Turtlemint trails IPO price by 10%, but MOFSL sees a turnaround; here's why

MOFSL has set a target price of ₹180 on Turtlemint Fintech Solutions, implying an upside of around 41 per cent from the previous close of ₹127.74.

Turtlemint Fintech Solutions shares were in an uptrend on Wednesday after Motilal Oswal Financial Services (MOFSL) initiated coverage on the stock with a ‘Buy’ rating and called it a “turnaround story”. The brokerage also said the stock trades at an attractive valuation.

In trade, the stock opened higher at ₹131 on the National Stock Exchange (NSE), snapping a two-day losing streak, and extended gains to hit an intraday high of ₹136.59.

Notably, Turtlemint Fintech shares made a weak debut on the bourses in June, listing at an 11 per cent discount to the IPO price of ₹152. At CMP, the stock trades 10 below the IPO level.

MOFSL has set a target price of ₹180, implying an upside of around 41 per cent from the previous close of ₹127.74.

According to MOFSL, Turtlemint has built a scaled, technology-enabled insurance distribution franchise in India. The company has more than 550,000 certified PoSPs and a strong presence in insurance distribution, with around 75 per cent of premiums originating from B30+ markets.