Insurtech startup Turtlemint secured ₹397.2 crore from anchor investors ahead of its initial public offering (IPO), allotting 2.61 crore equity shares at ₹152 each, the upper price band. The Mumbai-based company’s IPO opens tomorrow and closes on June 23, with a tentative public debut on the BSE and NSE scheduled for June 29, according to inc42.com.
The anchor round saw participation from seven domestic mutual funds, including ICICI Prudential, Bank of India, and Bandhan Bank, which collectively acquired 43% of the shares. Other investors included Societe Generale, 360 One, Amansa Holdings, BNP Paribas, and Citi Group. Turtlemint’s IPO consists of 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, per inc42.com.
At the upper price band of ₹152, the IPO values Turtlemint at ₹4,513 crore (approximately $475 million). The company plans to use the fresh capital to enhance technology infrastructure, product development, marketing, working capital, and inorganic growth. The fresh issue size remains unchanged from the updated draft red herring prospectus, while the offer-for-sale component has been halved, inc42.com reports.
Following the bidding process, Turtlemint’s shares will be listed on both the BSE and NSE on June 29, marking a significant milestone for the insurtech startup as it enters public markets, inc42.com confirms.