Turtlemint's IPO was subscribed 50% on Day 2, with bids for 1.63 Cr shares against 3.29 Cr shares on offer
QIBs led demand with 73% subscription, while retail investors subscribed 51% of their quota
The IPO values Turtlemint at ₹4,513 Cr and comprises a ₹660.7 Cr fresh issue plus an OFS
Insurtech company Turtlemint’s IPO received mixed response on the second day of bidding, with the issue subscribed 50% as of 13:10 IST. Investors placed bids for 1.63 Cr shares as against a total offer size of 3.29 Cr.
Qualified institutional buyers (QIBs) have been the most enthusiastic for the issue since the issue opened. The portion reserved for them was subscribed 73%, getting bids for almost 1.3 Cr shares against 1.78 Cr shares on offer.
Retail investors placed bids for more than half the shares on offer for them. They bid for 30.8 Lakh shares against 60.49 Lakh shares on offer for them.
Non-institutional investors (NIIs) continued to show tepid interest in the issue, with the portion reserved for them subscribed just 3%. They bid for 2.57 Lakh shares as against 90.73 Lakh shares reserved for them. At the end of the first day of bidding, the NIIs had subscribed to 1% of their subscription quota.
Turtlemint’s IPO comprises a fresh issue of shares worth ₹660.7 Cr and an offer-for-sale (OFS) component of up to 1.46 Cr shares by promoters and existing shareholders. At the upper end of its price band of ₹144-₹152, the issue values the company at ₹4,513 Cr (about $475 Mn).
Turtlemint’s shares are expected to make their public market debut on June 29.
The company plans to deploy the capital raised through the fresh issue towards technology infrastructure, product development, marketing, working capital requirements and inorganic growth opportunities.
Last week, the company raised ₹397.2 Cr from anchor investors by allotting 2.61 Cr equity shares. Seven domestic mutual funds participated in the anchor round via a total of 12 schemes. Other investors who participated in the round included Societe Generale, 360 One, Amansa Holdings, BNP Paribas, Citi Group, among others.
Source: Inc42 - Startups
