Synopsis
Turtlemint has set a price band of Rs 144-152 per share for its Rs 883 crore IPO, which opens on June 19. The IPO comprises a fresh issue of Rs 660.72 crore and an offer for sale of Rs 221.94 crore at the upper band. At the upper end, the company will be valued at about Rs 4,513 crore, or $475 million, lower than the $900-950 million valuation, or about Rs 7,000 crore, at which it had raised funding in 2022.Turtlemint has set a price band of Rs 144-152 per share for its Rs 883 crore IPO, which opens on June 19. The IPO comprises a fresh issue of Rs 660.72 crore and an offer for sale of Rs 221.94 crore at the upper band.
At the upper end, the company will be valued at about Rs 4,513 crore, or $475 million, lower than the $900-950 million valuation, or about Rs 7,000 crore, at which it had raised funding in 2022, at the then exchange rate.
Returns
At the upper band of Rs 152 per share, Peak XV will gross Rs 66.2 crore from the sale of 4.4 million shares, against a weighted average cost of acquisition of Rs 21.11 per share, according to an ET analysis of the company’s red herring prospectus. This translates into a 7.2 times return on the shares being sold. At the lower end of Rs 144, the sale will fetch Peak XV Rs 62.7 crore, implying a 6.8 times return.
Nexus will gross Rs 41.8 crore at the upper band by selling 2.8 million shares, compared with its weighted average acquisition cost of Rs 17.29 per share. That works out to an 8.8 times return. At the lower band, Nexus’ OFS proceeds will be Rs 39.6 crore, or about 8.3 times its acquisition cost.
Turtlemint’s founders are also selling shares in the IPO. Anand Prabhudesai will gross Rs 32.1 crore at the upper band, while Dhirendra Mahyavanshi will sell shares worth Rs 33.6 crore. Together, the two founders will continue to hold stock worth about Rs 591.4 crore, taking the upper band, after the offer.
Among other selling shareholders in Turtlemint, Blume Ventures’ two vehicles will together sell shares worth Rs 16.1 crore at the upper band, translating into about 2.1 times on their weighted average acquisition cost. The Blume funds will retain shares worth about Rs 164.8 crore after the IPO.
GGV Capital will gross Rs 18.1 crore from the OFS at the upper band, implying a 1.9 times return, and retain stock worth Rs 102.7 crore. Individual shareholder Kunal Shah will sell shares worth Rs 8.1 crore at the upper band. His weighted average cost of acquisition is disclosed as negligible in the RHP, making the return multiple less meaningful. He will continue to hold shares worth about Rs 45.9 crore at the IPO price.
Jungle Ventures, which was named as a selling shareholder in the earlier draft document, is not part of the final RHP OFS list. It will continue to hold 11.4 million shares, valued at Rs 173.4 crore at the upper end of the price band.
Substantial residual stake
Peak XV and Nexus will continue to hold a much larger value of stock after the IPO. Peak XV will retain 48.5 million shares worth Rs 736.5 crore, while Nexus will hold 52.2 million shares worth Rs 793.4 crore, taking the upper band. Including another arm of Nexus, which is not selling shares in the IPO, Nexus’ residual holding will be worth Rs 884.8 crore.
The IPO is an example of venture investors using public listings for partial liquidity while retaining significant exposure to portfolio companies after listing. Over the past year, IPOs and post-lock-in block deals in new-age companies have become an important route for private investors to return capital, as late-stage private funding has remained selective, and public market investors have backed companies with stronger growth and clearer business models.
For Peak XV, Turtlemint adds to a broader run of fintech exits and liquidity events in the public markets, though outcomes have varied widely. In Groww, the venture firm sold shares worth about Rs 1,582 crore in the IPO at around 52 times its acquisition cost, while retaining a large stake after listing. In Pine Labs, Peak XV’s partial IPO exit fetched about Rs 508 crore at roughly 39.5 times, after it had already realised significant cash through earlier secondary transactions.
MobiKwik, however, showed the other side of the fintech public-market cycle. The company went public in 2024 at a valuation of about $256 million, nearly 85% below the level it had targeted in 2021. Peak XV later fully exited the company through a block deal worth about Rs 130 crore in 2026.
Founded in 2015 by Mahyavanshi and Prabhudesai, Turtlemint operates a technology-led insurance distribution platform that connects customers, insurance advisors and insurers. For the nine months ended December 2025, the company’s operating revenue grew 80% year-on-year to Rs 741 crore, while losses widened 25% to Rs 187 crore.
