Turtlemint employees review IPO data in Mumbai office.
Insuretech company Turtlemint has filed its red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO). The public subscription period is scheduled to open on June 19 and will close on June 23. Anchor investments are slated for June 18.
The price band for the IPO has been established at ₹144 to ₹152 per equity share. The company has maintained the fresh issue size at ₹660.7 crore. However, the offer for sale (OFS) component has been reduced by 49%, with 1.46 crore equity shares to be sold, down from the previously outlined 2.86 crore shares in the company’s updated RHP (UDRHP).
At the upper end of the price band, the total IPO size is expected to reach ₹883 crore. Investors in Turtlemint, including Peak XV Partners, Blume Ventures, Nexus Ventures, and CRED cofounder Kunal Shah, are among those who will be divesting parts of their holdings through the OFS. Additionally, Turtlemint cofounders Anand Rohidas Prabhudesai and Dhirendra Mahyavanshi will also participate in the OFS.
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