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India’s Acko Insurance is targeting a valuation of between $2 billion and $2.5 billion in its planned initial public offering and is eyeing a listing in early 2027, two people familiar with the matter said.

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.

Acko has appointed Morgan Stanley, ICICI Securities and Kotak Mahindra Capital as the bankers to manage the proposed listing, the sources said, requesting anonymity as they are not authorized to talk to media.

The insurer could seek to raise funds in the range of $300 million and $500 million, one of the sources said.

Email requests for comments sent to Acko, Morgan Stanley, ICICI Securities and Kotak Mahindra Capital were not immediately answered.

The company is expected to confidentially file its draft IPO papers with India’s markets regulator in the next two to three months, the sources said.

The confidential route allows companies to submit draft IPO papers to SEBI for feedback without making the details public, giving them greater flexibility on timing and disclosure.

The offer is expected to be a mix of fresh shares and secondary sales by existing investors, the sources said.

India was the world’s second鈥憀argest IPO market in 2025 but sentiment towards IPOs has weakened this year amid the conflict in the Middle East. Still, big-ticket IPOs such as Jio Platforms and National Stock Exchange are in 鈦爐he offing this year.

Founded in 2016, Acko has focused on digitizing insurance purchase and has relied on partnerships with online platforms and mobility companies to scale.

Insurance penetration in India, as measured by total insurance premium underwritten in a year, stood at about 3.7% of GDP in 2024, well below global averages, leaving room for growth.

(Reporting by Ashwin Manikandan and Vibhuti Sharma in Mumbai; editing by Muralikumar Anantharaman)