IPO Review - the week starting 22nd June 2026
Turtlemint IPO
Turtlemint Fintech Solutions IPO is a book build issue of 882.67 crores. The issue is a combination of fresh issue of 4.35 crore shares aggregating to 660.72 crores and offer for sale of 1.46 crore shares aggregating to 221.95 crores. Turtlemint Fintech Solutions IPO bidding opened for subscription on 19th June 2026 and will close on Jun 23, 2026. Turtlemint Fintech Solutions IPO is set issue at 144 to 152 per share. The lot size for an application is 98 shares.
Incorporated in 2015, Turtlemint Limited is a technology-enabled insurance distribution platform that connects customers, insurance advisors (Digital Partners), and insurers through a phygital (physical + digital) model. The company was among the first to adopt the Point-of-Sale Person (PoSP) distribution model and has built India's largest certified PoSP network among its peer group. Turtlemint offers a comprehensive platform that enables Digital Partners to compare, recommend, and distribute insurance products from multiple insurers while managing customer acquisition, policy servicing, claims support, training, and lead management. The platform provides access to life, health, motor, and other insurance products through partnerships with 45 insurer partners.Positives
Strong presence in insurance distribution with a large advisor network and nationwide reach.
Insurance penetration in India remains low, giving the sector a long growth runway.
Debt-free balance sheet.
Fresh issue proceeds are intended for technology and growth initiatives.
Concerns
Company remains loss-making and has reported losses over multiple years.
IPO valuation appears demanding relative to current profitability.
GMP is almost flat, indicating weak listing-demand expectations.
As of today, GMP is only around 2–2.30 per share, implying an expected listing gain of roughly 1.5%. This is extremely muted compared with successful recent IPOs.
For long-term investors, the company operates in an attractive segment, but the continued losses and rich valuation make it more of a watchlist candidate than an immediate buy. Even some analytical reviews have suggested waiting for clearer profitability after listing
Verdict – Avoid and enter thru the secondary route post listing as I have an inkling that the same will list at a negative price point
Cordelia (Waterways Leisure Tourism)
Waterways Leisure Tourism IPO is a book build issue of 585 crores. The issue is entirely a fresh issue of 0.72 crore shares of 585 crore. Waterways Leisure Tourism IPO opens for subscription on Jun 23, 2026 and closes on Jun 25, 2026. Waterways Leisure Tourism IPO is set issue price band at 769 to 808 per share. The lot size for an application is 18 shares.
Incorporated in November 2020, Waterways Leisure Tourism Limited is one of India’s leading domestic ocean cruise operators, offering luxury cruise experiences focused on Indian culture, hospitality, entertainment, and cuisine. The company operates the cruise vessel MV Empress, which sails to destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and select international destinations such as Sri Lanka, Thailand, Singapore, and Malaysia.
The Company proposes to utilise the Net Proceeds from the Issue towards Payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt.Ltd. (Baycruise IFSC).
WLTL is one of the domestic ocean cruise operators in India, offering luxurious and inherent Indian experiences. It appears its top line has come to a saturation level as for the last three fiscals, it posted almost static top line for the last two fiscals. Declined top and bottom lines for FY26 remains a major concern. Its debt-equity ratio of 1.27 as of March 31, 2026 raise alarm. Based on its recent financial data, the issue appears exorbitantly priced.
Verdict - There is no harm in skipping this pricey and dicey IPO.
Advit Jewels
Advit Jewels IPO is a book build issue of 165.16 crores. The issue is entirely a fresh issue of 1.20 crore shares of 165.16 crore.
Advit Jewels IPO opens for subscription on Jun 23, 2026 and closes on Jun 25, 2026.
Advit Jewels IPO is set issue price band at 130 to 138 per share. The lot size for an application is 100 shares.
Incorporated in 2019, Advit Jewels is a Jaipur-based jewellery company, specializing in handcrafted fine jewellery, with expertise in Kundan, Polki, Diamond and Studded pieces under the brand name "Rambhajo". It blends traditional techniques with modern designs to create unique pieces that are both timeless and contemporary.
The company posted growth in its top and bottom lines for the reported periods. Based on its recent financial data, the issue appears aggressively priced.
Recent unofficial grey-market indications have been in the 55–70 range according to market trackers. Strong brand recall in the premium jewellery segment. Healthy profitability.
Fresh issue proceeds will strengthen operations.
Positive grey-market sentiment so far.
Verdict: Subscribe but for one or two lots and exit on listing with whatever gains
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