Turtlemint Fintech Solutions IPO - Company Analysis
Turtlemint Fintech Solutions IPO under the Mainboard IPO category is a bookbuild issue of Rs. 882.67 Cr by Turtlemint Fintech Solutions Limited, a technology-enabled insurance distribution platform that uses a phygital (physical + digital) strategy to link clients, insurers, and insurance consultants (Digital Partners).
Among its peers, the company established the largest certified Point-of-Sale Person (PoSP) network in India and was among the first to use the PoSP distribution model.
Turtlemint provides a comprehensive platform that lets Digital Partners handle customer acquisition, policy servicing, claims support, training, and lead management while comparing, recommending, and distributing insurance products from various insurers. Through collaborations with 45 insurer partners, the website offers access to life, health, auto, and other insurance products.
Turtlemint Fintech Solutions IPO Details
The Turtlemint Fintech Solutions IPO date of opening is 19 Jun 2026, its initial public offering will end on 23 Jun, IPO allotment on Jun 24 and refund initiation on Jun 25, 2026.
The Rs. 882.67 crore new Mainboard IPO comprises a combination of fresh issue of 4.35 crore shares (Rs. 660.72 Cr) and offer for sale of 1.46 crore shares (Rs. 221.95 Cr).
The Turtlemint Fintech Solutions IPO listing date (expected) might be on Monday, Jun 29, 2026, and listing at the BSE and NSE.
The Turtlemint Fintech Solutions IPO price band is Rs. 144 to Rs. 152.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
Jun 19, 2026 |
|
IPO Closing Date |
Jun 23, 2026 |
|
IPO Allotment Date |
Jun 24, 2026 |
|
Refund Initiation |
Jun 25, 2026 |
|
IPO Listing Date |
Jun 29, 2026 |
Industry Overview
Click to open demat account and apply for the IPO.
Company Financials
(Amount in Cr)
|
Particulars |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
Assets |
578.69 |
612.55 |
900.37 |
|
Total Income |
693.21 |
119.12 |
460.11 |
|
Profit After Tax |
-194.11 |
-193.35 |
-288.18 |
|
EBITDA |
82.43 |
— |
— |
|
NET Worth |
410.46 |
563.80 |
743.45 |
|
Reserves |
408.88 |
562.22 |
741.87 |
|
Total Borrowing |
0.00 |
0.00 |
0.00 |
Cash Flows
(Amount in lac)
|
Net Cash Flow |
31 Mar 2025 |
31 Mar 2024 |
31 Mar 2023 |
|
Net Cash Flow Operating Activities |
(2,158.08) |
(2,416.66) |
(2,859.16) |
|
Net Cash Flow Investing Activities |
2,352.26 |
2,477.89 |
(5,793.16) |
|
Net Cash Flow Financing Activities |
(147.40) |
(96.47) |
9,026.81 |
Revenue Bifurcation
(Source: RHP)
The Objective of the Issue
- Expenditure towards cloud and server-related infrastructure of the Company. ~ Rs. 25.64 Cr.
- Salary expenditure towards the technology and product development teams of the Company. ~ Rs. 193.04 Cr.
- Expenditure towards marketing initiatives by the Company. ~ Rs. 39.07 Cr.
- Expenditure towards lease payments for existing properties of the Company and wholly owned Subsidiary, TIB, breakup of which is as follows: Expense by the Company. ~ Rs. 22.21 Cr.
- Expenditure towards lease payments for existing properties of the Company and wholly owned Subsidiary, TIB, breakup of which is as follows: Expense by wholly owned Subsidiary, TIB. ~ Rs. 20.87 Cr.
- Investment in wholly owned Subsidiary, TIB, for funding its working capital requirements. ~Rs. 128.64 Cr.
- Funding inorganic growth through unidentified acquisitions, strategic initiatives, and general corporate purposes.
Listed Peers of Turtlemint Fintech Solutions Ltd.
|
Name of Company |
Face Value (₹) |
Basic EPS (₹) |
PE Ratio (x) |
|
PB Fintech Limited |
2 |
7.77 |
202.33 |
Valuation
|
KPI |
Value |
|
ROE |
-95.18% |
|
ROCE |
-59.09% |
|
Debt/Equity |
0.15 |
|
RoNW |
-47.29% |
|
EBITDA Margin |
12.44% |
|
Price to Book Value |
0.02 |
Evaluation of P/E Ratio
Considering the period ended on FY 2025 with an EPS of Rs. -7.33 from the last year, the resulting P/E ratio is NA.
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IPO's Strengths
- Leading position in India's PoSP-based insurance distribution ecosystem.
- Largest certified Digital Partner and PoSP network among peers.
- Partnerships with 45 insurer partners offering a wide product portfolio.
- Strong presence in underserved B30+ markets across India.
IPO's Weaknesses
- History of significant losses and negative cash flows.
- High dependence on general insurance and motor insurance products.
- Revenue concentration on commission-based income.
Turtlemint Fintech Solutions IPO GMP
Turtlemint Fintech Solutions IPO GMP today is Rs. 8 as of 16 June 2026, while writing this information.
Turtlemint Fintech Solutions IPO Summary
|
IPO Opening & Closing Date |
19 Jun, 2026 to 23 Jun, 2026 |
|
Face Value |
Rs. 1 per Share |
|
Issue Price |
Rs. 144 to Rs. 152 per Share. |
|
Lot Size |
98 Shares |
|
Issue Size |
5,80,70,398 Shares (Rs. 883 Cr) |
|
Offer for Sale |
1,46,01,846 Shares (Rs. 222 Cr) |
|
Fresh Issue |
4,34,68,552 Shares (Rs. 661 Cr) |
|
Listing at |
BSE, NSE |
|
Issue Type |
Bookbuild issue IPO |
|
Registrar |
Kfin Technologies Ltd. |
IPO Lot Details
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
HNI (Min) |
14 Lots |
Turtlemint Fintech Solutions IPO Allotment Status
To check the Turtlemint Fintech Solutions IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Turtlemint Fintech Solutions Ltd.
- Anand Rohidas Prabhudesai
- Dhirendra Nalin Mahyavanshi.
|
Pre-Issue Promoter Shareholding |
17.05% |
|
Post-Issue Promoter Shareholding |
13.10% |
IPO Lead Managers
- ICICI Securities Ltd.
Dividend Policy
The company has not paid a Dividend during the last three financial years.
Conclusion
Turtlemint Fintech Solutions IPO offers investors exposure to India’s growing insurance distribution and PoSP-based fintech ecosystem. The company has strong insurer partnerships and a wide Digital Partner network, but its continued losses and negative cash flows remain key concerns.
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