The company’s grey market premium (GMP) has slipped into negative territory ahead of its listing on the NSE and BSE. The latest GMP stands at negative ₹5, implying an expected listing price of around ₹147 per share, compared to the IPO price of ₹152.
If these indications hold, investors allotted shares could see a listing loss of roughly 3.3%.
However, market participants should note that the grey market is unofficial and GMP trends can change significantly before listing. These premiums are only indicative and do not necessarily reflect the stock’s actual debut performance.
The public issue witnessed modest investor interest, receiving an overall subscription of 1.20 times during the bidding period from June 19 to June 23.
Among investor categories, the qualified institutional buyers (QIB) segment attracted the strongest response with a subscription of 1.59 times. The retail portion was subscribed 1.07 times, while the non-institutional investor (NII) category remained undersubscribed at 0.52 times.
Ahead of the IPO, Turtlemint Fintech Solutions mobilised ₹397.2 crore from anchor investors. The company had fixed the price band at ₹144-152 per share, translating into a valuation of more than ₹4,500 crore at the upper end.
The IPO consisted of a fresh issue of equity shares worth ₹660.72 crore along with an offer for sale (OFS) of 1.46 crore shares valued at nearly ₹221.95 crore by existing shareholders.
The proceeds from the fresh issue will primarily be deployed towards expanding the company’s cloud and server infrastructure, funding employee costs for its technology and product development teams, and supporting branding and marketing initiatives.
The company also plans to utilise part of the funds for lease-related obligations of both itself and its wholly-owned subsidiary, TIB. Additionally, it intends to infuse capital into TIB for working capital needs and pursue inorganic expansion through future acquisitions.
Turtlemint had submitted its draft papers through the confidential filing route in September and secured approval from the Securities and Exchange Board of India (Sebi) in December to proceed with the public offering.
Established in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a digital insurance distribution platform designed to simplify the purchase and management of insurance products. The company has facilitated the sale of nearly 1.6 crore insurance policies through a network of over five lakh advisors.
Its technology platform enables financial advisors to quickly identify suitable insurance products for customers, helping improve operational efficiency and business productivity.
Apart from distributing health, life and motor insurance products, the platform also offers a range of financial services, including mutual funds, personal and business loans, and credit cards.
