Turtlemint Fintech shares list at 11% discount to IPO price on NSE, BSE

Shares of Turtlemint Fintech Solutions made a muted Dalal Street debut on Monday, listing at a sharp discount to their IPO price. The stock opened at Rs 134.90 apiece on the NSE, reflecting an 11.25% discount to the issue price of Rs 152. On the BSE, the shares debuted at Rs 136.20, a 10.39% discount to the IPO price.

The weak listing was largely in line with expectations in the unlisted market, where the stock commanded a negative grey market premium (GMP) ahead of its debut, indicating investors anticipated a discounted listing.

The Rs 883 crore public issue was priced at Rs 152 per share and comprised a fresh issue of Rs 661 crore along with an offer for sale worth Rs 222 crore. The company had also raised Rs 397.2 crore from anchor investors ahead of the IPO.

The issue received an overall subscription of 1.24 times, driven by institutional demand. The QIB portion was subscribed 1.63 times, while the retail category was booked 1.11 times. The non-institutional investor (NII) segment remained under-subscribed at 0.55 times.

Founded in 2015, Turtlemint is a technology-enabled insurance distribution platform that connects customers, insurance advisors and insurers through a phygital model. The company has built one of India’s largest Point-of-Sale Person (PoSP) networks, with over 6.32 lakh digital partners, including more than 5.07 lakh certified PoSPs, and works with 45 insurance companies across life, health, motor and other insurance categories.

The platform has facilitated the sale of over 21.8 million insurance policies between April 2022 and December 2025, generating platform premiums exceeding Rs 10,000 crore while covering nearly 98% of India’s pin codes.