India's Turtlemint Fintech Solutions falls on debut; valuation called 'expensive'
BUZZ-India's Turtlemint Fintech Solutions falls on debut; valuation called 'expensive' Updates
** Shares of Turtlemint Fintech Solutions TURE.NS at 141.6 rupees after listing at 134.9 rupees, 6.7% below IPO share price
** Stock values co at 41.7 bln rupees ($441.87 mln), vs IPO valuation of about 45 bln rupees
** Company's fundamentals remain challenging, as the company remains loss-making with a negative RoNW of -47.29%, while its valuation of nearly 6.8x FY25 revenue appears expensive despite continued losses - Shivani Nyati, Head of Wealth at Swastika Investmart
** May suit only long-term, high-risk investors betting on market leadership - Nyati
** IPO was subscribed 1.2 times; proceeds for cloud/server infra, product development and lease payments for co's properties
($1 = 94.3725 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru)
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