[Update] Turtlemint IPO: Issue Subscribed 45% On Day 1

Update | June 19, 17:42 IST

The public issue of insurtech company Turtlemint ended day one with a subscription of 45%. 

As per BSE data, the IPO received bids for 1.48 Cr shares against the 3.29 Cr shares on offer.

Qualified institutional buyers (QIBs) continued to show the highest interest in the IPO, with the portion reserved for seeing a 73% subscription. These investors placed bids for 1.30 Cr shares against the 1.78 Cr shares reserved for them. 

Meanwhile, interest from retail investors was also healthy on the opening day. These investors bid for 17.45 Lakh shares against the 60.49 Lakh shares reserved for them. This translates to 29% subscription of their quota. 

The portion reserved for non institutional investors (NIIs) received the most lukewarm response . These investors subscribed a mere 1% subscription, where the investors placed bids for 1.03 Lakh shares against 90.72 Lakh shares today. 

Original | June 19, 14:22 IST

Insurtech company Turtlemint’s IPO got off to a steady start on the first day of bidding. As of 14:09 IST, investors placed bids for 1.04 Cr shares against a total offer size of 3.29 Cr shares on offer, translating to a 32% subscription.

Qualified institutional buyers (QIBs) have been the most bullish on the company’s public float till now. These investors have already subscribed their quota by 51%, placing bids for 90.32 Lakh shares against 1.78 Cr shares earmarked for them.

Retail individual investors (RIIs) have subscribed their quota by 21%. These investors have bid for 12.80 Lakh shares against 60.49 Lakh shares reserved for them as of now.

Non institutional investors (NIIs) have subscribed their quota the least till now. These investors have placed bids for 73,892 shares against 90.72 Lakh shares on offer, translating to a 1% subscription of their quota.

Following the bidding, Turtlemint will tentatively make its public markets debut on both the BSE and the NSE on June 29.

The IPO comprises a fresh issue of shares worth ₹660.7 Cr and an offer-for-sale (OFS) of up to 1.46 Cr shares by promoters and existing shareholders. 

At the upper end of its price band of ₹144-152, the issue values the company at ₹4,513 Cr (about $475 Mn). 

Turtlemint plans to deploy the fresh capital towards technology infrastructure, product development, marketing, working capital requirements and inorganic growth opportunities.

Ahead of opening its IPO, the insurtech startup raised ₹397.2 Cr from anchor investors, and it allotted 2.61 Cr equity shares to anchor investors, which consists of seven domestic mutual funds via a total of 12 schemes. The domestic mutual funds that anchored the round included ICICI Prudential, Bank of India, Bandhan Bank, among others. 

Other investors who participated in the round included Societe Generale, 360 One, Amansa Holdings, BNP Paribas, Citi Group, among others.

On the financial front, Turtlemint recorded a 19% uptick in its net loss to ₹184.7 Cr in the first nine months of FY26 (9M FY26) from a net loss of ₹154.7 Cr in the same period in FY25. 

The company’s top line increased 80% YoY to ₹741.1 Cr in the first three quarters of FY26 from ₹411.1 Cr in 9M FY25. 

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