Turtlemint Fintech Solutions’ initial public offering is tracking for a weak close, with the ₹883 crore issue reaching only 56% subscription by midday on the final day of bidding.
Retail investors provided the bulk of the demand, while institutional participation remained subdued throughout the session.
The lackluster response marks a continuation of the headwinds that plagued the offering from its start.
On the second day of bidding, demand had already fallen short of the full issue size, with the book standing at just 0.51 times subscription.
The final day’s figures suggest that the initial enthusiasm has not materialized into sustained investor appetite.
For the insurance distribution platform, the undersubscription raises questions about market sentiment toward fintech IPOs in the current environment.