India, Jan. 29 -- Insurtech soonicorn Turtlemint has filed an updated draft red herring prospectus (UDRHP) with the Securities Exchange Board of India (SEBI) for its IPO.

The company's proposed public listing will comprise a fresh issue of equity shares worth up to INR 660.7 Cr and an offer-for-sale (OFS) component of up to 2.86 Cr shares.

Cofounders Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi, along with institutional investors Nexus Ventures, Peak XV Partners, Jungle Ventures, Dream Incubator, among others, will offload shares via the OFS. Kunal Shah will also sell shares through the IPO.

Nexus Ventures currently holds a 24.05% stake in the company, while Peak XV owns a 20.84% stake and Jungle Ventures' ownership is at ...