Turtlemint Fintech Solutions is set to list on Indian stock exchanges on Monday, 29 June, with grey-market premiums (GMP) indicating a likely discount to the issue price.
The signal follows a lackluster subscription period that ended earlier this week, leaving the ₹886 crore initial public offering only 0.68 times subscribed.
The muted demand reflects broader caution among retail and institutional investors in the current IPO window.
Turtlemint, which connects customers, advisors, and insurers through its digital platform, had aimed to use the proceeds to expand its technology capabilities and brand presence.
The undersubscription suggests the market is pricing in execution risks associated with scaling these operations in a competitive fintech landscape.
Allotments for the issue are being finalized, with refunds expected to be processed for unsuccessful applicants.