Turtlemint Fintech Solutions IPO Subscribed 1.23 Times on Day 3

Turtlemint Fintech Solutions Limited's initial public offering (IPO) closed its three-day subscription window at 1.23 times overall subscription by 4:47 PM on Day 3 (June 23, 2026). The ₹882.67 crore book-build issue, priced at ₹144 to ₹152 per share, received bids for 3,94,43,236 shares against 3,19,38,719 shares on offer, with total applications reaching 52,416.

Subscription Status of Turtlemint Fintech Solutions IPO

Here are the subscription details for Turtlemint Fintech Solutions (Day 2, as of 4:39 PM)

Key Highlights - Day 3

• Overall subscription crossed full subscription at 1.23 times on the final day, surging from Day 2's 0.54 times, driven by a sharp last-day improvement in QIB and retail demand.
• Qualified institutional buyers (ex-anchor) crossed full subscription at 1.63 times, improving from Day 2's 0.75 times, with institutional interest entering meaningfully on the closing day of this insurtech platform IPO.
• Retail investors crossed full subscription at 1.10 times, improving from Day 2's 0.64 times.
• Non-institutional investors improved to 0.54 times from Day 2's 0.05 times, with bNII at 0.54 times and sNII at 0.55 times, though both remained below full subscription.
   

Key Highlights – Day 2

• Overall subscription reached 0.53 times, improving from Day 1's 0.46 times, with retail investors showing the most meaningful improvement on Day 2.
• Retail investors improved to 0.63 times from Day 1's 0.30 times, reflecting gradual retail interest building in this insurtech platform IPO.
• Qualified institutional buyers (ex-anchor) held steady at 0.75 times, unchanged from Day 1.
• Non-institutional investors improved marginally to 0.05 times from Day 1's 0.01 times, with sNII at 0.09 times and bNII at 0.03 times, remaining well below full subscription.

Key Highlights – Day 1

• Overall subscription reached 0.46 times on Day 1 (June 19, 2026), reflecting cautious initial investor interest in this technology-enabled insurance distribution platform IPO.
• Qualified institutional buyers (ex-anchor) showed the strongest opening participation at 0.75 times on Day 1, indicating moderate institutional interest in this loss-making insurtech company.
• Retail investors recorded 0.30 times on Day 1.
• Non-institutional investors showed negligible participation at 0.01 times, with sNII at 0.03 times and bNII at effectively nil on Day 1.
• Total applications stood at 13,784 on Day 1.
• Anchor investors fully subscribed their allocation of ₹397.20 crores on June 18, 2026.

About Turtlemint Fintech Solutions Limited

Incorporated in 2015, Turtlemint Fintech Solutions Limited is a technology-enabled insurance distribution platform connecting customers, insurance advisors, and insurers through a phygital model. The company operates India's largest certified Point-of-Sale Person network among its peer group, with over 6.32 lakh Digital Partners including more than 5.07 lakh certified PoSPs, and has partnerships with 45 insurer partners offering life, health, motor, and other insurance products. The platform has facilitated distribution of over 21.87 million insurance policies between April 2022 and December 2025, covering nearly 98% of India's pin codes. As of December 31, 2025, the company employed 2,348 permanent employees.