Shares of insurtech startup Turtlemint made a muted debut on the NSE today, listing at ₹134.90, which was an 11.25% discount to the issue price of ₹152, according to inc42.com. On the BSE, the stock listed at ₹136.2, a 10.4% discount. Following the listing, the stock declined further to ₹135.65 on the BSE by 10:01 IST. The company’s market capitalisation stood at ₹3,986 crore ($422.5 million) at that time.
Turtlemint had set a price band of ₹144-₹152 for its initial public offering (IPO), which comprised a fresh issue of ₹660.7 crore and an offer-for-sale (OFS) of up to 1.46 crore shares. The IPO was oversubscribed 1.2 times. Peak XV Partners, one of the largest shareholders, sold 43.56 lakh shares via the OFS at the issue price, earning ₹66.2 crore and a 7.2x return on its initial investment. Other selling shareholders included Blume Ventures, Nexus Partners, GGV, Hummingbird, and the company’s cofounders Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi. Prior to the IPO, Turtlemint raised ₹397.2 crore from anchor investors such as Societe Generale, 360 One, Amansa Holdings, BNP Paribas, and Citi Group.
Founded in 2015, Turtlemint operates an insurance distribution platform that connects consumers with insurers through a network of financial advisors for car, bike, health, and term life insurance. The company plans to use the proceeds from the fresh issue to strengthen its technology infrastructure and product development. The IPO performance contrasts with some recent tech listings, where shares have debuted at premiums, highlighting the cautious investor sentiment in the insurtech sector.
The company’s market capitalisation of ₹3,986 crore at listing reflects investor valuation amid a competitive insurance distribution market. The next financial results and quarterly updates will provide further clarity on Turtlemint’s growth trajectory and market response post-IPO.