Overview
- The public offer closed with about 1.2x oversubscription on June 23, driven largely by qualified institutional buyers bidding well above retail and NII participation levels.
- Ahead of the public issue the company raised Rs 397.2 crore from anchor investors at Rs 152 per share through allotment of roughly 2.61 crore shares.
- The IPO is priced in a Rs 144–152 band and combines a fresh issue of about Rs 660.7 crore with an offer-for-sale of roughly 1.46 crore shares; the minimum lot is 98 shares.
- Market signals including a near-flat grey market price and Turtlemint’s continued net losses point to limited near-term listing upside and place importance on the company’s execution toward profitability.
- Turtlemint, founded in 2015, operates a large ‘phygital’ insurance distribution platform with about 5 lakh advisors and 1.6 crore policies sold, and plans to use proceeds for cloud infrastructure, product and team costs, marketing, lease payments and subsidiary support.