[Update] Turtlemint IPO: Issue Subscribed 50% On Day 2 So Far

Update | June 22, 17:20 IST

The public issue of insurtech company Turtlemint ended day two with a subscription of 52%. Investors subscribed to 1.7 Cr shares as against 3.29 Cr shares on offer, according to BSE data.

Qualified institutional investors placed bids for 1.29 Cr shares as against 1.77 Cr shares on offer for the cohort, translating to a 73% subscription.

Retail investors subscribed to 61% of the shares on offer for them, placing bids for 36.77 Lakh shares as against 60.48 Lakh shares on offer.

Non institutional investors continued to show low demand for the issue, with their subscription at 0.5% at the end of day too. NIIs have so far placed bids for 4.33 Lakh shares as against 90.72 Lakh shares on offer.

Original | June 22, 13:10 IST

Insurtech company Turtlemint’s IPO received mixed response on the second day of bidding, with the issue subscribed 50% as of 13:10 IST. Investors placed bids for 1.63 Cr shares as against a total offer size of 3.29 Cr. 

Qualified institutional buyers (QIBs) have been the most enthusiastic for the issue since the issue opened. The portion reserved for them was subscribed 73%, getting bids for almost 1.3 Cr shares against 1.78 Cr shares on offer. 

Retail investors placed bids for more than half the shares on offer for them. They bid for 30.8 Lakh shares against 60.49 Lakh shares on offer for them. 

Non-institutional investors (NIIs) continued to show tepid interest in the issue, with the portion reserved for them subscribed just 3%. They bid for 2.57 Lakh shares as against 90.73 Lakh shares reserved for them. At the end of the first day of bidding, the NIIs had subscribed to 1% of their subscription quota. 

Turtlemint’s IPO comprises a fresh issue of shares worth ₹660.7 Cr and an offer-for-sale (OFS) component 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’s shares are expected to make their public market debut on June 29. 

The company plans to deploy the capital raised through the fresh issue towards technology infrastructure, product development, marketing, working capital requirements and inorganic growth opportunities.

Last week, the company raised ₹397.2 Cr from anchor investors by allotting 2.61 Cr equity shares. Seven domestic mutual funds participated in the anchor round via a total of 12 schemes. Other investors who participated in the round included Societe Generale, 360 One, Amansa Holdings, BNP Paribas, Citi Group, among others.

The post [Update] Turtlemint IPO: Issue Subscribed 50% On Day 2 So Far appeared first on Inc42 Media.