Turtlemint to offer up to INR6.6B of shares in IPO fresh issue

Turtlemint Fintech Solutions is preparing to launch its initial public offering (IPO), with plans to raise up to ₹660.7 crore ($6.6 billion) through a fresh issue of shares. The company, which operates a tech-enabled insurance distribution platform, has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and is final stages of planning the launch. The IPO is expected to include an offer for sale (OFS) of up to 2.86 crore shares by existing investors and founders, including Nexus Venture Partners and Peak XV. Together, the fresh issue and OFS components are projected to make the total IPO size between ₹1,500–2,000 crore.

Turtlemint, founded in 2015, connects customers, digital partners, and insurers to facilitate the purchase of insurance and financial products such as health, life, and motor insurance, as well as mutual funds and personal loans. As of September 30, 2025, the company had facilitated the distribution of 19.68 million insurance policies and had 603,302 digital partners. However, despite a significant increase in operating revenue to ₹463.3 crore in H1 FY26, the company reported a loss of ₹126 crore during the same period.

The IPO is expected to open for subscription on June 19, 2026, and close on June 23, 2026, with allotment expected on June 24 and listing on June 29. Retail investors will have access to 10% of the issue, while institutional investors account for 75% of the allocation. The price band and lot size have yet to be finalized.