Acko, a leading insurance start-up based in Bengaluru, has appointed ICICI Securities, Morgan Stanley and Kotak Securities as the book-running lead managers for its initial public offering (IPO).

The firm plans to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in the coming months. Acko is targeting a valuation between $2-2.5 billion for this public offering, which is expected to be a combination of fresh issue and offer for sale.