Turtlemint Fintech Shares Slip Up to 11.25% on Listing Day Debut
- 29th June 2026
- 10:00 AM
- 3 min read
Summary
Turtlemint Fintech Solutions shares listed at a discount on Monday, 29 June, after the ₹883 crore IPO was subscribed 1.23x during its 19-23 June bidding window. The stock opened at ₹134.90 on the NSE, 11.25% below the ₹152 issue price, and at ₹136.20 on the BSE, a 10.39% discount. Post-listing market capitalisation stood at ₹4,010.80 crore.Mumbai | 29 June 2026
Shares of Turtlemint Fintech Solutions listed below their issue price on both exchanges on Monday, 29 June.
How Did Turtlemint Fintech Shares Perform on Listing Day?
Turtlemint Fintech Solutions shares opened at ₹134.90 on the NSE, an 11.25% discount to the ₹152 issue price. On the BSE, the stock listed at ₹136.20, a discount of 10.39%. The company’s market capitalisation post listing stood at ₹4,010.80 crore.
Ahead of the listing, the IPO’s grey market premium (GMP) had stood at ₹-5, indicating an estimated listing price of ₹147. The actual listing came in below this estimate on both exchanges.
Grey market premium (GMP) is unofficial and not regulated by SEBI. It reflects market sentiment only and should not be the sole factor in investment decisions.
How Was the Turtlemint Fintech IPO Subscribed?
Turtlemint Fintech Solutions’ ₹883 crore IPO was open for subscription from 19 to 23 June. The issue was subscribed 1.23x overall.
| Category | Subscription |
| Qualified institutional buyers (QIB) | 1.63x |
| Retail individual investors | 1.06x |
| Non-institutional investors (NII) | 0.54x |
| Overall | 1.23x |
The QIB segment recorded the highest demand, followed by retail investors. The non-institutional portion received bids below the shares on offer. Ahead of the issue opening, Turtlemint raised ₹397.20 crore from anchor investors.
What Are the Key Details of the Turtlemint Fintech IPO?
The IPO comprised a fresh issue of 4.35 crore equity shares worth ₹660.72 crore, along with an offer for sale (OFS) of 1.46 crore shares valued at ₹221.95 crore. The price band was fixed at ₹144-152 per share.
Promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi sold a portion of their stakes through the OFS. Existing shareholders including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures and GGV Capital also divested part of their holdings.
Turtlemint plans to use the fresh issue proceeds for cloud and server infrastructure, salary costs for its technology and product teams, marketing initiatives, lease payments for its properties and those of subsidiary TIB, working capital for TIB, and future acquisitions.
ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors managed the issue as book-running lead managers, with KFin Technologies as registrar.
What Does Turtlemint Fintech Do?
Turtlemint was founded in 2015 by Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. The company simplifies the purchase and management of insurance policies and has sold around 1.6 crore policies through a network of more than five lakh advisors.
Its technology helps advisors match customers with suitable insurance products, supporting efficiency and business growth. Turtlemint’s primary offerings include retail health, life and motor insurance, and the platform also facilitates mutual funds, loans and credit cards.
Outlook
Turtlemint Fintech Solutions’ shares will continue trading on the NSE and BSE following Monday’s debut. The IPO closed with overall subscription of 1.23x, led by demand from qualified institutional buyers.
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