Insurtech firm Turtlemint Fintech Solutions will open its Rs 883 crore initial public offering (IPO) for subscription on Friday, June 19. The mainboard issue comprises a fresh issue of shares and an offer-for-sale (OFS) by existing shareholders. The company's shares are expected to list on the BSE and NSE on June 29, while the basis of allotment is likely to be finalised on June 24. Here are the key details investors should know about the Turtlemint IPO

1.) Turtlemint IPO price band

The company has fixed the price band at Rs 144-152 per share. At the upper end of the price band, Turtlemint is valued at more than Rs 4,500 crore.

In the grey market, the premium has decreased to 1.32% from 10.53% earlier this week, indicating expectations of a flattish stock market debut. Based on the current premium, the expected listing price is around Rs 154 per share, compared with the issue price of Rs 152.

Investors should note that the grey market premium is an unofficial and unregulated indicator. It does not necessarily reflect or guarantee the stock's actual listing performance.

The IPO consists of a fresh issue of equity shares worth up to Rs 660.72 crore and an offer-for-sale of 1.46 crore equity shares aggregating to about Rs 221.95 crore by existing shareholders.

As part of the OFS, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, along with existing investors including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures and GGV Capital, will partially sell their holdings.

The issue allocation has been fixed at 75% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 10% for retail investors.

For FY25, the company reported revenue of Rs 662.7 crore, compared to Rs 78.6 crore in FY24. Its net loss widened marginally to Rs 194.1 crore from Rs 193.3 crore a year earlier

5.) Use of IPO proceeds

Turtlemint plans to use the proceeds from the fresh issue to strengthen its cloud and server infrastructure, fund salary expenses for its technology and product development teams, and support marketing initiatives.

Part of the proceeds will also be used for lease payments related to existing properties of the company and its wholly-owned subsidiary, TIB. In addition, the company plans to invest in TIB to support its working capital requirements. Funds will also be deployed towards 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 more than five lakh advisors. It claims to have processed over 90 crore claims for more than 1.2 crore customers. Its technology platform enables financial advisors to instantly match customers with suitable insurance products, helping improve efficiency and support business growth.

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7.) Book-running lead managers