Turtlemint IPO opens on June 19; check price band, issue size, key dates & more

Nexus Venture Partners-backed insurtech startup Turtlemint Fintech Solutions has fixed the price band for its initial public offering at Rs 144-152 per equity share. The issue will open for subscription on June 19, with investors able to bid for a minimum of 98 shares and in multiples thereafter.

At the upper end of the price band, the company aims to raise Rs 882.67 crore and would command a post-listing market capitalisation of Rs 4,476.08 crore. The IPO will close on June 23, while the anchor investor portion is scheduled to open on June 18.

The public issue comprises a fresh issue of shares worth Rs 660.72 crore and an offer for sale of 1.46 crore equity shares. The OFS includes stake sales by promoters Anand Prabhudesai and Dhirendra Mahyavanshi, along with existing investors Peak XV Partners, Nexus Venture Partners, Jungle Ventures, Blume Ventures and individual investor Kunal Shah.

Turtlemint operates a technology-led insurance distribution platform connecting customers, insurers and digital partners. Of the total issue size, 75 per cent has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 10 per cent for retail investors.

As of September 30, 2025, it had over 6 lakh digital partners, including 4.85 lakh Point of Sales Persons, and facilitated the distribution of 19.68 million insurance policies between April 2022 and September 2025. For FY25, the company reported revenue of Rs 662.7 crore, up from Rs 78.6 crore in FY24, while its net loss widened marginally to Rs 194.1 crore from Rs 193.3 crore.

ICICI Securities, JM Financial, Jefferies India and Motilal Oswal Investment Advisors are the book-running lead managers, while Kfin Technologies is the registrar. The shares are scheduled to list on the BSE and NSE on Monday, June 29.