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Listed
Financial Technology (Fintech)
Turtlemint Fintech Solutions Limited IPO
₹883 Cr · Fresh Issue & OFS · Financial Technology (Fintech)
Price Band
₹144 – ₹152
GMP (Grey Market)
—
No GMP data yet
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 Recommendation: Subscribe
We recommend a Subscribe stance as the company benefits from strong insurer partnerships and a growing digital insurance market. However, its ongoing losses remain a material risk that investors should monitor.
Our Analysis — Key Points
✓ Strength
Strong distribution network via multiple insurers
The company operates a digital platform that connects customers with a wide range of insurance partners. Its technology enables insurers to acquire customers at lower cost, giving the firm a wide reach across the market.
✓ Strength
Rising digital insurance demand in India
Insurance penetration in India is still low, and more consumers are turning to online channels for purchase. This trend gives the company a large addressable market to grow its user base.
⚠ Risk
Persistent losses pressure cash reserves significantly
The firm posted a net loss of ₹194.11 crore in the most recent fiscal year, indicating that its expenses outpace revenue. Continued losses could require additional funding, which may dilute existing shareholders.
$ Valuation
High multiples suggest premium pricing relative
At the top of the price band, the company's market capitalisation translates to a price‑to‑sales multiple of about 6.8× and a price‑to‑earnings multiple of 23.1×, even though it is currently loss‑making. Such multiples are high for a fintech that has not yet achieved profitability, implying a premium valuation.
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
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