Liquidity Events
Insurtech firm Turtlemint’s Rs.883-Cr IPO subscribed 1.2 times
Mumbai-based Turtlemint Fintech Solutions has concluded its initial public offering (IPO) of INR 883 crore. The transaction witnessed a total subscription of 1.20 times.The issue received bids for 3.95 crore equity shares against an offering of 3.29 crore shares. The Qualified Institutional Buyer (QIB) segment led the demand with a 1.59 times subscription, while retail investors subscribed 1.07 times. The Non-Institutional Investor (NII) category was under-subscribed at 0.52 times at the close of the bidding process.Turtlemint provides insurance technology services. The company intends to use the proceeds from this offering to support its business operations.
Between Apr 2015 and Apr 2022, Turtlemint had attracted about $ 201 M from Blume Ventures, Nexus Venture Partners, Peak XV Partners, American Family Ventures, Dream Incubator, Granite Asia, MassMutual Ventures, Susquehanna Asia VC, Trifecta Capital, Jungle Ventures, Amansa Capital, Marshall Wace, Vitruvian Partners and others.
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