Turtlemint Fintech Solutions
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 29 Jun 2026 | -₹5 | -3.29% | ₹0 | ₹147 | ₹-490 |
| 28 Jun 2026 | -₹5 | -3.29% | ₹0 | ₹147 | ₹-490 |
| 27 Jun 2026 | -₹5 | -3.29% | ₹0 | ₹147 | ₹-490 |
| 26 Jun 2026 | -₹3 | -1.97% | ₹0 | ₹149 | ₹-294 |
| 25 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹152 | ₹0 |
| 24 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹152 | ₹0 |
| 23 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹152 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 19 Jun 2026 – 23 Jun 2026
- Listing date
- 29 Jun 2026
- Face value
- ₹1 per share
- Price band
- ₹152
- Issue price
- ₹152 per share
- Lot size
- 98 shares
- Total issue size
- ₹883 Cr
- Market cap at offer price
- ₹4,476 Cr
- Promoter holding
- 17.05% → 13.10% pre-issue → post-issue
- ISIN
- INE0OC301013
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- The ORB Sahar, 4B, 1st Floor, A Wing, Marol Vill, Andheri (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,61,31,680 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 98 shares per lot, in multiples, at ₹152
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 98 | ₹14,896 |
| Retail (max) | 13 | 1,274 | ₹1,93,648 |
| S-HNI (min) | 14 | 1,372 | ₹2,08,544 |
| S-HNI (max) | 67 | 6,566 | ₹9,98,032 |
| B-HNI (min) | 68 | 6,664 | ₹10,12,928 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹152 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | -7.73 | -8.48 |
| Price to book (×) | 0.02 | — |
| Market cap | — | ₹4,476 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- -47.29%
- ROCE
- -59.09%
- Debt / equity
- 0.15
- EBITDA margin
- 12.44%
- Price to book
- 0.02
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Turtlemint Fintech Solutions
Incorporated on April 7, 2015 as Fintech Blue Solutions Private Limited, renamed Turtlemint Fintech Solutions Private Limited in April-May 2025 and converted into a public limited company as Turtlemint Fintech Solutions Limited in June 2025, the Mumbai-headquartered company runs a tech-enabled insurance distribution platform connecting customers, insurance advisors and insurers. Per the document, it was the first to adopt the point-of-sale person (PoSP) distribution model in 2015 and, per a Redseer Report cited therein, has the largest certified PoSP network among its Peer Group as of March 31, 2025 and December 31, 2025. With effect from May 8, 2024, it acquired Turtlemint Insurance Broking Services Private Limited (TIB) from one of its Promoters, Dhirendra Nalin Mahyavanshi, making TIB its Subsidiary. It earns almost all revenue from commissions, rewards and fees received from Insurer Partners and other financial service providers for distributing financial products - predominantly general insurance, particularly motor insurance (93.27% of revenue from operations in the nine months ended December 31, 2025) - while income from marketing fees, formerly its dominant revenue source (88.05% of revenue from operations in Fiscal 2023), turned nil/minimal after regulatory developments in Fiscal 2024. The company is loss-making, with restated losses of ₹1,873.89 million in the nine months ended December 31, 2025, negative operating cash flows, negative EPS, and a weighted average return on net worth of (41.54)% over the last three fiscal years.
Company Analysis
from RHPTurtlemint Fintech Solutions Limited operates a tech-enabled insurance distribution platform that connects customers, insurance advisors and insurers, spanning the insurance distribution and fintech industries.
Incorporated on April 7, 2015 as Fintech Blue Solutions Private Limited, renamed Turtlemint Fintech Solutions Private Limited in April-May 2025 and converted into a public limited company as Turtlemint Fintech Solutions Limited in June 2025, the Mumbai-headquartered company runs a tech-enabled insurance distribution platform connecting customers, insurance advisors and insurers. Per the document, it was the first to adopt the point-of-sale person (PoSP) distribution model in 2015 and, per a Redseer Report cited therein, has the largest certified PoSP network among its Peer Group as of March 31, 2025 and December 31, 2025. With effect from May 8, 2024, it acquired Turtlemint Insurance Broking Services Private Limited (TIB) from one of its Promoters, Dhirendra Nalin Mahyavanshi, making TIB its Subsidiary. It earns almost all revenue from commissions, rewards and fees received from Insurer Partners and other financial service providers for distributing financial products - predominantly general insurance, particularly motor insurance (93.27% of revenue from operations in the nine months ended December 31, 2025) - while income from marketing fees, formerly its dominant revenue source (88.05% of revenue from operations in Fiscal 2023), turned nil/minimal after regulatory developments in Fiscal 2024. The company is loss-making, with restated losses of ₹1,873.89 million in the nine months ended December 31, 2025, negative operating cash flows, negative EPS, and a weighted average return on net worth of (41.54)% over the last three fiscal years.
Issue Structure
- Total Issue
- Up to 60,485,318 Equity Shares aggregating up to ₹8,709.89 million at the Floor Price of ₹144 and up to 58,070,398 Equity Shares aggregating up to ₹8,826.70 million at the Cap Price of ₹152
- Fresh Issue
- [●] Equity Shares of face value of ₹1 each aggregating up to ₹6,607.22 million (45,883,472 Equity Shares at Floor Price; 43,468,552 Equity Shares at Cap Price)
- Offer for Sale
- Up to 14,601,846 Equity Shares of face value of ₹1 each aggregating up to ₹[●] million (₹2,102.67 million at Floor Price; ₹2,219.48 million at Cap Price), consisting of up to 4,232,216 Equity Shares by Promoter Selling Shareholders, up to 10,745,181 Equity Shares by Investor Selling Shareholders and up to 633,447 Equity Shares by Individual Selling Shareholder
- Price Band
- ₹144 to ₹152 per Equity Share of face value of ₹1 each (Floor Price and Cap Price are 144 times and 152 times the face value of the Equity Shares, respectively)
- Lot Size
- Minimum of 98 Equity Shares and in multiples of 98 Equity Shares thereafter
- Face Value
- ₹1 each
Business Model
Earns almost all of its revenue from commissions, rewards and fees received from Insurer Partners and other financial service providers for the distribution of financial products (income from distribution of financial products was 98.91% of revenue from operations in the nine months ended December 31, 2025); it previously earned significant marketing fees from Insurer Partners, which became nil/minimal following regulatory developments in Fiscal 2024.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anand Rohidas Prabhudesai | Promoter | — | — |
| Dhirendra Nalin Mahyavanshi | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.