Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, promoters of Turtlemint
ICICI Prudential Mutual Fund (MF), Mirae Asset MF, Amansa Holdings, BNP Paribas Financial Markets, Edelweiss MF, Bajaj Life Insurance, Societe Generale, ICICI Prudential Life Insurance Company, and Axis Max Life Insurance are among the anchor investors.
New Delhi: Turtlemint Fintech Solutions Ltd on Thursday raised Rs 397.20 crore from anchor investors ahead of the opening of its initial public offering (IPO).
The company’s Rs 883-crore IPO will open for public subscription on June 19 and conclude on June 23. The price band has been fixed at Rs 144-152 per share for the public issue, valuing the company at over Rs 4,500 crore at the higher end.
ICICI Prudential Mutual Fund (MF), Mirae Asset MF, Amansa Holdings, BNP Paribas Financial Markets, Edelweiss MF, Bajaj Life Insurance, Societe Generale, ICICI Prudential Life Insurance Company, and Axis Max Life Insurance are among the anchor investors.
According to a circular uploaded on the BSE website, Turtlemint allotted 2.61 crore equity shares to 32 funds at Rs 152 per share, the upper end of the IPO price band.
Of the total anchor book allocation, 1.11 crore equity shares, accounting for 42.5 per cent of the anchor portion, were allotted to seven domestic mutual funds through 12 schemes.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 660.72 crore and an offer-for-sale (OFS) component of 1.46 crore equity shares worth about Rs 221.95 crore by existing shareholders.
As part of the OFS, promoters — Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi — along with several existing investors, including Kunal Shah, Nexus Venture Partners, Peak XV Partners, Blume Ventures, and GGV Capital, will offload their partial stakes.
“Out of nine to 10 early investors , only four to five have diluted upto 10 per dent. Rest have continued to be our investors,” said Anand Rohidas Prabhudesai adding that the company had raised Rs 1500 crore from the investors since it started in 2015.
The company plans to utilize the proceeds for strengthening its cloud and server-related infrastructure, meeting salary expenses for its technology and product development teams, and undertaking marketing initiatives.
A portion of the proceeds will also be used towards lease payments for existing properties of the company and its wholly-owned subsidiary, TIB. In addition, the company intends to invest in TIB to support its working capital requirements and funds will be used inorganic growth through unidentified acquisitions.
Turtlemint had confidentially filed its draft prospectus in September and received Sebi’s approval in December to move ahead with the public issue.
Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the company focuses on simplifying the purchase and management of insurance policies and has sold around 1.6 crore policies through a network of more than five lakh advisors.
Turtlemint claims to have processed over 90 crore claims for more than 1.2 crore customers. Its technology helps financial advisors instantly match customers with insurance products best suited to their needs, thereby improving efficiency and supporting business growth.
It connects insurers, advisors and consumers on a unified technology platform and has forged long-term partnerships with over 40 insurer partners, accounting for nearly 65 per cent of all life and general insurers in India.
The company’s primary offerings in the insurance sector include retail products across health, life, and motor insurance. In addition to the distribution of insurance policies, it facilitates other financial products on the platform, including mutual funds, loans (personal and business) and credit cards.
The issue has reserved 75 per cent for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs), and 10 per cent for retail investors.
The company’s shares are scheduled to list on the exchanges on June 29.
In November 2021, PB Fintech, which operates Policybazaar and Paisabazaar, tapped the markets with a Rs 5,710-crore IPO.
ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, while KFin Technologies Ltd is the registrar.