India's digital insurance company Acko has appointed ICICI Securities, Morgan Stanley and Kotak Securities as book-running lead managers for its IPO, according to media reports.
The Bengaluru-based company is expected to file its draft red herring prospectus with the SEBI in the coming months. The offering could value the firm between $2 billion and $2.5 billion (roughly Rs 16,600 crore to Rs 20,750 crore), the report said.
The IPO is likely to comprise a mix of fresh shares and an offer for sale by existing investors.
Founded in 2016, Acko was launched by Varun Dua, with Ruchi Deepak also associated with the founding team; the company began with motor insurance and has since expanded into health, travel and group cover.
The company entered the retail health segment in 2023 and acquired Parentlane as part of its expansion.
Positioning itself as a fully digital insurer, it offers zero-commission, paperless insurance products and fast claims settlement. It distributes products through partnerships with platforms such as PhonePe and MyGate, as well as collaborations with companies including Oyo, Zomato and Urban Company, Acko said.
The company said that it has served more than 78 million customers and issued over one billion policies to date.
Financially, Acko reported revenue of Rs 2,837 crore for the financial year ending 2025, marking a 35% increase from the previous year, while narrowing its net losses by 37% to Rs 424 crore.
As it prepares for IPO, Acko is set to join a growing list of Indian insurtech firms tapping capital markets, including PolicyBazaar, which listed in 2021, and Digit Insurance, which debuted in 2024.