Turtlemint cuts OFS size; IPO opens on June 19
16 Jun 2026, 02:23 PMThe company has fixed the price band at Rs 144-152 per share for the issue.
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Insurtech startup Turtlemint has reduced the offer for sale (OFS) size of its initial public offering (IPO), which will open for subscription on June 19 and close on June 23.
The OFS size has been cut to 14.6 million shares from 28.6 million shares, according to its Red Herring Prospectus (RHP) filed with the Securities and Exchange Board of India (SEBI).
However, the company's fresh issue size remains the same at Rs 660.7 crore as was in its updated draft red herring prospectus (DRHP) that was filed with the market regulator earlier in January.
The company has fixed the price band at Rs 144-152 per share for the issue. At the upper end of the price band, the offering values the company at around Rs 4,513 crore.
Turtlemint Co-founders Anand Prabhudesai and Dhirendra Mahyavanshi will sell shares worth Rs 32 crore and Rs 34 crore, respectively, through the OFS route. The number of shares they are selling via the OFS remains unchanged from the UDRHP.
Interestingly, Jungle Ventures, which had earlier intended to sell 2.29 million shares via the OFS is not offloading as per the RHP while Hummingbird, which had decided to stay put, is offloading 189,950 equity shares. Japanese venture capital firm Dream Incubator has also decided to divest its stake after earlier plans to stay put.
Meanwhile, the remaining investors will go ahead with their share sale via the OFS route as earlier planned albeit with slight changes for some in terms of the quantity of shares they are offloading.
Nexus Venture Partners scaled down the number of shares it plans to offload to 2.74 million as compared to the earlier planned 9.14 million. Similarly, Peak XV Partners has reduced its share sale to 4.36 million from 7.92 million; and Blume has cut its share sale to 1.05 million from 1.92 million.
The number of shares that Kunal Shah and GGV plan to offload remains unchanged.
Turtlemint doubled its operating revenue to Rs 463.3 crore in the first half of this financial year FY26, while losses widened 27% to Rs 126 crore over the same period.
ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors are the book running lead managers to Turtlemint's IPO.
The company had initially submitted confidential IPO paperwork to SEBI last September and received regulatory clearance in December.
Turtlemint with join other new age insurance firms that got listed since 2021 are PB Fintech and Go Digit.
The Head and Tale had done a deep dive on Turtlemint's updated DRHP. To read, click here.
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