Turtlemint Shares Make Muted Debut, List At Over 11% Discount

Shares of insurtech startup Turtlemint made a weak debut on the bourses today, listing at ₹134.90 on the NSE. This was a discount of 11.25% to the issue price of ₹152.

The stock got listed at ₹136.2 apiece on the BSE, a discount of 10.4% to the issue price. 

Following the listing, the stock declined further and was trading at ₹135.65 on the BSE at 10:01 IST. The company’s market capitalisation stood at ₹3,986 Cr (about $422.5 Mn) at the time.

Turtlemint had set a price band of ₹144-₹152 for the public issue. Its IPO, which comprised a fresh issue of ₹660.7 Cr and an offer-for-sale (OFS) component of up to 1.46 Cr shares, was oversubscribed 1.2X.

Peak XV partners, one of Turtlemint’s biggest shareholders, raked in ₹66.2 Cr by offloading 43.56 Lakh shares via the OFS at the issue price of ₹152 per share, translating to a 7.2X return on its initial investment. Other selling shareholders included Blume Ventures, Nexus Partners, GGV, Hummingbird, cofounders Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, and more. 

Ahead of the IPO, Turtlemint raised ₹397.2 Cr from anchor investors, including Societe Generale, 360 One, Amansa Holdings, BNP Paribas, and Citi Group. 

Founded in 2015, Turtlemint operates an insurance distribution platform, connecting consumers with insurers through a network of financial advisors for car, bike, health, and term life insurance. 

The company plans to use the proceeds of the fresh issue for strengthening technology infrastructure, product development, marketing, working capital requirements and inorganic growth opportunities. 

On the financial front, the company reported a net loss of ₹187.3 Cr during the first nine months (9M) of FY26, up about 20% from ₹154.7 Cr during the corresponding period a year ago. Its revenue increased 80% to ₹741.1 Cr in the first three quarters of FY26 from ₹411.1 Cr in 9M FY25.

With the listing, Turtlemint has become the seventh new-age tech company to go public in 2026. Kissht, SEDEMAC, Aye Finance, and Fractal are among the other companies which went public earlier this year. 

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