IPO · Financial Services

Turtlemint lists at 11.25% discount on weak debut

By Startup Enthusiast · 29 June 2026

What they do

Turtlemint runs a marketplace connecting advisors with customers for insurance, mutual funds and loans

Its shares listed at ₹134.9, an 11.25% discount to the IPO issue price of ₹152, after a ₹883 crore IPO

The weak listing reflects investor caution on profitability as losses widened 25% to ₹187 crore in 9M FY26

Turtlemint's shares listed on the stock exchange at ₹134.9, an 11.25% discount to the IPO issue price of ₹152.
The company raised ₹883 crore through its IPO, with a price band of ₹144-152 per share.
The IPO included a fresh issue of ₹661 crore and an offer-for-sale (OFS) of 1.46 crore shares worth ₹222 crore.
The IPO was subscribed 1.2 times overall, indicating moderate investor interest.
At the IPO price, the company was valued at ₹4,513 crore (approximately $475 million).
Retail investors who bought one lot (98 shares) saw a notional loss of ₹1,676, as their investment dropped from ₹14,896 to ₹13,220.
The grey market premium (unofficial trading price before listing) turned negative ahead of the listing, signaling weak demand.

The weak debut reflects investor focus on profitability and valuations in the current market.
Public market investors are becoming selective towards venture-backed tech companies.
Turtlemint's losses widened 25% to ₹187 crore in the first nine months of FY26, compared to ₹150 crore in the same period the previous year.
The company's revenue grew 80% year-on-year to ₹741 crore in the same period, but profitability remains a concern.

Turtlemint operates a marketplace that connects insurance advisors with customers to sell insurance products.
It offers motor, health, and life insurance, as well as mutual funds and loans.
The company provides digital tools for advisors, including the TurtlemintPro Advisor App for selling insurance, mutual funds, and loans.
The TurtlemintPro app includes marketing tools, customer management, training, and POSP training with over 500 videos.
The Turtlemint Consumer App helps customers track policies, handle claims, and get renewal reminders.
Turtlemint also offers Turtlefin, an embedded insurance and SaaS platform for banks, NBFCs, e-commerce companies, and enterprises.
Turtlefin provides APIs and claims a go-to-market time of less than 30 days.
The company's website states it has sold 1.6 crore+ policies, works with 5 lakh+ advisors, and partners with 42 insurers.