Turtlemint Fintech Solutions IPO
Listed
1.17×
Subscribed
Price band
₹152 – ₹152
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
Strong3 of 7 dimensions read
The disclosed numbers are strong — 2 of 3 signals read positive
Strength79/100
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Minimal related-party dealingsRelated-party transactions are only 0.8% of revenue
- Institutional book coveredQIB portion subscribed 1.59×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
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 institutionalQIB1.59x
Non-institutionalNII / HNI0.49x
Retail individualRII0.96x
Chance of allotment
Retail0.96× subscribed
Full allotment
The retail portion is under-subscribed at 0.96×, so every valid application should receive a full allotment.
HNI / NII0.49× subscribed
Full allotment
The HNI portion is under-subscribed at 0.49×, 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
Fresh issue₹6.61k Cr
Company & valuation
Related-party0.78%of revenue
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
What the money is for
Stated use of the net proceeds
- 01Expenditure towards cloud and server related infrastructure of the Company₹256.43 Cr
- 02Salary expenditure towards the technology and product development teams of the Company₹1.93k Cr
- 03Expenditure towards marketing initiatives by the Company₹390.73 Cr
- 04Expenditure towards lease payments for existing properties of the Company and its wholly owned Subsidiary, TIB₹430.76 Cr
- 05Investment in its wholly owned Subsidiary, TIB, for funding its working capital requirements₹1.29k Cr
- 06Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe Company has incurred losses and negative cash flows from operations for the periods ended December 31, 2025, December 31, 2024, and Fiscals 2025, 2024, and 2023, and its Net Worth has decreased. The Company has negative Return on Net Worth and negative EPS for these periods.
mediumThe Company's revenue from operations decreased by 81.27% in Fiscal 2024 compared to Fiscal 2023 primarily due to a significant decrease in income from marketing fees, which declined from 66.41% of proforma revenue in Fiscal 2023 to 7.13% in Fiscal 2024.
Positives the filing discloses (1)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+26.9%
Listed up
8 of 8
Best
+90.0%
Millworks Technologies
Worst
3.0%
Happy Steels
Caliber Mining and Logistics Limitedsame segment
146.4× sub+18.0%
Sotefin Bharatsame segment
3.8× sub+9.6%
Millworks Technologiessame segment
192.7× sub+90.0%
SBI Funds Management Limitedsame segment
41.6× sub+6.8%
Happy Steelssame segment
72.0× sub+3.0%
Devson Catalystsame segment
203.7× sub+66.2%
Kusumgar Limitedsame segment
127.9× sub+35.8%
IC Electricalssame segment
378.6× sub+67.7%
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 1.17× overall (QIB 1.59×, NII 0.49×, retail 0.96×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
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.