Turtlemint Fintech Solutions Ltd has concluded its initial public offering with investor appetite remaining subdued throughout the three-day bidding window.
The insurance distribution platform’s ₹883 crore public issue closes today, June 23, after failing to generate significant traction from retail or institutional investors over the preceding days.
Demand for the issue has fallen short of the full issue size, with the book remaining undersubscribed as of the end of the second day.
Market data indicated the issue was subscribed only 0.51 times by the close of bidding on June 22, signaling weak conviction among potential buyers.
This lack of interest has persisted despite the company’s positioning in the digital insurance sector, a space that has seen mixed reception from IPO investors in recent months.
Grey market premiums (GMP) have turned negative, reflecting pessimism about the listing price.