Insurtech startup Turtlemint made a weak debut on the stock exchanges on Monday, with its shares listing at Rs 134.9, an 11.25% discount to its IPO issue price of Rs 152.

The company had launched its Rs 883 crore initial public offering (IPO) with a price band of Rs 144-152 per share. The issue received a muted response from investors, resulting in an overall subscription of only 1.2 times.

At the listing price, retail investors allotted one lot of 98 shares incurred an immediate notional loss of around Rs 1,676, as the value of their investment dropped from Rs 14,896 to about Rs 13,220.

The IPO comprised a fresh issue of shares worth Rs 661 crore and an offer for sale (OFS) of 1.46 crore shares by founders and existing investors, aggregating Rs 222 crore at the upper price band of Rs 152. The issue is expected to raise approximately Rs 883 crore and value Turtlemint at Rs 4,513 crore (around $475 million).

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a marketplace connecting advisors with customers, offering insurance products across motor, health, and life categories. It also provides access to other financial products such as mutual funds and loans, while equipping advisors with digital tools to expand their reach and grow their business.

For the first nine months of FY26, Turtlemint reported a 80% year-on-year rise in operating revenue to Rs 741 crore, while its losses widened 25% to Rs 187 crore compared to the Rs 150 crore loss in the corresponding period of the previous fiscal year.

The weak debut comes amid increasing investor focus on profitability and valuations, with public market investors turning more selective towards venture-backed technology companies. Ahead of the listing, the IPO's grey market premium had already slipped into negative territory.