Turtlemint Fintech IPO Day 3: GMP, subscription status, brokerage views and key details

Turtlemint Fintech Solutions' Rs 883 crore IPO was subscribed 52 percent overall by end of Day 2, with QIBs at 73 percent, retail at 61 percent, and NIIs at just 5 percent. Grey market premium stood at about 2 percent over the upper price band of Rs 152, indicating a muted listing around Rs 154. Brokerages were divided with SMIFS recommending Subscribe, SBI Securities Neutral at 4.5x P/S on post-issue basis, and Swastika Investmart advising Avoid, while the company reported FY25 revenue of Rs 662.7 crore against a net loss of Rs 194 crore.