Turtlemint IPO Day 1: The issue starts today, including GMP, a review, and details about the offering.
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The Turtlemint IPO will be available for subscription from June 19 to June 23, with a price range of ₹144 to ₹152 per share. The company's total value is over ₹4,500 crore, and it has secured ₹397.20 crore from anchor investors before the IPO. The shares are expected to be listed on June 29.
Turtlemint's initial public offering (IPO) opened for subscription on June 19 and will close on June 23. The share price is set between ₹144 and ₹152, giving the company a valuation of over ₹4,500 crore at the highest price. Before the IPO, Turtlemint raised ₹397.20 crore from institutional investors by selling 2.61 crore shares to 32 anchor investors, including ICICI Prudential Mutual Fund, Mirae Asset Mutual Fund, and others.
Founded in 2015, Turtlemint is a technology-based platform that helps customers find insurance products through a large network of advisors. The company claims to have sold nearly 1.6 crore policies through over 5 lakh advisors and served more than 1.2 crore customers.
The IPO allocation is divided as follows: 75% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. Shares are expected to start trading on June 29. The current grey market premium (GMP) is around ₹2, suggesting a possible listing price of ₹154.25, which is about 1.5% above the issue price. However, the GMP trend has been declining recently.
The IPO includes a new issue of ₹660.72 crore and an offer for sale of about ₹221.95 crore. The company intends to use the funds from the new issue for expanding technology infrastructure, developing new products, building its brand, meeting working capital needs, and possible acquisitions.
Analysts have mixed views on the IPO. Some believe Turtlemint has strong long-term potential due to its large advisor network, partnerships with 45 insurers, and opportunities in India's growing insurance market. Others are cautious because the company is not yet profitable, has inconsistent revenue, and is valued relatively high. Overall, this IPO seems more suitable for long-term investors willing to accept higher risks rather than those looking for quick gains from listing.
Founded in 2015, Turtlemint is a technology-based platform that helps customers find insurance products through a large network of advisors. The company claims to have sold nearly 1.6 crore policies through over 5 lakh advisors and served more than 1.2 crore customers.
The IPO allocation is divided as follows: 75% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors. Shares are expected to start trading on June 29. The current grey market premium (GMP) is around ₹2, suggesting a possible listing price of ₹154.25, which is about 1.5% above the issue price. However, the GMP trend has been declining recently.
The IPO includes a new issue of ₹660.72 crore and an offer for sale of about ₹221.95 crore. The company intends to use the funds from the new issue for expanding technology infrastructure, developing new products, building its brand, meeting working capital needs, and possible acquisitions.
Analysts have mixed views on the IPO. Some believe Turtlemint has strong long-term potential due to its large advisor network, partnerships with 45 insurers, and opportunities in India's growing insurance market. Others are cautious because the company is not yet profitable, has inconsistent revenue, and is valued relatively high. Overall, this IPO seems more suitable for long-term investors willing to accept higher risks rather than those looking for quick gains from listing.
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Originally published on major financial portals.
