Insurtech soonicorn Turtlemint has filed an updated draft red herring prospectus (UDRHP) with the Securities Exchange Board of India (SEBI) for its IPO. The company’s proposed public listing will comprise a fresh issue of equity shares worth up to INR 660.7 Cr and an offer-for-sale (OFS) component of up to 2.86 Cr shares. Cofounders Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi will sell up to 21.12 Lakh and 22.11 Lakh shares, respectively. Among institutional investors, Nexus Ventures, Peak XV Partners, Jungle Ventures, Dream Incubator, among others, will offload shares via the OFS. Nexus Ventures currently holds a 24.05% stake in the company, while Peak XV owns a 20.84% stake and Jungle Ventures’ ownership is at 4.54%. Kunal Shah, who cofounded Turtlemint alongside Mahyavanshi and Prabhudesai in 2015 and stepped away from the company in December 2020, will sell 5.33 Lakh shares through the OFS. Currently, Shah holds a 1.45% stake in the company. Turtlemint picked the confidential route to file its DRHP with the SEBI in September last year, following which the markets regulator gave its approval for the public issue in December. Founded by Mahyavanshi and Prabhudesai, Turtlemint operates as an insurance distribution platform, connecting consumers with insurers through… Read MoreInc42 Media
