Insurance distribution platform Turtlemint Fintech Solutions Ltd has received SEBI’s observations for its proposed initial public offering (IPO), a key regulatory milestone that effectively clears the way for the company to launch the issue once market conditions permit.
Turtlemint, founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, operates a digital platform that enables financial advisors to compare, recommend and manage insurance products for customers. The company positions itself as a tech-based enabler for agents, aiming to simplify policy discovery and improve advisor productivity through data-driven product matching.
While details of the IPO size and structure were not immediately available, ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors will serve as the book-running lead managers to the issue.
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Turtlemint’s filing adds to a busy IPO pipeline as fintech and insurance-distribution firms look to tap capital markets on the back of strong demand for digital financial services.
SEBI’s latest processing status shows the company received its observations in December, advancing the regulatory process for the upcoming IPO.
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(Edited by : Shoma Bhattacharjee)