Turtlemint Fintech Solutions IPO: Step by Step guide to check share allotment & fresh GMP

Turtlemint Fintech Solutions is likely to finalize the basis of allotment of its shares on Wednesday, June 24. Applicant bidders will get the messages, alerts or emails for debit of their funds latest by Thursday, June 25. The new-age insure-tech player received a muted response from the investors during the three day bidding period.

The IPO of Turtlemint Fintech Solutions was open for bidding between June 19-June 23. It had offered its shares in the price band of Rs 144-152 per share with a lot size of 98 shares. The company eyed to raise a total of Rs 883 crore via IPO, which included a fresh share sale of Rs 661 crore and an offer-for-sale (OFS) of up to 1.46 crore equity shares.

The issue was overall subscribed only 1.20 times with nearly 53,000 applications, fetching bids for more than Rs 600 crore. The portion for qualified-institutional bidders (QIBs) was subscribed 1.59 times. The quotas for non-institutional investors (NIIs) and retail bidders were undersubscribed at 1.07 times and 52 per cent, respectively.

The grey market premium (GMP) of Turtlemint Fintech Solutions has seen a sharp fall following the dull bidding as the sentiments in the broader markets improve. Last heard, it was commanding no premium, suggesting a flat listing for the investors. Its GMP stood around Rs 2 apiece, during the bidding process and Rs 6 before the issue kicked-off for the bidding.

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 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.

ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisor are the book running lead managers of Turtlemint Fintech Solutions and Kfin Technologies is the registrar of the issue. Refund of the bidding amount shall be done on Thursday, June 25. Shares of the company shall be listed on both BSE and NSE on Monday, June 29.

Investors, who had bid for the issue of Turtlemint Fintech Solutions, can check the allotment status on the Bombay Stock Exchange (BSE) website:

• Visit https://www.bseindia.com/investors/appli_check.aspx
• Under the issue type, click Equity
• Under the issue name, select Turtlemint Fintech Solutions Limited in the dropbox
• Write the application number
• Add the PAN card ID
• Click on 'I am not a Robot' and hit search button

Similarly, one can also check the allotment status on NSE website also (https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids)

• Select ‘Equity & SME IPO Bid details’.
• Under ‘Select Symbol’, choose ‘TURTLEMINT’.
• Put in your PAN No. and Application No.
• Click on ‘Submit’ to proceed.

Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

• Go to the web portal of KFin Technologies Limited
• Select the IPO in dropbox whose name will be populated only if the allotment is finalized
• You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
• In application type, select between ASBA and non-ASBA
• Enter the details of the mode you selected in Step 2
• For security purposes, fill the captcha accurately
• Hit submit.