Turtlemint Fintech to launch ₹883-crore IPO on June 19; price band set at ₹144-152

Turtlemint Fintech Launches ₹883-Crore IPO On June 19, Sets Price Band At ₹144-152 Per Share

Mumbai: Insurtech company Turtlemint Fintech Solutions will launch its Rs 883-crore Initial Public Offering (IPO) on June 19. The public issue will remain open for subscription until June 23, while the anchor investor portion will open on June 18.The company has fixed the price band at Rs 144-Rs 152 per share. At the upper end of the price band, Turtlemint is valued at more than Rs 4,500 crore.Fresh Issue and OFS ComponentThe IPO consists of a fresh issue of equity shares worth up to Rs 660.72 crore and an Offer for Sale (OFS) of 1.46 crore shares valued at around Rs 221.95 crore.Trenzet Infra Files IPO Papers With Sebi, Plans To Raise Funds Via 1.05 Crore Fresh Shares & 18 Lakh OFSUnder the OFS, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will sell part of their holdings. Existing investors such as Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures and GGV Capital will also dilute their stakes.How the Company Will Use the Funds?Turtlemint plans to use the fresh issue proceeds to strengthen its cloud and server infrastructure and support its technology and product development teams.The company will also spend on marketing activities and lease payments for existing properties of the company and its wholly owned subsidiary, TIB.Part of the funds will be invested in TIB to meet working capital requirements. The company has also earmarked money for future acquisitions to support growth. Omnitech Engineering IPO Opens Feb 25, Price Band Set At ₹216-227 Per ShareBusiness and OperationsFounded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a technology platform that connects insurers, advisers and customers.The company says it has sold around 1.6 crore insurance policies through a network of more than five lakh advisers. It has partnerships with more than 40 insurance companies, covering nearly 65 percent of India's life and general insurance industry.Apart from health, life and motor insurance products, Turtlemint also offers mutual funds, personal and business loans, and credit cards through its platform.Issue Structure and ListingThe IPO has reserved 75 percent of the issue for Qualified Institutional Buyers (QIBs), 15 percent for Non-Institutional Investors (NIIs) and 10 percent for retail investors.Shares of the company are expected to be listed on the stock exchanges on June 29.

3 hours ago

Turtlemint Fintech to launch ₹883-crore IPO on Jun 19

The price band has been fixed at ₹144-152 per share for the public issue, valuing the company at over ₹4,500 crore at the higher end.

5 hours ago

Turtlemint Fintech to launch Rs 883-crore IPO on Jun 19; sets price band at Rs 144-152/share

Insurtech firm Turtlemint Fintech Solutions will launch its initial public offering (IPO) worth up to Rs 883 crore on June 19 seeking to raise fresh capital and provide an exit route to existing shareholders. 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 offering will close on June 23 and the anchor investor portion will open for subscription on June 18, a day ahead of the public issue, according to a public announcement made by the company on Tuesday. 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 a 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 partially offload their stakes. The company plans to utilize 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. Turtlemint claims to have processed over 90 crore claims for more than 1.2 crore customers. Its technology helps financial advisors instantly match customers with insurance products best suited to their needs, thereby improving efficiency and supporting business growth. It connects insurers, advisors and consumers on a unified technology platform and has forged long-term partnerships with over 40 insurer partners, accounting for nearly 65 per cent of all life and general insurers in India. 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. The issue has reserved 75 per cent for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 10 per cent for retail investors. The company's shares are scheduled to list on the exchanges on June 29. Earlier in November 2021, PB Fintech, which operates Policybazaar and Paisabazaar, had tapped the markets with a Rs 5,710-crore IPO. 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.

6 hours ago