Turtlemint Fintech Ipo
Turtlemint Fintech IPO Review & Key Points
Review:
IPO Lead Managers aka Merchant Bankers
ICICI Securities Limited
Jefferies India Private Limited
JM Financial Limited
Motilal Oswal Investment Advisors Limited
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | June 19, 2026 |
| IPO Close Date | June 23, 2026 |
| Face Value | ₹1 Per Equity Share |
| IPO Price Band | ₹144 to ₹152 Per Share |
| Issue Size | Approx ₹883 Crores |
| Fresh Issue | Approx ₹660.72 Crores |
| Offer for Sale: | Approx 1,46,01,846 Equity Shares |
| Issue Type | Bookbuilding Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 98 | ₹14,896 |
| Retail Maximum | 13 | 1,274 | ₹1,93,648 |
| S-HNI Minimum | 14 | 1,372 | ₹2,08,544 |
| S-HNI Maximum | 67 | 6,566 | ₹9,98,032 |
| B-HNI Minimum | 68 | 6,664 | ₹10,12,928 |
| Investor Category | Share Offered | Shares (%) |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 10% |
| Anchor Bidding Date | June 18, 2026 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | 2026 |
| lock-in period end date 50% shares (90 Days) | 2026 |
| IPO Open Date: | June 19, 2026 |
| IPO Close Date: | June 23, 2026 |
| Basis of Allotment: | June 24, 2026 |
| Refunds: | June 25, 2026 |
| Credit to Demat Account: | June 25, 2026 |
| IPO Listing Date: | June 29, 2026 |
| IPO Bidding Cut-off Time: | June 23, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 25,10,10,354 | 17.05% |
| Promoter Holding Post Issue | – | 13.10% |
| Purpose | Crores |
| Expenditure towards cloud and server related infrastructure of the Company; | ₹25.64 |
| Salary expenditure towards the technology and product development teams of the Company; | ₹193.04 |
| Expenditure towards marketing initiatives by the Company; | ₹39.07 |
| Expenditure towards lease payments for existing properties of the Company and wholly owned Subsidiary, TIB, breakup of which is as follows: Expense by the Company | ₹22.21 |
| Expenditure towards lease payments for existing properties of thr Company and wholly owned Subsidiary, TIB, breakup of which is as follows: Expense by wholly owned Subsidiary, TIB | ₹20.87 |
| Investment in the wholly owned Subsidiary, TIB, for funding its working capital requirements; and | ₹128.64 |
| Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes. | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹460.11 | ₹748.30 | ₹288.18 | ₹900.37 |
| 2024 | ₹119.12 | ₹312.47 | ₹193.35 | ₹612.55 |
| 2025 | ₹693.21 | ₹882.57 | ₹194.11 | ₹578.69 |
| Dec 2025 | ₹748.91 | ₹881.37 | ₹187.39 | ₹467.14 |
| KPI | Values |
| ROE: | -% |
| ROCE: | (47.29)% |
| EBITDA Margin: | -% |
| PAT Margin: | -% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹(7.33) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (47.29%) |
| Net Asset Value (NAV): | ₹7,768.02 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| PB Fintech Limited | 7.77 | 218.81 | 5.74% | 140.06 | 4,977.21 Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |