Turtlemint IPO: 45% Subscribed on Day 1, Rs 883 Cr Issue
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Turtlemint Fintech Solutions IPO sees 45% subscription on its first day. The Rs 883-crore public issue includes fresh shares & OFS, with anchor investors raising Rs 397.20 cr.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jun 19 (PTI) The initial public offering of Turtlemint Fintech Solutions Ltd received 45 per cent subscription on the first day of bidding on Friday.
The IPO received bids for 1,48,26,126 shares against 3,29,01,878 shares on offer, as per data available with the NSE.
The category for Qualified Institutional Buyers (QIBs) fetched 73 per cent subscription, while the quota meant for retail investors got subscribed 29 per cent. The portion for non-institutional investors received 1 per cent subscription.
Turtlemint Fintech Solutions Ltd on Thursday raised Rs 397.20 crore from anchor investors.
The company's Rs 883-crore IPO will conclude on June 23. The price band has been fixed at Rs 144-152 per share for the public issue, valuing the company at over Rs 4,500 crore at the higher end.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 660.72 crore and an offer for sale (OFS) component of 1.46 crore equity shares worth about Rs 221.95 crore by existing shareholders.
As part of the OFS, promoters -- Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi -- along with several existing investors, including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures, and GGV Capital, will offload their partial stakes.
The company plans to utilise the proceeds for strengthening its cloud and server-related infrastructure, meeting salary expenses for its technology and product development teams, and undertaking marketing initiatives.
A portion of the proceeds will also be used towards lease payments for existing properties of the company and its wholly owned subsidiary, TIB. In addition, the company intends to invest in TIB to support its working capital requirements and funds will be used inorganic growth through unidentified acquisitions.
Turtlemint had confidentially filed its draft prospectus in September and received Sebi's approval in December to move ahead with the public issue.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the company focuses on simplifying 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 financial advisors instantly match customers with insurance products best suited to their needs, thereby improving efficiency and supporting business growth.
The company's primary offerings in the insurance sector include retail products across health, life, and motor insurance. In addition to the distribution of insurance policies, it facilitates other financial products on the platform, including mutual funds, loans (personal and business) and credit cards.
ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, while KFin Technologies Ltd is the registrar.
The IPO received bids for 1,48,26,126 shares against 3,29,01,878 shares on offer, as per data available with the NSE.
The category for Qualified Institutional Buyers (QIBs) fetched 73 per cent subscription, while the quota meant for retail investors got subscribed 29 per cent. The portion for non-institutional investors received 1 per cent subscription.
Turtlemint Fintech Solutions Ltd on Thursday raised Rs 397.20 crore from anchor investors.
The company's Rs 883-crore IPO will conclude on June 23. The price band has been fixed at Rs 144-152 per share for the public issue, valuing the company at over Rs 4,500 crore at the higher end.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 660.72 crore and an offer for sale (OFS) component of 1.46 crore equity shares worth about Rs 221.95 crore by existing shareholders.
As part of the OFS, promoters -- Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi -- along with several existing investors, including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures, and GGV Capital, will offload their partial stakes.
The company plans to utilise the proceeds for strengthening its cloud and server-related infrastructure, meeting salary expenses for its technology and product development teams, and undertaking marketing initiatives.
A portion of the proceeds will also be used towards lease payments for existing properties of the company and its wholly owned subsidiary, TIB. In addition, the company intends to invest in TIB to support its working capital requirements and funds will be used inorganic growth through unidentified acquisitions.
Turtlemint had confidentially filed its draft prospectus in September and received Sebi's approval in December to move ahead with the public issue.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the company focuses on simplifying 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 financial advisors instantly match customers with insurance products best suited to their needs, thereby improving efficiency and supporting business growth.
The company's primary offerings in the insurance sector include retail products across health, life, and motor insurance. In addition to the distribution of insurance policies, it facilitates other financial products on the platform, including mutual funds, loans (personal and business) and credit cards.
ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, while KFin Technologies Ltd is the registrar.
