Turtlemint Fintech Shares Drop Over 11 PC in Market Debut Trade

New Delhi, Jun 29 (PTI): Shares of Turtlemint Fintech Solutions listed with a discount of over 11 per cent against the issue price of Rs 152 on Monday.

The stock began trading at Rs 136.20, down 10.39 per cent from the issue price on the BSE. It further dropped 13 per cent to Rs 132.15. At the NSE, the stock started the day at Rs 134.90, with a discount of 11.25 per cent. The company’s market valuation stood at Rs 4,069.70 crore.

The initial public offer of Turtlemint Fintech Solutions sailed through on the final day of bidding on Tuesday last week, getting subscribed 1.20 times. The Rs 883-crore IPO had a price band of Rs 144-152 per share.

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, while funds will also be used for inorganic growth through unidentified acquisitions.

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.

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