- Price band
- ₹144 – ₹152
- Issue size
- ₹883 Cr
- Lot size
- 98 sh
- Bidding
- 19 – 23 Jun
- Grey market
- —
Face value ₹1.00
75% fresh capital
Lists 29 Jun 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Turtlemint Fintech Solutions distributes retail insurance through independent advisers rather than its own salesforce; the record's company description states that 631,885 of these Digital Partners had been onboarded as at 31 December 2025, of whom 507,124 were certified point-of-sale persons, with tie-ups across 45 insurers. The issue totalled Rs 882.67 Cr at a band of Rs 144-152, of which Rs 660.72 Cr was fresh (74.85%) and Rs 221.95 Cr an offer for sale (25.15%). Revenue was Rs 460.11 Cr in FY23, Rs 119.12 Cr in FY24, Rs 693.21 Cr in FY25 and Rs 748.91 Cr in the nine months to 31 December 2025, with a loss after tax in each of those four periods. The book closed subscribed 1.24 times overall; the shares listed at Rs 134.90 against the Rs 152 band top and last traded at Rs 56.57 on 23 October 2026, a change of -62.78% against the Rs 152 issue price.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Scaling fast, not yet earning
58% of the scoring model was backed by disclosed data for Turtlemint, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Loss-making in the latest full year
The company reported a net loss of ₹194.1 Cr in FY25. P/E is undefined, so valuation is scored on sales instead of earnings.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2015 · Mumbai, Maharashtra · 2,348 employees
Turtlemint sells retail insurance in India through other people rather than its own salesforce. It recruits, trains and certifies independent advisers it calls Digital Partners, who sell health, life and motor policies to customers in their own towns using the company's app for product comparison, quotes, lead management and post-sale claims support. As of 31 December 2025 it had onboarded 631,885 Digital Partners, of whom 507,124 were certified point-of-sale persons, and had tie-ups with 45 insurers. Between 1 April 2022 and 31 December 2025 the platform carried 21.87 million policies across 19,171 pin codes. The business sits mostly outside the thirty largest cities: at 31 December 2025, 80.09% of Digital Partners and 75.13% of platform premium came from B30+ markets. It also distributes mutual funds, loans and credit cards.
Insurers pay; customers do not. In the nine months to 31 December 2025 revenue from operations was ₹741.07 Cr, of which ₹733.01 Cr was commission and fee income on insurance, mutual funds and loans distributed through the platform. The structural constraint is that most of it goes straight back out: commission paid to Digital Partners was ₹583.21 Cr in that period, with employee benefits a further ₹183.06 Cr, leaving a restated loss of ₹187.39 Cr. Regulation sets the other limit: IRDAI changes collapsed marketing fees from ₹369.75 Cr in FY2023 to ₹42.17 Cr in FY2024, and the RHP states none was earned in FY2025 or the nine months to December 2025.
The company on paper
- Legal name
- Turtlemint Fintech Solutions Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 7 Apr 2015
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74999MH2015PLC263315
- Sector
- Financials · Retail insurance distribution through a certified PoSP advisor network
- Employees
- 2,348
- Registered office
- Mumbai, Maharashtra
- Promoters
- Anand Rohidas Prabhudesai, Dhirendra Nalin Mahyavanshi
- Promoter holding, pre-issue
- 17.1%
- Promoter holding, post-issue
- 13.1%
- Website
- turtlemint.com
The numbers
Financial performance
Revenue has compounded at 22.7% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
75% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹661 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹222 Cr
- Total issue size
- ₹883 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 4.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹152.00
- Listed at
- ₹134.90
- Listing gain
- down 11.3%
- Since listing
- down 60.6%
- Against the issue price
- down 65.0%
Trading at ₹53.12 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 98
- At cut-off price
- ₹152.00
- Amount blocked
- ₹14,896
One lot is 98 shares at ₹14,896. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~90%
chance of one lot, per application
- Retail subscription
- 1.11×
- Applicants per share available
- 1.1× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹134.90
listed at, −11.3% against the issue price
- Issue price
- ₹152.00
- Premium said
- —
- If allotted 98 shares
- −₹1,676
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue in the nine months to 31 December 2025 was Rs 748.91 Cr, above the Rs 693.21 Cr recorded across the whole of FY25.
- EBITDA was negative in all four periods on record but smaller in each successive annual period: Rs -305.78 Cr in FY23, Rs -198.73 Cr in FY24 and Rs -176.61 Cr in FY25, with Rs -108.33 Cr in the nine months to 31 December 2025.
- The record's company description reports 631,885 Digital Partners onboarded as at 31 December 2025, of whom 507,124 (80.26%) were certified point-of-sale persons, and 21.87 million policies carried across 19,171 pin codes between 1 April 2022 and 31 December 2025.
- Total borrowings were nil in all four financial periods on record (FY23, FY24, FY25 and the nine months to 31 December 2025).
What to weigh against it
- Loss after tax was recorded in every period present: Rs 288.18 Cr in FY23, Rs 193.35 Cr in FY24, Rs 194.11 Cr in FY25 and Rs 187.39 Cr in the nine months to 31 December 2025. The FY25 loss of Rs 194.11 Cr was Rs 0.76 Cr larger than the FY24 loss of Rs 193.35 Cr.
- Net worth fell in each period after FY23: Rs 743.45 Cr (FY23), Rs 563.80 Cr (FY24), Rs 410.46 Cr (FY25) and Rs 295.68 Cr at 31 December 2025 — a fall of Rs 447.77 Cr from the FY23 level.
- In the nine months to 31 December 2025 the record's business-model note puts commission paid to Digital Partners at Rs 583.21 Cr against revenue from operations of Rs 741.07 Cr, or 78.70% of it; adding employee benefits of Rs 183.06 Cr, those two lines total Rs 766.27 Cr, Rs 25.20 Cr above that revenue from operations.
- The record's business-model note states that IRDAI changes collapsed marketing fees from Rs 369.75 Cr in FY2023 to Rs 42.17 Cr in FY2024, and that the RHP states none was earned in FY2025 or in the nine months to 31 December 2025.
Easy to miss in the prospectus
- The newest financial period on record ends 31 December 2025: a loss after tax of Rs 187.39 Cr for those nine months against net worth of Rs 295.68 Cr at the same date, equal to 63.38% of it.
- Expenses, total assets and cash flow from operations are null in all four financial periods, so the record carries no cash-consumption figure to set against the fresh issue of Rs 660.72 Cr.
- The subscription data is a single final-day row (QIB 1.63 times, retail 1.11 times, non-institutional 0.55 times, total 1.24 times); no day-one or day-two figures, anchor book, allocation split, valuation or peer set is present in the record.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Turtlemint's own prospectus and to exchange disclosures, then cross-checked against 9 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Turtlemint Fintech Solutions Limited — Red Herring Prospectus dated June 15, 2026 (filer-hosted) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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