The initial public offering of Turtlemint Fintech Solutions Ltd, which raised Rs 397.20 crore from anchor investors ahead of the opening of its initial public offering (IPO), received 51 per cent subscription so far on the second day of bidding. As per data available with the National Stock Exchange (NSE), the public issue received bids for 1,67,30,266 shares against 3,29,01,878 shares on offer. The category for Qualified Institutional Buyers (QIBs) fetched 73 per cent subscription, while the quota meant for retail investors got subscribed to 57 per cent. The portion for non-institutional investors received 3 per cent subscription.
The three-day subscription window for the company’s Rs 883-crore IPO will conclude on June 23. The price band has been fixed at Rs 144-152 per share for the public issue, valuing the company at over Rs 4,500 crore at the higher end.
Raised Rs 397.20 crore from anchor investors
The company raised Rs 397.20 crore from anchor investors ahead of the opening of its IPO. ICICI Prudential Mutual Fund (MF), Mirae Asset MF, Amansa Holdings, BNP Paribas Financial Markets, Edelweiss MF, Bajaj Life Insurance, Societe Generale, ICICI Prudential Life Insurance Company, and Axis Max Life Insurance were among the anchor investors. According to a circular uploaded on the BSE website, Turtlemint allotted 2.61 crore equity shares to 32 funds at Rs 152 per share, the upper end of the IPO price band.
Turtlemint Fintech Solutions IPO GMP Today
According to Investorgain, Turtlemint Fintech Solutions’ unlisted shares are trading at a grey market premium (GMP) of Rs 0.75. Considering the upper price band of Rs 152, the company’s shares are expected to list at around Rs 152.75, reflecting a grey market premium of 0.49 per cent.
How does the company plan to utilise the proceeds?
The company plans to utilise the proceeds for strengthening its cloud and server-related infrastructure, meeting salary expenses for its technology and product development teams, and undertaking marketing initiatives.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the company focuses on simplifying the purchase and management of insurance policies and has sold around 1.6 crore policies through a network of more than five lakh advisors.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
