Insurtech firm Turtlemint confidentially submits papers to SEBI, seeks IPO approval

Insurtech company Turtlemint Fintech Solutions Ltd. has submitted confidential documents to the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), using a pre-filing route that allows the company to keep details private.

The Mumbai-based company, founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, is a digital platform that simplifies the process of buying and managing insurance policies.

It has built a network of over 500,000 advisors who have sold 1.6 crore policies. The platform helps financial advisors match customers with products tailored to their unique needs.

Turtlemint has enlisted ICICI Securities, Jefferies India, JM Financial, and Motilal Oswal Investment Advisors to serve as lead merchant bankers for the IPO.

The company's decision to use the confidential pre-filing route provides it with greater flexibility in its IPO plans. This approach allows firms to withhold public disclosure of their draft red herring prospectus (DRHP) until a later stage in the process.

Unlike a traditional IPO filing, which requires a company to launch its public issue within 12 months of receiving SEBI's approval, the pre-filing route extends this window to 18 months. It also allows the company to adjust the primary issue size by up to 50% until the updated DRHP is filed.

Turtlemint's move follows a growing trend among Indian firms to use this confidential route. Recent companies that have taken a similar approach include logistics service provider Shadowfax, edtech PhysicsWallah, commerce enablement platform Shiprocket, and wearables brand boAt's parent company, Imagine Marketing.

In 2024, food delivery giants Swiggy and retail chain Vishal Mega Mart floated their IPOs following similar filings.