TURTLEMINT FINTECH SOLUTIONS LTD IPO: Company Review, Subscription and Allotment Updates
2026-06-19 — Company overview and issue details TURTLEMINT FINTECH SOLUTIONS LTD IPO (ABOUT THE COMPANY) TURTLEMINT FINTECH SOLUTIONS LTD – COMPANY BACKGROUND Turtlemint Fintech Solutions Ltd is a 11-year-old company engaged in the…
2026-06-19 — Company overview and issue details
TURTLEMINT FINTECH SOLUTIONS LTD IPO (ABOUT THE COMPANY)
TURTLEMINT FINTECH SOLUTIONS LTD – COMPANY BACKGROUND
Turtlemint Fintech Solutions Ltd is a 11-year-old company engaged in the business of technology-enabled insurance distribution. It provides a platform for a 3-way interface. On the platform, insurance policy originators, insurance advisors, and customers can come together. Financial advisors can suggest insurance policies to their clients through the Turtlemint platform and even ensure fulfilment on the platform itself. It provides access to health, life, motor and other insurance products. It has already tied up with over 45 insurance partners. Over the last 3 years, the platform has generated insurance premiums to the tune of ₹10,066 crore.
Turtlemint Fintech Solutions Ltd has been promoted by Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. The IPO comprises of a fresh issue and an offer for sale. Apart from the promoter shareholders, early investors like Peak XV Partners and Blume Ventures will also be participating in the offer for sale (OFS). The issue is being lead-managed by ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors; while KFIN Technologies Ltd (KFINTECH) are the registrars to the IPO.
HIGHLIGHTS OF THE IPO ISSUE OF TURTLEMINT FINTECH SOLUTIONS LTD
Here are the key highlights of the public issue of Turtlemint Fintech Solutions Ltd.
The IPO is open from June 19th, 2026 to June 23rd, 2026. It has a face value of ₹1 per share and the IPO price band has been fixed in the range of ₹144 to ₹152 per share.
The IPO of Turtlemint Fintech Solutions Ltd will be a combination of a fresh issue and an offer for sale. The promoter group and early institutional investors will be offering shares in the OFS.
The fresh issue portion comprises the issue of 4,34,68,552 shares (434.69 lakh shares), which at the upper price band of ₹152 per share translates into a fresh issue size of ₹660.72 crore.
The OFS portion comprises the sale of 1,46,01,846 shares (146.02 lakh shares), which at the upper price band of ₹152 per share translates into an OFS size of ₹221.95 crore.
Therefore, the overall IPO will comprise of the fresh issue and offer for sale (OFS) of 5,80,70,398 shares (580.70 lakh shares), which at the upper price band of ₹152 per share translates into overall issue size of ₹882.67 crore.
While the fresh issue will dilute equity, the OFS will reduce promoter shareholding; reducing the promoter stake from 17.05% to 13.10% of the total shares outstanding post the IPO.
The IPO of Turtlemint Fintech Solutions Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened on June 18, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Turtlemint Fintech Solutions Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Friday, 19 June, 2026 |
| IPO Close Date | Tuesday, 23 June, 2026 |
| Basis of Allotment | Wednesday, 24 June, 2026 |
| Initiation of Refunds to non-allottees | Thursday, 25 June, 2026 |
| Credit of Shares to Demat | Thursday, 25 June, 2026 |
| Listing Date on NSE and BSE | Monday, 29 June, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 2,61,31,680 shares | 44.27% of total IPO size |
| QIB Shares Offered | 1,77,80,550 shares | 30.12% of total IPO size |
| NII (HNI) Shares Offered | 90,72,797 shares | 15.37% of total IPO size |
| Retail Shares Offered | 60,48,531 shares | 10.25% of total IPO size |
| Total Shares Offered | 5,90,33,558 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Turtlemint Fintech Solutions Ltd for various categories of investors.
| 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 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 98 shares)
FINANCIAL HIGHLIGHTS OF TURTLEMINT FINTECH SOLUTIONS LTD
The table captures the key financials of Turtlemint Fintech Solutions Ltd for last 3 financial years. For FY26, the company has only filed data for the first 9 months.
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 662.71 | 78.64 | 419.92 |
| Sales Growth (%) | 742.69% | -81.27% | |
| Profit after Tax (₹ in crore) | -194.11 | -193.35 | -288.18 |
| PAT Margins (%) | -29.29% | -245.86% | -68.63% |
| Total Equity (₹ in crore) | 410.46 | 563.80 | 743.45 |
| Total Assets (₹ in crore) | 578.69 | 612.55 | 900.37 |
| Return on Equity (%) | -47.29% | -34.29% | -38.76% |
| Return on Assets (%) | -33.54% | -31.56% | -32.01% |
| Asset Turnover Ratio (X) | 1.15 | 0.13 | 0.47 |
| Earnings per share (₹) | -7.33 | -7.30 | -11.16 |
| EBITDA (₹ in Crore) | -186.33 | -182.12 | -292.20 |
| EBITDA Margins (%) | -28.12% | -231.58% | -69.58% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company has been making EBITDA losses for the last 3 years, which is normal in most digital platforms, considering the huge upfront costs that they have to bear. Hence, any view based on financial ratios may not be too important in this case.
VALUATION METRICS OF TURTLEMINT FINTECH SOLUTIONS LTD IPO
Since the company is loss making, the traditional P/E ratio valuation may not be too relevant at this stage. However, there are other considerations (financial and non-financial), which investors will have to take a call based on.
For instance, the company has a strong positioning in the POSP space. This allows scalable distribution and once scale picks up, fixed costs can be absorbed easily. The company also benefits from the network effect, wherein the business automatically becomes more valuable as the network expands and that becomes self-reinforcing. Investors can look at the IPO of Turtlemint Fintech Solutions most as a stake in the future of fintech in distribution of financial products and advisory.
2026-06-19 — Anchor allocation
TURTLEMINT FINTECH SOLUTIONS LTD IPO (ANCHOR ALLOCATION 44.27%)
BRIEF ON ANCHOR ALLOCATION OF TURTLEMINT FINTECH SOLUTIONS LTD
The anchor issue of Turtlemint Fintech Solutions Ltd saw a strong response on 18th June 2026 with 44.27% of the IPO size absorbed by anchors. Out of 5,90,33,558 shares (590.34 lakh shares) on offer in the IPO, anchors picked up 2,61,31,680 shares (261.32 lakh shares) accounting for 44.27% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹152 per share. This includes the face value of ₹1 per share plus a share premium of ₹151 per share. The anchor bidding opened and closed on 18th June 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Turtlemint Fintech Solutions Ltd
| Bid Date | June 18, 2026 |
|---|---|
| Shares Offered | 2,61,31,680 shares |
| Anchor Portion Size (₹ in crore) | ₹397.20 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Jul 24, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sep 22, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN TURTLEMINT FINTECH SOLUTIONS LTD
On 18th June 2026, Turtlemint Fintech Solutions Ltd allotted 2,61,31,680 shares to a total of 32 anchor investors. The allocation was done at the upper IPO price band of ₹152 per share which resulted in overall anchor allocation of ₹397.20 crore. The anchors have already absorbed 44.27% of the total issue size of ₹897.31 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹266.61 crores, or, 67.12% of the overall anchor allocation of shares, one trading day ahead of the IPO of Turtlemint Fintech Solutions Ltd. The individual anchor allocation of top-10 investors is captured in the table below.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | ICICI Pru Equity & Debt Fund | 29,44,116 | 11.27% | ₹ 44.75 |
| 02 | BNP Paribas Financial Markets - ODI | 20,38,792 | 7.80% | ₹ 30.99 |
| 03 | Mirae Asset Aggressive Hybrid Fund | 19,62,744 | 7.51% | ₹ 29.83 |
| 04 | Border to Coast EM Equity Fund | 19,57,256 | 7.49% | ₹ 29.75 |
| 05 | Edelweiss Recently Listed IPO Fund | 19,57,256 | 7.49% | ₹ 29.75 |
| 06 | Amansa Holdings Private Ltd | 16,28,368 | 6.23% | ₹ 24.75 |
| 07 | Susquehanna Pacific Equity Fund | 13,15,846 | 5.04% | ₹ 20.00 |
| 08 | ICICI Pru Life Insurance | 12,99,382 | 4.97% | ₹ 19.75 |
| 09 | Turnaround Opportunities Fund | 12,99,284 | 4.97% | ₹ 19.75 |
| 10 | BOI Small & Mid Cap Fund | 11,36,898 | 4.35% | ₹ 17.28 |
| Grand Total | 1,75,39,942 | 67.12% | ₹ 266.61 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 2,61,31,680 shares allocated to the anchors in the IPO, there were a total of 1,11,06,668 shares allocated to mutual funds registered with SEBI. The allocation was made to 12 mutual fund schemes across 7 AMCs. Mutual funds accounted for 42.50% of the total anchor allocation of the IPO.
Out of the 2,61,31,680 shares allocated to the anchors in the IPO, there were a total of 35,72,492 shares allocated to life insurance companies registered with the IRDAI. The allocation was made to 3 life insurance companies. These life insurers accounted for 13.67% of the total anchor allocation of the IPO. Apart from domestic mutual funds and life insurers; the rest of the anchor allocation was made to FPIs, AIFs and ODIs.
NEXT STEPS IN TURTLEMINT FINTECH SOLUTIONS LTD IPO
Post the closure of the IPO subscription on 23rd June 2026, the basis of allotment will be finalized on 24th June 2026 and the refunds will be initiated on 25th June 2026. In addition, the demat credits are expected to also happen on 25th June 2026 and the stock will list on 29th June 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 25th June 2026 under ISIN (INE0OC301013).
2026-06-23 — Day-3 subscription update
Turtlemint Fintech Solutions Ltd (Day-3 Final Subscription at 1.20 times)
TURTLEMINT FINTECH SOLUTIONS LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.10 pm on 23rd June 2026, out of the 329.02 lakh shares on offer in the IPO (excluding anchor portion), Turtlemint Fintech Solutions Ltd saw bids for 395.48 lakh shares. This implies an overall subscription of 1.20X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Turtlemint Fintech Solutions Ltd was as under:
| Employees (N.A.) | QIBs (1.59X) | HNI / NII (0.52X) | Retail (1.07X) |
|---|
The subscriptions were led by the QIB followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. While the QIB portion just about managed to get fully subscribed, the HNI / NII portion got only the half the quota filled. The company had seen steady anchor participation a day ahead of the IPO opening with 44.27% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 2,61,31,680 | 2,61,31,680 | 397.20 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 1.59 | 1,77,80,550 | 2,83,32,486 | 430.65 |
| HNIs / NIIs | 0.52 | 90,72,797 | 47,60,840 | 72.36 |
| Retail Investors | 1.07 | 60,48,531 | 64,54,378 | 98.11 |
| Total | 1.20 | 3,29,01,878 | 3,95,47,704 | 601.13 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Turtlemint Fintech Solutions Ltd was open up to June 23, 2026, and has closed for subscription as of the close of trading hours on June 23, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio in the table above excludes the anchor portion. Total bids as of the close of trading on the last day of the IPO (including anchor allocation) stood at ₹998.33 crore.
NEXT STEPS IN THE TURTLEMINT FINTECH SOLUTIONS LTD IPO
Post the closure of the IPO subscription on 23rd June 2026, the basis of allotment will be finalized on 24th June 2026 and the refunds will be initiated on 25th June 2026. In addition, the demat credits are expected to also happen on 25th June 2026 and the stock will list on 29th June 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 25th June 2026 under ISIN (INE0OC301013).
2026-06-23 — Allotment guidance and next steps
Turtlemint Fintech Solutions Ltd (How to check allotment status online)
ABOUT THE TURTLEMINT FINTECH SOLUTIONS LTD IPO
The IPO of Turtlemint Fintech Solutions Ltd opened on June 19th, 2026 and closed on June 23rd, 2026. The IPO comprised of a fresh issue and an offer for sale (OFS) of 5,90,33,558 shares (590.34 lakh shares) worth ₹897.31 crore at the upper band price of ₹152 per share. The allotment status will be finalized by EOD of June 24, 2026. Here is how to check allotment status for the IPO of Turtlemint Fintech Solutions Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).
CHECKING ALLOTMENT STATUS OF TURTLEMINT FINTECH SOLUTIONS LTD ON BSE WEBSITE
This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select Turtlemint Fintech Solutions Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Alternatively, Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Turtlemint Fintech Solutions Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF TURTLEMINT FINTECH SOLUTIONS LTD ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select TURTLEMINT from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Turtlemint Fintech Solutions Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF TURTLEMINT FINTECH SOLUTIONS LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)
Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:
https://kosmic.kfintech.com/ipostatus/
KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Turtlemint Fintech Solutions Ltd.
THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD
To Query by Application Number, check the appropriate box and follow these steps.
Enter the Application Number as it is
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.
To Query by Demat Account, check the appropriate box and follow these steps.
First select the depository (NSDL / CDSL)
Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
Enter the Client-ID in the second box
For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
To Query by PAN, check the appropriate box and follow these steps.
Enter the 10-Character PAN number, available on your PAN card
After you enter the PAN number, Enter the 6-digit numeric Captcha Code
Click on Submit button
Allotment status gets displayed on screen
If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.
NEXT STEPS IN THE TURTLEMINT FINTECH SOLUTIONS LTD IPO
Post the closure of the IPO subscription on 23rd June 2026, the basis of allotment will be finalized on 24th June 2026 and the refunds will be initiated on 25th June 2026. In addition, the demat credits are expected to also happen on 25th June 2026 and the stock will list on 29th June 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 25th June 2026 under ISIN (INE0OC301013).
Interested in applying for this IPO?
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