Turtlemint Fintech Raises ₹397 Crore From 32 Anchor Investors; IPO Opens 19 June

Turtlemint Fintech Solutions has allotted 2.61 crore equity shares to 32 anchor investors, raising ₹397 crore at ₹152 per share, the upper end of its initial public offering (IPO) price band.

The anchor round was finalised ahead of the company's public issue, which opens for subscription on 19 June and closes on 23 June.

Who Invested

The anchor book drew participation from a wide range of institutional investors, including ICICI Prudential Equity & Debt Fund, Mirae Asset Multicap Fund, Mirae Asset Aggressive Hybrid Fund, Border to Coast Emerging Markets Equity Fund, Amansa Holdings, BNP Paribas Financial Markets, Edelweiss Recently Listed IPO Fund, Bank of India Mid & Small Cap Equity & Debt Fund, Bajaj Life Insurance, Societe Generale, ICICI Prudential Life Insurance and Axis Max Life Insurance, among others.

Domestic mutual funds accounted for a significant share of the allocation. Seven mutual fund houses, participating through 12 schemes, were allotted 1.11 crore equity shares, representing 42.5% of the total anchor book.

IPO Structure

The Turtlemint Fintech Solutions IPO is valued at ₹883 crore, with a price band of ₹144 to ₹152 per share, valuing the company at over ₹4,500 crore at the upper end.

The issue comprises a fresh issue of equity shares worth up to ₹660.72 crore and an offer for sale of 1.46 crore equity shares worth approximately ₹221.95 crore by existing shareholders.

Under the offer for sale, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will offload partial stakes, along with existing investors including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures and GGV Capital.

The issue has been reserved at 75% for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors. Shares are scheduled to list on the exchanges on 29 June.

How The Funds Will Be Used

Proceeds from the fresh issue will go towards strengthening the company's cloud and server infrastructure, covering salary expenses for its technology and product development teams, and funding marketing initiatives.

A portion will also be used for lease payments on existing properties belonging to the company and its wholly-owned subsidiary, TIB. The company also plans to invest in TIB to support its working capital needs and to fund inorganic growth through future acquisitions.

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About The Company

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint focuses on simplifying the purchase and management of insurance policies. The company has sold around 1.6 crore policies through a network of more than five lakh advisors and claims to have processed over 90 crore claims for more than 1.2 crore customers.

Turtlemint operates a unified technology platform connecting insurers, advisors and consumers, with partnerships across more than 40 insurers covering nearly 65% of all life and general insurance providers in India. Its core offerings include retail health, life and motor insurance, alongside other financial products such as mutual funds, personal and business loans, and credit cards.

The company had confidentially filed its draft prospectus in September and received SEBI's approval in December to proceed with the public issue. ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors are the book-running lead managers, with KFin Technologies as the registrar.

Sources:

The Hindu Businessline

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