Insurtech firm Turtlemint has filed its red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI) on June 15, setting the price band for its initial public offering (IPO) at Rs 144-152 per share.
The IPO comprises a fresh issue of shares worth Rs 661 crore and an offer for sale (OFS) of 1.46 crore shares by founders and existing investors, aggregating Rs 222 crore at the upper price band of Rs 152. The issue is expected to raise approximately Rs 883 crore and value Turtlemint at Rs 4,513 crore (around $475 million).
The public issue will open for subscription on June 19 and conclude on June 23, 2026, with the anchor book opening a day earlier on June 18.
According to the RHP, co-founders Anand Prabhudesai and Dhirendra Mahyavanshi will offload shares worth Rs 32 crore and Rs 34 crore, respectively.
Among institutional investors, Humming Bird Investment Holdings is set to generate the highest return at 13.1X on its Rs 3 crore OFS. Nexus Ventures and Peak XV Partners are expected to earn 8.8X and 7.2X returns while selling shares worth Rs 42 crore and Rs 66 crore, respectively. Blume Ventures' Rs 16 crore sale translates into a 2.08X return, while GGV Investments and Dream Incubator are poised to earn 1.9X and 1.8X returns on their respective Rs 18 crore and Rs 3 crore share sales.
CRED founder Kunal Shah will also participate in the OFS, offloading shares worth Rs 8 crore.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a marketplace connecting advisors with customers, offering insurance products across motor, health, and life categories. It also provides access to other financial products such as mutual funds and loans, while equipping advisors with digital tools to expand their reach and grow their business.
Turtlemint will use the fresh IPO proceeds to allocate about Rs 193 crore toward salary expenses for its technology and product development teams, and Rs 129 crore for investment in its wholly owned subsidiary, TIB. The remaining amount will be used for cloud and server infrastructure, marketing, lease payments for existing properties, and other general corporate purposes.
For the first nine months of FY26, Turtlemint reported a 80% year-on-year rise in operating revenue to Rs 741 crore, while its losses widened 25% to Rs 187 crore compared to the Rs 150 crore loss in corresponding period of the previous fiscal year.
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