Insurtech startup Turtlemint has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) of around Rs 2,000 crore.
The issue will comprise a fresh issue of shares worth Rs 660 crore and an offer-for-sale (OFS) of about 2.8 crore shares, aggregating to around Rs 1,300 crore, according to sources.
The company is expected to make its stock market debut by April, subject to regulatory approvals.
Shareholders participating in the OFS include Nexus Venture Partners, Peak XV Partners, and Jungle Ventures.
Founders Anand Prabhudesai and Dhirendra Mahyavanshi, tagged as promoters and together holding a 17.05% stake in the company, will sell 21 lakh and 22 lakh shares, respectively.
Peak XV Partners will offload about 79 lakh shares through the OFS, while Jungle Ventures and Nexus Venture Partners will sell around 23 lakh and nine lakh shares, respectively. Other shareholders will also participate in the offer.
For the six months ended September 30, the company reported a net loss of Rs 125.1 crore, compared with a loss of Rs 98.9 crore in the year-ago period. Operating revenue for the period stood at Rs 463.3 crore, up from Rs 221.4 crore a year earlier.
ICICI Securities, Jefferies, JM Financial, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
Founded in 2015 by Mahyavanshi and Prabhudesai, Turtlemint operates as an insurance distribution platform, selling health, motor, life and other retail insurance products from multiple insurers. It serves both consumers and insurance agents, offering tools to compare policies, manage renewals and handle post-sale servicing. The company does not underwrite risk and earns most of its revenue through commissions from insurers.
The filing comes amid renewed activity in the insurtech space. Earlier this month, Bloomberg reported that Acko had invited pitches from investment banks for a potential IPO that could raise up to $350 million. In November last year, the Competition Commission of India (CCI) cleared the proposed merger of insurance distributors InsuranceDekho and RenewBuy, signalling consolidation in the sector.
The issue will comprise a fresh issue of shares worth Rs 660 crore and an offer-for-sale (OFS) of about 2.8 crore shares, aggregating to around Rs 1,300 crore, according to sources.
The company is expected to make its stock market debut by April, subject to regulatory approvals.
Shareholders participating in the OFS include Nexus Venture Partners, Peak XV Partners, and Jungle Ventures.
Founders Anand Prabhudesai and Dhirendra Mahyavanshi, tagged as promoters and together holding a 17.05% stake in the company, will sell 21 lakh and 22 lakh shares, respectively.
Peak XV Partners will offload about 79 lakh shares through the OFS, while Jungle Ventures and Nexus Venture Partners will sell around 23 lakh and nine lakh shares, respectively. Other shareholders will also participate in the offer.
For the six months ended September 30, the company reported a net loss of Rs 125.1 crore, compared with a loss of Rs 98.9 crore in the year-ago period. Operating revenue for the period stood at Rs 463.3 crore, up from Rs 221.4 crore a year earlier.
ICICI Securities, Jefferies, JM Financial, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
Founded in 2015 by Mahyavanshi and Prabhudesai, Turtlemint operates as an insurance distribution platform, selling health, motor, life and other retail insurance products from multiple insurers. It serves both consumers and insurance agents, offering tools to compare policies, manage renewals and handle post-sale servicing. The company does not underwrite risk and earns most of its revenue through commissions from insurers.
The filing comes amid renewed activity in the insurtech space. Earlier this month, Bloomberg reported that Acko had invited pitches from investment banks for a potential IPO that could raise up to $350 million. In November last year, the Competition Commission of India (CCI) cleared the proposed merger of insurance distributors InsuranceDekho and RenewBuy, signalling consolidation in the sector.
