Acko Eyes Up to $2 Bn IPO; Morgan Stanley, ICICI, Kotak to Manage Issue

Acko General Insurance Ltd has hired investment banks for an initial public offering in India that could value the startup at as much as $2bn, reported Mint.

The Bengaluru-based company has hired ICICI Securities Ltd, Kotak Mahindra Capital Co and Morgan Stanley India Co Ltd to manage the share sale, one of the persons told Mint who requested anonymity as the information is not yet public.

The General Atlantic and Multiples-backed insurtech firm was looking at an offer that could raise $300-$400mn, Mint had reported on December 14, 2025.

The second person said the offering is likely to be a mix of a new issue of shares and an offer for sale by existing investors.

Confidential Pre-Filing

Acko plans to file its draft prospectus through the confidential pre-filing route before the end of this calendar year, according to Mint.

Under regulations introduced by the Securities and Exchange Board of India, the confidential filing mechanism allows companies to undergo regulatory review without immediately disclosing detailed financials and business strategies. It also gives issuers the flexibility to withdraw the offering without public disclosure if market conditions deteriorate.

IPO Listing Timeline & Banking Partners

According to Reuters, the insurance company is targeting a valuation of between $2bn and $2.5bn in its planned initial public offering and is eyeing a listing in early 2027.

Backed by investors including General Atlantic, Accel, Amazon.com and the Canada Pension Plan Investment Board (CPPIB), Acko provides insurance products including motor, health and travel insurance.

The Indian insurtech market is currently valued at approximately $10bn (as of 2024), with the entire ecosystem’s cumulative valuation exceeding $15.8bn. It is recognised as the second-largest insurtech market in the Asia-Pacific region, according to a report published by nexdigm website.

The report further added that this growth is driven primarily by advancements in technology such as AI and block chain, which enhance customer experience and streamline processes. Cities leading in insurtech trends in India include Bengaluru, Mumbai and Delhi, often dubbed the ‘Silicon Valley of India’.