Summary
Turtlemint Fintech Solutions IPO aims to raise ₹882.67 crore through a fresh issue and offer-for-sale.
Investors can submit IPO applications from 19 June 2026 to 23 June 2026, with listing scheduled thereafter.
Turtlemint operates a technology-driven insurance distribution platform connecting customers, advisors, and insurers.
Turtlemint Fintech IPO is to raise ₹882.67 crore through its upcoming mainboard public issue. The issue includes fresh issuance of 4,34,68,552 equity shares worth ₹660.72 crore, and the remaining represents an offer-for-sale of up to 1,46,01,846 equity shares worth ₹221.95 crore by existing shareholders.
The investors’ bidding window is open between 19 June 2026 and 23 June 2026. The allotment is expected to be determined on 24 June 2026, while trading in the Turtlemint Fintech Solutions IPO shares is scheduled to begin on the NSE and BSE on 29 June 2026, subject to regulatory and exchange approvals.
Turtlemint Fintech Solutions IPO shares are set within the price band of ₹144.00/share to ₹152.00/share for the offering. The Turtlemint Fintech Solutions IPO lot size is 98 shares. The retail participants should apply for at least 1 lot, which translates into a capital investment of ₹14,896.00 at the highest issue price.
Non-institutional investors applying under the small category must bid for a minimum of 1,372 shares, requiring ₹2,08,544.00. For the large NII category, the minimum application size stands at 6,664 shares, corresponding to an investment of ₹10,12,928.00.
Turtlemint Fintech Solutions IPO–Key Details
The table below highlights the key information related to the Turtlemint Fintech Solutions IPO:
| IPO Open | 19 June 2026 |
| IPO Close | 23 June 2026 |
| Face value | ₹1.00/share |
| Price Band | ₹144.00/share – ₹152.00/share |
| Issue price | – |
| IPO Lot Size | 98 shares |
| Offer-for-sale | 1,46,01,846 Equity Shares (₹221.95 crore) |
| Fresh issue | 4,34,68,552 Equity Shares (₹660.72 crore) |
| Issue Type | Mainboard/Book-built |
| Listing | BSE, NSE |
| Total Issue Size (₹ Crore) | ₹882.67 crore (5,80,70,398 Equity Shares) |
| Minimum Investment (Retail) | ₹14,896.00 (98 shares x upper band) |
Turtlemint Fintech Solutions IPO–Timeline
Key events associated with the Turtlemint Fintech Solutions IPO are listed below:
| Bid Open Date | 19 June 2026 |
| Bid Close Date | 23 June 2026 |
| Allotment | 24 June 2026 |
| Refunds Initiated | 25 June 2026 |
| Share Credit Date | 25 June 2026 |
| Listing | 29 June 2026 |
| UPI mandate Cut-off time | 23 June 2026 (05:00 PM) |
Turtlemint Fintech Solutions Limited–Key Performance Indicators (KPIs)
A review of the financial position of Turtlemint Fintech Solutions Limited can be found below through its key financial data and ratios:
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | (95.18) | 32.67 | (391.38) |
| ROCE (%) | (59.09) | 44.97 | (231.40) |
| Debt-Equity Ratio (in times) | 0.15 | 0.60 | (75.20) |
| RoNW (%) | (47.29) | (34.29) | (38.76 ) |
| PAT Margin (%) | (6.99) | 1.46 | (578.30) |
| EBITDA Margin (%) | 11.89 | 9.93 | (12.04) |
| Price-Book Value | 0.02 | – | – |
Turtlemint Fintech Solutions Limited–Financial Information
| 2025 | 2024 | 2023 | |
| Revenue | 662.71 | 78.64 | 419.92 |
| Assets | 578.69 | 612.55 | 900.37 |
| Profit After Tax | (194.11) | (193.35) | (288.18) |
Turtlemint Fintech Solutions IPO–Subscription Status
As of 10:54 AM on 19 June 2026, the Turtlemint Fintech Solutions IPO had received bids for 0.02 times the shares on offer.
| Date | QIBs | NIIs | Retail | Total |
| 19 June 2026 (Day 1) | 0.00x | 0.01x | 0.09x | 0.02x |
Turtlemint Fintech Solutions IPO–Grey Premium Market (GMP)
According to the most recent GMP update available on 19 June 2026 at 9:56 AM, Turtlemint Fintech Solutions IPO was commanding a premium of ₹2.00 in the grey market.
If this premium sustains until listing, the stock may open around ₹154.00/share against the issue price of ₹152.00/share, translating into a projected gain of 1.32%.
| GMP Date | GMP | Est. Listing Price | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 22-06-2026 | ₹2 ─ | ₹154 (1.32%) | ₹196 | 22-Jun-2026 8:53 |
| 21-06-2026 | ₹2 ▼ | ₹154 (1.32%) | ₹196 | 21-Jun-2026 23:32 |
| 20-06-2026 | ₹2.5 ▼ | ₹154.5 (1.64%) | ₹245 | 20-Jun-2026 23:34 |
| 19-06-2026 Open | ₹3 ▲ | ₹155 (1.97%) | ₹294 | 19-Jun-2026 23:34 |
| 18-06-2026 | ₹2.25 ▲ | ₹154.25 (1.48%) | ₹220 | 18-Jun-2026 23:28 |
| 17-06-2026 | ₹2 ▼ | ₹154 (1.32%) | ₹196 | 17-Jun-2026 23:35 |
| 16-06-2026 | ₹6 ▲ | ₹158 (3.95%) | ₹588 | 16-Jun-2026 23:33 |
| 15-06-2026 | ₹0 ─ | ₹ (%) | 15-Jun-2026 14:50 |
Disclaimer: Grey Market Premium is an informal market indicator based on pre-listing trades. Its value can vary daily and does not guarantee actual listing gains.
Turtlemint Fintech Solutions IPO–Reservation
The category-wise reservation of shares in the IPO can be found in the table below:
| Investor Classification | % Allocation | Shares offered |
| QIBs | 30.00% | 1,74,21,119 |
| Anchor investors | 45.00% | 2,61,31,680 |
| NIIs | 15.00% | 87,10,560 |
| Individual Investor | 10.00% | 58,07,040 |
| Total | 100% | 5,80,70,399 |
Turtlemint Fintech Solutions IPO–Lot Size
Presented below are the investment thresholds for different investor categories, along with their respective lot requirements:
| Application | Lot Size | Shares | Amount |
| Retail Minimum Application | 1 | 98 | ₹14,896 |
| Retail Maximum Application | 13 | 1,274 | ₹1,93,648 |
| S-HNI Minimum Application | 14 | 1,372 | ₹2,08,544 |
| S-HNI Maximum Application | 67 | 6,566 | ₹9,98,032 |
| S-HNI Minimum Application | 68 | 6,664 | ₹10,12,928 |
Turtlemint Fintech Solutions IPO–Anchor Investors Details
Key information relating to the anchor investor portion of the IPO, including allocation size and lock-in schedule, is presented below:
| Bidding opens on | 18 June 2026 |
| Shares offered | 2,61,31,680 shares |
| Portion size | ₹397.20 crore |
| End of lock-in period for 50% of anchor investor shares (30 days) | 24 July 2026 |
| End of lock-in period for the remaining 50% of anchor investor shares (90 days) | 22 September 2026 |
Turtlemint Fintech Solutions IPO–Prospectus
For detailed disclosures, risk factors, and issue-related information, investors are advised to review the official regulatory documents.
About Turtlemint Fintech Solutions Limited
Incorporated on: 7 April 2015
Chairperson, Managing Director, and CEO: Dhirendra Nalin Mahyavanshi
Turtlemint Fintech Solutions Limited is an insurance technology company that facilitates interactions between customers, insurance intermediaries, and insurers through its digital platform.
The company pioneered the adoption of the PoSP framework in 2015 and maintained the largest certified PoSP network among comparable businesses as of March and December 2025.
| Name | |
| Book Running Lead Managers (BRLM) | ICICI Securities Ltd |
| Jefferies India Pvt Ltd | |
| JM Financial Ltd | |
| Motilal Oswal Investment Advisors Ltd | |
| IPO Registrar | KFin Technologies Ltd |
Objectives of Turtlemint Fintech Solutions Limited
The following table summarises the proposed allocation of the net issue proceeds:
| Particulars | Amount (in ₹ crore) |
| Cloud infrastructure and server-related spending | 25.64 |
| Employee compensation costs for technology and product development teams | 193.04 |
| Marketing expenditure | 39.07 |
| Lease rental payments for office premises of the Company and its Subsidiary, TIB: | 43.08 |
| Lease expenses incurred by the Company | 22.21 |
| Lease expenses incurred by TIB | 20.87 |
| Working capital requirements for Subsidiary | 128.64 |
| Funding acquisitions and strategic initiatives, and corporate requirements | – |
Turtlemint Fintech Solutions Limited–Strengths
- Nationwide PoSP Distribution Network: The established presence of the company in the PoSP ecosystem supports a scalable distribution platform with pan-India reach.
- Technology-Enabled Digital Partner Ecosystem: The extensive and diversified network of digital partners is strengthened through technology-driven training, onboarding, and engagement initiatives.
- Strong Insurer Partnerships: The long-standing relationships with multiple insurance companies enhance product availability and distribution capabilities.
- Self-Reinforcing Business Flywheel: The integrated platform dynamics create network and learning effects that strengthen business growth over time.
Turtlemint Fintech Solutions Limited–Risks
- Continued Losses and Negative Cash Flows: The company has reported recurring losses and negative operating cash flows, which could affect future growth and financial stability.
- Dependence on General Insurance Revenue: A significant portion of revenue comes from general insurance products, particularly motor insurance, creating concentration-related business risks.
- Reliance on Commission-Based Income: The company earns most of its revenue through commissions and fees from insurer partners, making earnings sensitive to fee reductions.
- Limited Consolidated Operating History: The recent acquisition of TIB limits the availability of long-term consolidated financial data, making future performance assessment more challenging.
Turtlemint Fintech Solutions IPO–Review
Turtlemint operates in a fast-growing segment of the insurance industry and has built a sizeable distribution network supported by technology and long-term insurer relationships.
Its scalable platform model and strong partner ecosystem provide a competitive advantage in the digital insurance space. However, the company continues to report losses and negative cash flows, which remain key concerns.
Additionally, the muted grey market sentiment and early subscription trends suggest that investors may be closely evaluating the balance between growth potential and profitability before making investment decisions.
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Turtlemint Fintech Solutions IPO FAQs
The Turtlemint Fintech Solutions IPO is a mainboard public issue worth ₹882.67 crore, through which the company aims to raise capital from investors. The issue consists of both a fresh issue of shares and an offer-for-sale by existing shareholders.
You can apply for the Turtlemint Fintech Solutions IPO through their stockbroker’s trading platform, internet banking facility with ASBA support, or UPI-enabled IPO application process during the bidding period.
The Turtlemint Fintech Solutions IPO presents a mix of opportunities and risks. While the company benefits from a strong market position and technology-driven distribution network, investors should also consider its profitability track record and cash flow performance before investing.
Based on the latest Turtlemint Fintech Solutions IPO GMP, the expected listing premium appears modest. While the actual listing performance may differ depending on market conditions, investor sentiment, and subscription demand closer to the listing date.
The Turtlemint Fintech Solutions IPO opens for subscription on 19 June 2026 and closes on 23 June 2026. Investors can submit their applications during this bidding window.
The Turtlemint Fintech Solutions IPO lot size is 98 shares. The retail investors must apply for at least one lot, while higher application requirements apply to non-institutional investor categories.
The Turtlemint Fintech Solutions IPO allotment is expected to be finalised on 24 June 2026. The successful applicants will receive shares in their demat accounts after the allotment process.
The Turtlemint Fintech Solutions IPO shares are expected to be listed on the NSE and BSE on 29 June 2026, subject to completion of regulatory and exchange-related formalities.
