IPO GMP Today: Turtlemint Fintech IPO Subscription Begins; Price Band, Review And More

IPO GMP Today: Turtlemint Fintech Solutions' Rs 883 crore Initial Public Offering (IPO) opened for subscription on Friday, June 19. The issue is a combination of a fresh issue and an offer for sale and opened on a decent note, with maximum participation from retail investors.

Turtlemint Fintech IPO subscription period will close on June 23 and the allotment will be finalised in the next three to four days after subscription period.

Turtlemint Fintech IPO Opens Today: Check Subscription Status

The issue has been subscribed around 0.01 times so far, as per Chittorgarh.com data at 10:44 am on Friday, June 19. The issue was subscribed around 0.07 times in the retail category. However, no participation was recorded in the QIB (ex-anchor), and in the NII category till 10:44 am.

Turtlemint Fintech IPO: Offer for Sale, Fresh Issue Combination

The IPO includes fresh issue of 4.35 crore shares estimated to be Rs 660.72 crore and offer for sale of 1.46 crore shares estimated to be Rs 221.95 crores.

Turtlemint Fintecth IPO Price Band, Lot Size

Turtlemint Fintecth IPO price band is fixed at Rs 144 to rs 152 per share. The lot size for an application is 98 shares. The minimum amount of investment required by a retail investor is Rs 14,896 for 98 shares (based on upper price).

The IPO lot size for sNII is 14 lots, ie 1,372 shares equivalent to Rs 2,08,544 and for bNII it is 68 lots, ie 6,664 shares estimated to be of Rs 10,12,928.

Turtlemint Fintecth IPO GMP Today

Turtlemint Fintech IPO's grey market premium (GMP) saw marginal decline on Friday. Turtlemint IPO GMP today stood at Rs 2 per share, as per investorgain.com. Which indicates that the IPO's estimated listing price is likely to be Rs 154 per share (sum of upper price band and IPO GMP Today). The expected percentage gain or loss per share is 1.32%.

Turtlemint Fintech IPO Brokerage View

Brokerage opinion on the IPO is mixed. SMIFS has assigned a "Subscribe" rating, citing Turtlemint's leadership in the PoSP distribution business, broad reach, insurer partnerships and long-term opportunities in India's insurance market. It also sees scope for benefits from rising insurance penetration, artificial intelligence-led automation and cross-selling.

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