Insurtech platform Turtlemint Fintech Solutions Ltd is preparing to submit its updated draft offer documents to the Securities and Exchange Board of India (SEBI) in the coming two weeks, moving a step closer to a proposed ₹2,000-crore initial public offering. The IPO is likely to be launched sometime between March and April, according to media reports.
Earlier Regulatory Filings
Turtlemint had initially filed its IPO documentation through SEBI’s confidential filing mechanism in September and subsequently received regulatory approval in December. With the clearance now granted, the company plans to file its Updated Draft Red Herring Prospectus (UDRHP), which will be available in the public domain for a 21-day review period.
Following this stage, the company will submit a further revised draft reflecting comments and observations received from the public before moving ahead with the final red herring prospectus that will precede the IPO.
Company Overview
Established in 2015 by co-founders Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint focuses on simplifying the purchase and servicing of insurance through its digital platform. The company works closely with a large network of advisors to help consumers understand and select suitable insurance solutions.
To date, Turtlemint has facilitated the sale of approximately 1.6 crore insurance policies through more than five lakh advisors across India. It has also supported over 90 crore claim transactions for around 1.2 crore customers, using technology-driven tools to match products with individual protection needs.
Summary
Turtlemint Fintech Solutions Ltd is expected to file its Updated Draft Red Herring Prospectus with SEBI within the next two weeks as part of its ₹2,000-crore IPO plan. Key highlights include:
- confidential filing completed earlier and regulatory approval received,
- UDRHP to be opened for 21-day public review before further revisions,
- IPO likely between March and April, subject to market conditions, and
- strong business footprint with millions of policies sold and extensive advisor network.
The upcoming filing marks an important milestone in Turtlemint’s journey toward becoming a publicly listed company.
Disclaimer:
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