CONNECT WITH US

Tech

Turtlemint raises Rs 397 Cr from anchor investors

Published on

Turtlemint raises Rs 397 Cr from anchor investors

Insurtech platform Turtlemint has secured Rs 397.2 crore from anchor investors ahead of the opening of its initial public offering (IPO), according to a stock exchange filing on Thursday.

The company allotted 2.61 crore equity shares to anchor investors at Rs 152 apiece, the upper end of its IPO price band.

The anchor round saw participation from a mix of domestic mutual funds, insurance companies, foreign portfolio investors, and institutional investors. Key participants included ICICI Prudential Equity & Debt Fund, ICICI Prudential Life Insurance, Mirae Asset, Amansa Holdings, Border to Coast Emerging Markets Equity Fund, Societe Generale, BNP Paribas Financial Markets, Susquehanna Pacific, and Bajaj Finserv, Citi Group and others.

According to the filing, domestic mutual funds accounted for 42.5% of the anchor allocation, receiving 1.11 crore shares through 12 schemes across seven fund houses. Life insurance companies were allotted 35.72 lakh shares, representing 13.67% of the anchor portion.

Turtlemint’s IPO will open for subscription on June 19 and close on June 23. As per its RHP, the public issue comprises a fresh issue of shares worth Rs 661 crore and an OFS of 1.46 crore shares by founders and existing investors. At the upper end of the price band, the IPO is expected to raise Rs 883 crore and value the company at Rs 4,513 crore (around $475 million).

As part of the OFS, co-founders Anand Prabhudesai and Dhirendra Mahyavanshi will sell shares worth Rs 32 crore and Rs 34 crore, respectively. Existing investors including Peak XV Partners, Nexus Ventures, Blume Ventures, GGV Investments, Dream Incubator, and Humming Bird Investment Holdings will also pare their stakes through the offer.

The IPO is being managed by ICICI Securities, Jefferies, JM Financial and  Motilal Oswal Investment Banking, while KFin Technologies will act as registrar.

For the first nine months of FY26, Turtlemint reported a 80% year-on-year rise in operating revenue to Rs 741 crore, while its losses widened 25% to Rs 187 crore compared to the Rs 150 crore loss in corresponding period of the previous fiscal year.



Source link
Related Topics:#Tech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Google Preferred Source