Turtlemint Fintech Solutions IPO
ListedMainboard
1.24×
Subscribed
Price band
₹152 – ₹152
Issue size
₹882.67 Cr
Open – close
19 Jun 2026
to 23 Jun 2026
Listing
29 Jun 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
We can't judge this issue yet. A verdict needs at least three independent dimensions — valuation, growth, profitability, balance sheet, issue structure, governance or demand — and this issue does not yet publish enough of them for a read that would mean anything. The offer document has been analysed but reports too few of these to conclude on. A confident score from two fields would be worse than this notice.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens19 Jun 2026
- Closes23 Jun 2026
- Listing29 Jun 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.63x
Non-institutionalNII / HNI0.55x
Big NIIabove ₹10L0.54x
Small NII₹2L – ₹10L0.56x
Retail individualRII1.11x
52,935 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 23 Jun 2026.
Chance of allotment
Retail1.11× subscribed
~1 in 1.1
Retail is 1.11× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII0.55× subscribed
Full allotment
The HNI portion is under-subscribed at 0.55×, so applications should be allotted in full.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹6+3.9%
over the upper band · last seen 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹152 – ₹152
Total issue size₹882.67 Cr
Fresh issue₹660.72 Cr
Offer for sale₹221.95 Cr
Listing atMainboard
Company & valuation
NAV per share₹7768.02
Related-party0.34%of revenue
RoNW-63.38%
EBITDA Margin11.01%
NAV54.95
Price to Book Value2.77
ISININE0OC301013
25.1% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 4,35,52,800 | — |
| Anchor Investor Shares Offered | 2,61,31,680 | — |
| QIB (Ex. Anchor) Shares Offered | 1,74,21,120 | — |
| NII (HNI) Shares Offered | 87,10,559 | — |
| bNII > ₹10L | 58,07,040 | 4232.00% |
| sNII < ₹10L | 29,03,519 | 2116.00% |
| Retail Shares Offered | 58,07,039 | 59255.00% |
Total issue 5,80,70,398 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8961 lot · 98 sh
Retail (Max)₹1,93,64813 lots · 1,274 sh
S-HNI (Min)₹2,08,54414 lots · 1,372 sh
S-HNI (Max)₹9,98,03267 lots · 6,566 sh
B-HNI (Min)₹10,12,92868 lots · 6,664 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted2,61,31,680
Anchor portion₹397.2 Cr
Bid date18 Jun 2026
Lock-in ends (50%)23 Jul 2026
Lock-in ends (rest)21 Sept 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Expenditure towards cloud and server related infrastructure of our Company₹25.64 Cr
- 02Salary expenditure towards the technology and product development teams of our Company₹193.04 Cr
- 03Expenditure towards marketing initiatives by our Company₹39.07 Cr
- 04Expenditure towards lease payments for existing properties of our Company and our wholly owned Subsidiary, TIB₹43.08 Cr
- 05Investment in our wholly owned Subsidiary, TIB, for funding its working capital requirements₹128.64 Cr
- 06Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes₹151.24 Cr
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe Company has incurred losses of ₹1,873.89 million, ₹1,546.63 million, ₹1,941.05 million, ₹1,933.48 million and ₹2,881.83 million on a restated basis in the nine months period ended December 31, 2025 and December 31, 2024, and Fiscals 2025, 2024 and 2023, respectively, and proforma loss of ₹2,025.
mediumThe Company has witnessed negative cash flows from operations (net cash flow (used) in operating activities was (₹1,753.07) million, (₹1,634.10) million, (₹2,158.08) million, (₹2,416.66) million and (₹2,859.16) million on a restated basis in the nine months period ended December 31, 2025 and Decembe
mediumThe Company's Net Worth has decreased from as of March 31, 2023 to December 31, 2025 and it had negative Return on Net Worth and negative EPS in the nine months period ended December 31, 2025 and December 31, 2024 and Fiscals 2025, 2024 and 2023.
mediumThe Company's revenue from operations decreased by 81.27% from ₹4,199.17 million in Fiscal 2023 to ₹786.42 million in Fiscal 2024 primarily due to a significant decrease in income from marketing fees as a result of insurance companies significantly reducing their marketing spend on account of regula
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Turtlemint Fintech Solutions IPO GMP today?
The most recent grey-market premium recorded for Turtlemint Fintech Solutions is ₹6 per share — about 3.9% over the ₹152 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Turtlemint Fintech Solutions IPO subscribed?
Turtlemint Fintech Solutions is subscribed 1.24× overall (QIB 1.63×, NII 0.55×, retail 1.11×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Turtlemint Fintech Solutions IPO?
The retail portion is subscribed 1.11×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 1. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.