🚫 Avoid
Listed
Financial Technology (Fintech)
Turtlemint Fintech Solutions Limited IPO
₹883 Cr · Fresh Issue & OFS · Financial Technology (Fintech)
Price Band
₹144 – ₹152
Lot: 800 shares (₹121,600)
GMP (Grey Market)
₹43 (+27.22%)
Est. listing ₹195
Issue Size
₹883 Cr
Fresh Issue & OFS
Market Cap
₹4476.08 Cr
At upper band
P/E Ratio
23.1x
P/S: 6.8x
Listing Date
26 Jun 2026
BSE & NSE
IPO Timeline
✓
Opens
19 Jun 2026
✓
Closes
23 Jun 2026
✓
Allotment
24 Jun 2026
✓
Refund
25 Jun 2026
✓
Listing
26 Jun 2026
IPO India Hub: Strong Avoid
Conviction
2/10
The company is loss-making with a ₹194.11 Cr net loss in the latest fiscal year, making P/E analysis irrelevant and disqualifying it under core Subscribe criteria. Despite exceptional 150.7% revenue CAGR, negative ROCE of -59.09% and weak 1.24x subscription indicate the market has priced in significant execution and profitability risks.
Listing Performance
Issue Price
₹152
Allotment price
Listing Price
₹136.2
-10.39% on listing day
Current Price (CMP)
₹53.4
-64.9% vs issue
Listed On
26 Jun 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional revenue growth trajectory
The company achieved 150.7% two-year revenue CAGR, expanding from ₹119.1 Cr (FY-2) to ₹748.9 Cr (FY0), demonstrating strong market traction in the fintech insurance distribution space. This growth rate far exceeds typical fintech sector benchmarks and reflects rapid customer acquisition.
✓ Strength
Strong balance sheet and low leverage
Debt-to-equity ratio of 0.15x is well below the 1.5x threshold, indicating conservative capital structure and minimal financial distress risk. This provides flexibility for the company to invest in growth without balance sheet strain.
⚠ Risk
Significant operating losses and negative returns
The company reported a ₹194.11 Cr net loss in FY0 despite ₹748.9 Cr revenue, and ROCE stands at -59.09%, indicating the business is destroying shareholder value at scale. This suggests the growth model is not yet profitable and may require substantial operational restructuring.
⚠ Risk
Weak market reception and low subscription
Overall subscription of 1.24x is significantly below healthy IPO benchmarks, signaling investor skepticism about valuation or business fundamentals. This weak demand on Mainboard is a red flag for post-listing performance and lock-in exit liquidity.
₹ Valuation
P/E metric invalid; P/S ratio elevated
With negative earnings, the 23.1x P/E is not meaningful. The P/S ratio of 6.8x is elevated relative to profitable fintech peers (typically 3–5x), and the company must reach profitability to justify any valuation multiple. At ₹4476 Cr market cap, the company is priced for near-term margin expansion that has not yet materialized.
👁 Watch
Path to profitability and cash burn rate
Investors must closely monitor quarterly EBITDA trends and cash burn post-listing. The company's ability to reach breakeven within 12–18 months will determine whether the loss-making phase is temporary or structural.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Turtlemint Fintech Solutions Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹662.71 Cr
Net Profit
₹-194.11 Cr
Industry
Financial Technology (Fintech)
Issue Type
Fresh Issue & OFS
Promoters
ANAND ROHIDAS PRABHUDESAI AND DHIRENDRA NALIN MAHYAVANSHI
Lead Managers
ICICI Securities, Jefferies, JM Financial and Motilal Oswal Investment Advisors
Quick Actions
Frequently Asked Questions
Avoid. The company is loss-making with a ₹194.11 Cr net loss in the latest fiscal year, making P/E analysis irrelevant and disqualifying it under core Subscribe criteria. Despite exceptional 150.7% revenue CAGR, negative ROCE of -59.09% and weak 1.24x subscription indicate the market has priced in significant execution and profitability risks.
The current grey market premium (GMP) is ₹43, which is 27.22% above the upper band price of ₹152. This implies an estimated listing price of around ₹195. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 800 shares. At the upper band price of ₹152, the minimum investment per retail application is ₹121,600. You can apply for up to 13 lots (₹1,580,800) under the retail category (up to ₹2 lakh).
The IPO opens on 19 Jun 2026. It closes on 23 Jun 2026. Allotment is expected on 24 Jun 2026. Refunds initiate on 25 Jun 2026. Listing on BSE and NSE is on 26 Jun 2026.
The lead managers for the IPO are ICICI Securities, Jefferies, JM Financial and Motilal Oswal Investment Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 26 Jun 2026 at ₹136.2 against an issue price of ₹152 (-10.39% on listing day). The current market price (CMP) is approximately ₹53.4 (-64.9% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 23 Jun 2026. The minimum investment is ₹121,600 for one lot (800 shares). The company is loss-making with a ₹194.11 Cr net loss in the latest fiscal year, making P/E analysis irrelevant and disqualifying it under core Subscribe criteria. Despite exceptional 150.7% revenue CAGR, negative ROCE of -59.09% and weak 1.24x subscription indicate the market has priced in significant execution and profitability risks.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 23 Jun 2026. The IPO is priced at a P/E of 23.1x. Market cap at issue price is ₹4476.08 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 800 shares at ₹152 each, costing ₹121,600 per application. The issue closes on 23 Jun 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Turtlemint Fintech Solutions Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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