About Turtlemint Fintech Solutions IPO
Turtlemint Fintech Solutions IPO Details
The Turtlemint Fintech Solutions IPO is a 100% book-built issue involving a fresh issue of equity shares worth up to ₹660.72 crore and offer for sale of up to 1.46 crore shares aggregating to ₹221.95 crores of ₹1 face value each. The total size of the offering amounts to about ₹882.67 crore with respect to the upper limit of the price band. It had filed its DRHP with SEBI on September 4, 2025, and RHP on June 15, 2026.
The price band is fixed at ₹144 to ₹152 per equity share and a lot size of 98 shares. An individual investor is required to make a minimum investment of ₹14,985 (98 shares at the upper limit of the price band). Turtlemint IPO will be open for subscription between June 19, 2026, and June 23, 2026, on BSE & NSE. Book-running lead managers of the issue are ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors, while KFin Technologies is the registrar to the offer.
Turtlemint Fintech IPO Date & Timeline
The Turtlemint Fintech Solutions IPO is officially set to open for subscription on Jun 19, 2026 and will close on Jun 23, 2026. The company filed its Draft Red Herring Prospectus (DRHP) with SEBI on September 4, 2025, and its Red Herring Prospectus (RHP) on June 15, 2026, and has now finalised its schedule following regulatory approval. The anchor book will open on June 18, 2026. Once the subscription window closes, allotment is expected on Jun 24, 2026. Following this, the company will initiate refunds and credit shares to successful investors' demat accounts on Jun 25, 2026. Finally, the Turtlemint Fintech Solutions Ltd.'s shares are tentatively scheduled to list on the stock exchanges on Jun 29, 2026.
Turtlemint Fintech Solutions IPO Timeline
| IPO Open Date | Fri, Jun 19, 2026 |
| IPO Close Date | Tue, Jun 23, 2026 |
| Tentative Allotment | Wed, Jun 24, 2026 |
| Initiation of Refunds | Thu, Jun 25, 2026 |
| Credit of Shares to Demat | Thu, Jun 25, 2026 |
| Tentative Listing Date | Mon, Jun 29, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Turtlemint Fintech Solutions IPO Details
| Detail | Description |
|---|---|
| IPO Date | 19 to 23 Jun, 2026 |
| Listing Date | 29 Jun, 2026 |
| Face Value | ₹ 1 per share |
| Issue Price Band | ₹ 144 to ₹ 152 |
| Lot Size | 98 Shares |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 1,46,01,846 shares (agg. up to ₹ 222 Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹ 660.72 Cr (aggregating up to ₹ 6,607.22 million) |
| Offer for Sale | Up to 2,86,08,992 Equity Shares |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 25,10,10,354 shares |
| Share Holding Post Issue | - |
Turtlemint Fintech Solutions IPO GMP (Grey Market Premium)
A "grey market premium" or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Turtlemint Fintech Solutions IPO GMP is currently trading at ₹2.25, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹154.25, which is 1.48% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Turtlemint Fintech Solutions GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 20 Jun 2026 | ₹152.00 | ₹3 | 20 Jun, 202611:58 AM |
| 19 Jun 2026 | ₹152.00 | ₹2.25 | 19 Jun, 202609:57 AM |
| 18 Jun, 2026 | ₹152.00 | ₹2.5 | 18 Jun, 202612:51 PM |
| 17 Jun, 2026 | ₹152.00 | ₹2 | 17 Jun, 202610:13 AM |
| 16 Jun, 2026 | ₹152.00 | ₹6 | 16 Jun, 202610:01 AM |
Company Background
Turtlemint Fintech Solutions is a company founded under the name Fintech Blue Solutions Private Limited on April 7, 2015, in Maharashtra. Initially engaged in providing technical support, IT support, and marketing services, the company later developed additional capacities and capabilities. In April 2025, the company rebranded to Turtlemint Fintech Solutions Private Limited and then converted to a public limited company as Turtlemint Fintech Solutions Limited in June 2025. The company is located in Mumbai, Maharashtra, but also has various branches and digital distribution partners in several other states of India.
Operations & Product Range
Turtlemint Fintech Solutions Limited distributes retail insurance and financial products through its TurtlemintPro and Turtlefin platforms. TurtlemintPro helps digital partners obtain PoSP certification, compare policies, provide quotes, and issue policies digitally, while Turtlefin offers API-based insurance distribution solutions to banks, insurers, and fintech companies. The company distributes motor, health, and life insurance, along with mutual funds, loans, and credit cards.
Facilities & Capacity
Turtlemint Fintech Solutions Limited operates through its registered and corporate headquarters located in Andheri East, Mumbai, but uses leased branch offices in important Indian cities for regional service and relationship management. Being a technology-based enterprise, the scale of its operations is dependent on the efficiency of software, its server capability, and its distribution network. Its IT infrastructure is maintained in the cloud servers, and part of the funds raised through the IPO will be used to upgrade its cloud and server capabilities.
Brands & Market Presence
Turtlemint Fintech Solutions Limited has its flagship brand name as Turtlemint, backed by its platforms, including TurtlemintPro, Turtlefin, and Turtlemint Academy. Its focus is the insurance distribution sector in India; it has a dominant presence in many regions, with the major contribution coming from the states of Maharashtra and Gujarat in terms of premium revenue generation. It holds a yearly revalidated SOC 2 Type II certificate for its information technology systems.
Revenue Streams & Business Model
Turtlemint Fintech Solutions Limited primarily earns revenue through commissions, rewards, and fees from licensed insurer partners and other financial service providers, with income from financial product distribution forming 98.91% of operational revenue for the nine months ended December 31, 2025, and 97.63% in Fiscal 2025. These earnings come from both new policies and renewal commissions. According to IRDAI EOM guidelines for Fiscal 2024, revenues from marketing and advertising fell from ₹369.75 crore for Fiscal 2023 to nil for Fiscal 2025. However, although the company is now active in B30+ cities, the majority of the company’s premium revenues continue to be generated from the states of Maharashtra and Gujarat.
Management & Shareholding
Turtlemint Fintech Solutions Limited is led by its promoters, Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, who have experience in the Indian insurance and fintech sectors. Before the IPO, they held a significant stake along with institutional investors such as Peak XV Partners Investments V, Nexus Ventures IV, Ltd., GGV VII Investments Pte. Ltd., Blume Ventures, and Dream Incubator Inc., while Kunal Shah is also participating as an individual selling shareholder. After the IPO, the promoter and institutional shareholding will change due to dilution from the fresh issue and share sale. Co-founders Anand Prabhudesai and Dhirendra Mahyavanshi plan to offload shares worth approximately ₹32 crore and ₹34 crore, respectively, through the OFS.
Board & Key Management
Turtlemint Fintech Solutions Limited is headed by a highly capable management team. Dhirendra Nalin Mahyavanshi is the Chairman and Managing Director of Turtlemint Fintech Solutions Limited. On the other hand, Anand Rohidas Prabhudesai acts as the Whole-Time Director. There are also independent directors on the board. The combined knowledge and capabilities of the management team are instrumental in driving success for the firm.
Turtlemint Fintech Solutions IPO Financial Information
Latest Revenue
74.11
₹ Crore
Profit After Tax
-187.39
₹ Crore
Net Worth
295.68
₹ Crore
Total Borrowing
0
₹ Crore
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2025 | 467.14 | 74.11 | -187.39 | 295.68 | 288.77 | 0 | |||
| 31 Mar 2025 | 578.69 | 693.21 | -194.11 | 410.46 | 408.88 | 0 | |||
| 31 Mar 2024 | 612.55 | 119.12 | -193.35 | 563.8 | 562.22 | 0 | |||
| 31 Mar 2023 | 900.37 | 460.11 | -288.18 | 743.45 | 741.87 | 0 | |||
| Amount in ₹ Crore | |||||||||
Turtlemint Fintech Solutions Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | -95.18 % |
| ROCE | -59.09 % |
| Debt/Equity | 0.15 |
| RoNW | -47.29 % |
| PAT Margin | - |
| EBITDA Margin | 12.44 % |
| Price to Book Value | 0.02 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -7.73 | - |
| P/E (x) | -19.66 | - |
Turtlemint Fintech Solutions IPO Objectives
The company mainly aims to utilise the IPO proceeds for strategic purposes:
- • Upgrading cloud and server infrastructure, supporting technology teams, and strengthening brand-building and marketing activities
- • Meeting lease obligations for branch offices and funding working capital needs through its subsidiary, Turtlemint Insurance Broking (TIB), due to timing gaps in commission flows
- • Supporting inorganic growth opportunities, including potential acquisitions, along with general corporate purposes
Turtlemint Fintech Solutions IPO Review
The company holds a strong position in terms of market positioning, within the digital insurance intermediation industry in India, due to its technology-enabled light asset distribution model based on PoSPs, ensuring insurance penetration without requiring much physical presence. The firm's business model includes consumer retail demand alongside the integration of API services by enterprises.
Financially, the firm has been able to increase its revenues following the integration of its subsidiary company, TIB, in Fiscal Year 2025; however, it has continued to incur net losses and negative cash flow from operations due to its high costs associated with partner onboarding and incentives, coupled with technological investment.
Its major advantages include a scalable technology platform, diversified products, and strong institutional investor support. Nevertheless, it faces challenges in reliance on motor insurance revenue, concentration with top insurance partners, and regulatory risks posed by IRDAI.
Conclusion
The Turtlemint Fintech Solutions IPO represents an intermediary in the insurance industry of India that provides a platform for the digital distribution of insurance solutions by linking retail customers, enterprise clients, digital distributors, and underwriters through a multichannel network. There is potential for such intermediaries within the insurance industry due to the digitisation trend as well as increased knowledge about insurance products. However, the company's future can be challenged by competitive pressure from both traditional brokers and new AI-powered players.
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Competitive Strengths
Leading a digital ecosystem with customers, their advisors, and insurers seamlessly integrated through the POSP model.
Recognized as one of the top players in the digital insurance distribution market in India.
Utilizes an extended digital partnership network to promote the penetration of insurance services.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 98 | 14896 |
| Individual investors (Retail) (Max) | 13 | 1274 | 193648 |
| S-HNI (Min) | 14 | 1372 | 208544 |
| S-HNI (Max) | 67 | 6566 | 998032 |
| B-HNI (Min) | 68 | 6664 | 1012928 |