Dhirendra Mahyavanshi Announces Turtlemint IPO in Ahmedabad; Issue Opens June 19
Anand Rohidas Prabhudesai unfolds Turtlemint IPO; Price Band Set at ₹144-152
Bilkul Bazaar | By Rafat Quadri
Ahmedabad | 18 June 2026
Turtlemint Fintech Solutions Limited, one of India’s leading insurtech platforms, has fixed the price band of its Initial Public Offering (IPO) at ₹144 to ₹152 per equity share, with the issue set to open for subscription on June 19, 2026, and close on June 23, 2026.
The IPO details were announced at a media interaction in Ahmedabad attended by Dhirendra Nalin Mahyavanshi, Chairperson, Managing Director & CEO; Badrinarayan Sanjeevi, Chief Financial Officer and Head of Human Resources; Anand Rohidas Prabhudesai, Executive Director and Chief Operating Officer; and Yash More, Associate – Equity Capital Markets, Motilal Oswal Investment Advisors Limited.
The public issue comprises a fresh issue aggregating up to ₹660.72 crore and an Offer for Sale (OFS) of up to 14.60 million equity shares by existing shareholders. The anchor investor portion will open on June 18, 2026, a day before the issue opens for public subscription.
Speaking on the occasion, Dhirendra Nalin Mahyavanshi, Chairperson, MD & CEO of Turtlemint Fintech Solutions Limited, said the IPO marks an important milestone in the company’s journey of transforming insurance distribution through technology.
“India’s insurance penetration still offers immense opportunities for growth. Over the years, we have built a technology-driven platform that empowers insurance advisors and simplifies access to financial protection products for millions of customers. This IPO is a significant step in strengthening our capabilities, expanding our reach and creating long-term value for all stakeholders.”
Highlighting the company’s financial discipline and growth strategy, Badrinarayan Sanjeevi, CFO and Head of HR, said:
“The capital being raised through the fresh issue will further support our growth initiatives and strengthen our technology ecosystem. We remain focused on sustainable growth, operational efficiency and creating a scalable business model that can capitalize on the evolving digital financial services landscape in India.”
Sharing the company’s operational outlook, Anand Rohidas Prabhudesai, Executive Director and COO, noted that technology continues to be the cornerstone of Turtlemint’s business model.
“Our platform has consistently focused on enabling advisors, improving customer experiences and driving innovation across the insurance value chain. We see substantial opportunities to deepen market penetration and further enhance our offerings through technology-led solutions.”
Commenting on investor interest in the issue, Yash More, Associate – Equity Capital Markets, Motilal Oswal Investment Advisors Limited, said:
“India’s fintech and insurtech sectors continue to attract strong investor attention owing to their long-term growth potential. Turtlemint has established a differentiated position in the market through its technology-led distribution model, and the IPO provides investors an opportunity to participate in the company’s next phase of growth.”
The IPO is being offered through the book-building process in compliance with SEBI regulations. Investors can bid for a minimum of 98 equity shares and in multiples thereof. The equity shares are proposed to be listed on both the National Stock Exchange (NSE) and BSE Limited.
As per the issue structure, at least 75 per cent of the offer will be available for allocation to Qualified Institutional Buyers (QIBs), while not more than 15 per cent will be allocated to Non-Institutional Investors (NIIs) and not more than 10 per cent to Retail Individual Investors (RIIs).
The Red Herring Prospectus was filed with the Registrar of Companies and the stock exchanges on June 15, 2026. ICICI Securities Limited, Jefferies India Private Limited, JM Financial Limited and Motilal Oswal Investment Advisors Limited are acting as the Book Running Lead Managers to the issue.
Turtlemint, formerly known as Turtlemint Fintech Solutions Private Limited, has built a digital ecosystem focused on insurance distribution and financial services, leveraging technology to connect advisors, insurers and customers across India. The company believes the IPO will further accelerate its growth trajectory and strengthen its position in the country’s rapidly expanding insurtech sector.
Disclaimer: This article is for information only and is not investment advice. Please read the IPO documents carefully before investing.
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