Shares of Turtlemint Fintech Solutions are set to debut on the BSE and NSE on Monday, with sentiment in the grey market turning cautious. The IPO is currently commanding a negative grey market premium (GMP), indicating expectations of a listing below the issue price.
The Rs 883 crore public issue was priced at Rs 152 per share and comprised a fresh issue of Rs 661 crore along with an offer for sale worth Rs 222 crore. The company had also raised Rs 397.2 crore from anchor investors ahead of the IPO.
The issue received an overall subscription of 1.24 times, driven by institutional demand. The QIB portion was subscribed 1.63 times, while the retail category was booked 1.11 times. The non-institutional investor (NII) segment remained under-subscribed at 0.55 times.
Founded in 2015, Turtlemint is a technology-enabled insurance distribution platform that connects customers, insurance advisors and insurers through a phygital model. The company has built one of India's largest Point-of-Sale Person (PoSP) networks, with over 6.32 lakh digital partners, including more than 5.07 lakh certified PoSPs, and works with 45 insurance companies across life, health, motor and other insurance categories.
The platform has facilitated the sale of over 21.8 million insurance policies between April 2022 and December 2025, generating platform premiums exceeding Rs 10,000 crore while covering nearly 98% of India's pin codes.
Financially, the company continues to remain loss-making despite revenue growth. For the nine months ended December 2025, it reported total income of Rs 748.9 crore and a net loss of Rs 187.4 crore, compared with Rs 693.2 crore in income and a loss of Rs 194.1 crore in FY25.
The company plans to use the IPO proceeds to strengthen its technology infrastructure, expand product development teams, invest in marketing, fund working capital for its subsidiary, support strategic acquisitions and meet general corporate requirements.
