IPO Size: Rs. 883 cr

• Fresh Issue of Rs.661 cr for (i) Rs. 220 cr technology (ii) Rs. 130 cr working capital for insurance broking business (iii) Rs. 43 cr lease payments (iv) Rs. 39 cr marketing  
• Offer for Sale (OFS) of Rs. 222 cr, by 8 investors Rs.156 cr (52% combined stake to drop to 41% post IPO) and by promoters (17% to shrink to 13%)

Price band: Rs. 144-152 per share

M cap: Rs. 4,513 cr, implying 20% dilution

• Only 10% retail and 75% allocation for institutions, as company is loss making

IPO Date: Fri 19^th Jun to Tue 23^rd Jun 2026, Listing Mon 29^th Jun 2026

Grey Market Premium (GMP): We are strongly against ‘grey market premium’ as it is an unofficial figure, against SEBI guidelines.

Digital Insurance Broker for Bharat

Turtlemint Fintech Solutions is a 10-year-old Mumbai-based digital insurance distribution platform, first to adopt the PoSP (point of sale person) distribution model, wherein last mile relationship is helpful in sourcing, especially in tier 2 and beyond towns. It connects 6.32 lakh distributors / digital partners with customers, of which, 80% are based in B30+ markets, which is growing faster than T30 market. However, only 13% of the total distributors are active i.e. have sold any product on the platform.

Loss Making Business

Company clocked topline of Rs. 741 cr in 9MFY26, higher than full year FY26’s Rs. 663 cr, with general insurance accounting for ~90% of the revenue and B30+ generating 75% topline. Direct expenses for manpower, tech etc. are nearly 88-90% of topline, leading to service EBITDA or gross profit margin, for simplicity sake, at 11%. While this has been increasing, it stands at only 82 cr for 9MFY26. Net loss for 9MFY26 stood at Rs. 187 cr, against Rs. 194 cr net loss in FY25.

Last Funding Round

Company acquired insurance broker TIB from one of the promoters in May 2024, to align with IRDAI’s regulatory changes around expense management and commission payments effective April 2024. Thus, its business model underwent a change with marketing fees reducing, which partly explains why Rs. 6,500 cr valuation of 2022 may not be an apt benchmark today.

IPO Pricing

M cap of Rs. 4,500 cr leads to a revenue multiple of about 4x, on FY26 estimated basis, which is lower than larger peer PB Fintech’s 11x, although the latter is profitable with 8-10% operating margin and similar net margin, due to treasury earnings. Turtlemint’s bottomline is atleast 2 years away to turn green.

Till date, company has raised funds of over Rs. 1,400 cr. Its annual topline, even after accounting for seasonally strong Q4, is less than funds raised. This, after being in business for over 9 years. For a technology firm, asset turn of below 1x is very low.

This can also be interpreted that tech is an enabler, as company is required to first invest in physical distributor network and then their performance determines company revenue. Thus, business success is linked to distributor performance.