Turtlemint’s initial public offering (IPO) received a 32% subscription on its first day of bidding, with investors placing bids for 1.04 crore shares against the total offer size of 3.29 crore shares, according to inc42.com. The IPO includes a fresh issue of shares worth ₹660.7 crore and an offer-for-sale of up to 1.46 crore shares by promoters and existing shareholders. The company is valued at ₹4,513 crore at the upper price band of ₹152 per share.
Qualified institutional buyers (QIBs) showed the strongest interest, subscribing 51% of their quota by bidding for 90.32 lakh shares out of 1.78 crore shares reserved for them. Retail individual investors (RIIs) subscribed 21% of their allocation with bids for 12.80 lakh shares against 60.49 lakh shares on offer. Non-institutional investors (NIIs) showed the least enthusiasm, subscribing only 1% of their quota with bids for 73,892 shares out of 90.72 lakh shares available. The IPO is expected to debut on the BSE and NSE on June 29.
The fresh capital raised through the IPO will be used by Turtlemint to enhance its technology infrastructure, product development, marketing efforts, working capital needs, and inorganic growth opportunities. Prior to the IPO, the insurtech startup secured ₹397.2 crore in funding. The company's valuation and capital raise come amid growing investor interest in the insurtech sector, which has seen increased activity and funding in recent years.
Turtlemint’s IPO subscription progress will be closely monitored until the close of bidding, with the company scheduled to list on the BSE and NSE on June 29, marking a significant milestone in its growth trajectory.