Turtlemint Fintech Solutions make a weak stock market debut; shares lists at 11% discount

Shares of Turtlemint Fintech Solutions made a muted stock market debut on Monday, June 29 as the insurance and financial services player settled at Rs 134.90 on NSE, a discount of 11.25 per cent over its issue price of Rs 152. Similarly, the stock kicked off its maiden trading session with a discount of 10.39 per cent over its given issue price at Rs 136.20 on BSE Ltd.

Listing of Turtlemint Fintech Solutions has been in line with expectations, on a discount. Ahead of its listing, shares of Turtlemint Fintech were commanding a discount of Rs 3-5 per share in the grey market, suggesting a weak listing for the investors. Based on the given listing price, investors made a loss of Rs 1,675 per lot of 98 equity shares allotted to them.

The IPO of Turtlemint Fintech Solutions ran for subscription between June 19-June 23. It had sold its shares in the price band of Rs 144-152 per share with a lot size of 98 shares. The new age financial services player raised 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 booked 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.

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.

Brokerage firms, tracking the stock, had a mixed view on this IPO. ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors were the book running lead managers of Turtlemint Fintech Solutions and Kfin Technologies Ltd served as the registrar of the issue.