The initial public offering (IPO) of Turtlemint Fintech Solutions managed to sail through, despite muted bidding from the investors on the third and final day of the bidding, thanks to institutional bidding. The issue managed to overall hit the halfway mark during the first two days of the bidding.

Turtlemint Fintech Solutions is selling its shares in the price band of Rs 144-152 apiece. Investors can apply for a minimum of 98 shares and its multiples thereafter. It is looking to raise Rs 883 crore via IPO, which includes a fresh share sale of Rs 661 crore and an offer-for-sale (OFS) of up to 1,46,01,846 equity shares worth Rs 222 crore.

According to the data, the investors made bids for 3,33,17,942 equity shares, or 1.01 times, compared to the 3,29,01,878 equity shares offered for the subscription by 2.05 pm on Tuesday, June 23, 2026. The bidding for the issue, which began on Friday, June 19, shall conclude today.

The portion reserved for qualified institutional bidders (QIBs) was booked nearly 1.48 times. The allocation for retail investors was subscribed 86 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of only 20 per cent as of the same time.

Incorporated in 2015, Mumbai-based Turtlemint Fintech Solutions is a technology-enabled insurance distribution platform that connects customers, insurance advisors, and insurers through a phygital (physical+digital) model. It was among the first to adopt the point-of-sale person (PoSP) distribution model and has built India's largest certified PoSP network among its peer group.

Turtlemint has strong positioning in the PoSP landscape driving scalable pan India distribution with diversified and granular Digital Partner network enabled by tech-driven training Company has long-term partnerships with multiple Insurer Partners, said Hem Securities, with a 'long term subscribe' recommendation to the issue.

Turtlemint Fintech is set to list at an mcap/sales of 7 times with a market cap of Rs 4,513 crore, said Marwadi Financial Services. "We assign an 'avoid' rating to this IPO due to the company's continued losses and a valuation that is not in favor of investors," it added.

Turtlemint Fintech raised a total of Rs 397.20 crore from anchor investors as it alloted 2,61,31,680 shares at Rs 152 apiece. It clocked a net loss of Rs 187.39 crore with a revenue of Rs 748.91 crore for the period ended on December 31, 2025. It reported a net loss of Rs 194.11 crore with a revenue of Rs 693.21 crore for the financial year 2024-25. It is commanding a total marketcap of Rs 4,700 crore.

The absence of any other listed vehicle for India's PoSP-driven insurance distribution build-out support near-term demand at listing. The long-term case requires two consecutive quarters of declining partner acquisition cost ratios and crosssell revenue meaningfully above the 1-2 per cent of consolidated revenue before the FY28E profitability assumptions become defensible, said DR Choksey Finserv.

The company has reserved 75 per cent of the issue for qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent 15 per cent of the allocations. Retail investors will get only 10 per cent shares in the IPO. Last heard the company was commanding a grey market premium (GMP) of Rs 0.5, suggesting a muted listing for the investors.

ICICI Securities, JM Financial, Jefferies India and Motilal Oswal Investment Advisor are the book running lead managers of Turtlemint Fintech Solutions and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Monday, June 29.