Turtlemint shares debut below IPO price, slip over 11% on listing day
29 Jun 2026, 11:51 AMThe company’s Rs 883 crore public issue, priced between Rs 144 and Rs 152 per share, was subscribed just 1.2 times.
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Insurtech company Turtlemint's shares opened at Rs 134.9, nearly 11.3% lower than the initial public offering (IPO) issue price of Rs 152.
The company’s Rs 883 crore public issue, priced between Rs 144 and Rs 152 per share, was subscribed just 1.2 times.
The IPO included a fresh issue worth Rs 661 crore along with an offer-for-sale of 1.46 crore shares by existing shareholders and founders, taking the total issue size to around Rs 883 crore. At the upper end of the price band, the company was valued at approximately Rs 4,513 crore.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a digital platform that connects insurance advisors with customers and offers products across health, life, and motor insurance, alongside mutual funds and loan offerings.
For the first nine months of FY26, the startup reported an 80% jump in revenue to Rs 741 crore. However, its net loss widened to Rs 187 crore from Rs 150 crore a year earlier.
Turtlemint joins insurtech players -- PB Fintech and Go Digit -- on the bourses.
Another new age venture-backed insurance company Acko is also expected to file draft papers this year for its IPO.
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