims for more than 1.2 crore customers. Its technology platform connects insurers, advisors, and consumers, facilitating instant matching of customers with suitable insurance products. Turtlemint has established partnerships with over 40 insurer partners, covering nearly 65 percent of life and general insurers in India.
The company's offerings include retail products across health, life, and motor insurance, and it also facilitates other financial products such as mutual funds, personal and business loans, and credit cards on its platform.
The issue has reserved 75 percent for qualified institutional buyers (QIBs), 15 percent for non-institutional investors (NIIs), and 10 percent for retail investors. The shares are scheduled to list on the exchanges on June 29. ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors are the book-running lead managers for the issue, with KFin Technologies Ltd serving as the registrar.