Insurtech platform Turtlemint has secured Rs 397.2 crore from anchor investors ahead of the opening of its initial public offering (IPO), according to a stock exchange filing on Thursday.

The company allotted 2.61 crore equity shares to anchor investors at Rs 152 apiece, the upper end of its IPO price band. The anchor round saw participation from a mix of domestic mutual funds, insurance companies, foreign portfolio investors, and institutional investors. Key participants included ICICI Prudential Equity & Debt Fund, ICICI Prudential Life Insurance, Mirae Asset, Amansa Holdings, Border to Coast Emerging Markets Equity Fund, Societe Generale, BNP Paribas Financial Markets, Susquehanna Pacific, and Bajaj Finserv, Citi Group and others.

Turtlemint’s IPO will open for subscription on June 19 and close on June 23. As per its RHP, the public issue comprises a fresh issue of shares worth Rs 661 crore and an OFS of 1.46 crore shares by founders and existing investors. At the upper end of the price band, the IPO is expected to raise Rs 883 crore and value the company at Rs 4,513 crore (around $475 million). As part of the OFS, co-founders Anand Prabhudesai and Dhirendra Mahyavanshi will sell shares worth Rs 32 crore and Rs 34 crore, respectively. Existing investors including Peak XV Partners, Nexus Ventures, Blume Ventures, GGV Investments, Dream Incubator, and Humming Bird Investment Holdings will also pare their stakes through the offer.

About TurtleMint

Turtlemint is a major Indian insurtech platform that has been founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, both former executives at Quikr. The company empowers insurance agents with technology to simplify insurance discovery and distribution. It is provider of platform for comparing and purchasing insurance, loans, and funds. It offers tools for advisors to manage clients and grow their businesses. The platform provides access to insurance, investment, and credit products. It also delivers training and support for advisors, including product information and sales skills development. The platform further offers solutions for banks, e-commerce businesses, and insurers.