Turtlemint Fintech enters the stock market, listing at an 11 percent discount
Suspense Crime, Digital Desk : Turtlemint Fintech Solutions' ₹883 crore IPO was listed on the BSE and NSE today, June 29th. Shares of Turtlemint Fintech Solutions Limited had a weak debut on Dalal Street. The company's shares listed at ₹134.90 on the NSE, down 11.25% from the issue price of ₹152. On the BSE, the shares listed at ₹136.20, also below the issue price. The company's IPO was open to investors from June 19th to June 23rd. Allotment of the IPO was completed on June 24th, and shares were credited to the demat accounts of successful investors on June 25th. The company raised new capital through this public issue and also sold shares through an offer for sale.
Full details of the IPO
The IPO is a fresh issue of 4.35 crore new equity shares, valued at ₹660.72 crore. This also includes an offer for sale of 1.46 crore shares, totalling ₹221.95 crore. Under the offer for sale, promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will sell a portion of their stake. In addition, existing investors Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures and GGV Capital will also sell some of their stake.
The company had set the IPO price band at ₹144 to ₹152 per share. The issue reserved 75% for QIBs, 15% for NIIs, and 10% for retail investors.
What does Turtlemint Fintech Solutions do
Turtlemint Fintech Solutions was founded in 2015. The company operates a technology-based insurance distribution platform. It connects customers, digital partners, and insurance companies through a phygital business model that combines digital and offline services. The company will use the funds raised from the fresh issue to expand its technology capabilities. This includes investments in cloud infrastructure and server capacity. Additionally, the company will spend the money on personnel for its technology and product teams, branding, and marketing activities. A portion of the funds will be used to pay for office lease payments. The company will also invest in its wholly-owned subsidiary, TIB, for working capital needs and evaluate strategic acquisition opportunities.
