InsuranceDekho Said to Pick Banks for $400 Million India IPO
Indian insurance aggregator InsuranceDekho’s parent has selected HSBC Holdings Plc, Morgan Stanley, ICICI Securities Ltd. and IIFL Capital Services Ltd. as advisers to a potential initial public offering, according to people familiar with the matter.
The offer from Girnar Insurance Brokers Pvt., backed by Investcorp and BNP Paribas Cardif, could launch this year or early 2027, with a target to raise as much as $400 million, the people said, asking not to be identified because the information is private.
The IPO is expected to comprise a new stock issuance to raise fresh capital, and a sale of shares by some existing investors to provide them an exit, the people said.
The size, timing and valuation of the offering are still under discussion and could change depending on market conditions, they said.
Representatives for InsuranceDekho and the banks didn’t respond to requests for comment.
India’s IPO market has remained relatively subdued this year, with companies raising about $3.9 billion in the first six months, compared with $22 billion last year, according to data compiled by Bloomberg. Even so, several large offerings are in the pipeline, including those planned by Jio Platforms Ltd., National Stock Exchange of India Ltd., SBI Funds Management Ltd. and Manipal Health Enterprises Ltd.
Founded in 2016, InsuranceDekho is an online marketplace that allows customers to compare and buy policies. The company has raised about $358 million from investors, including TVS Capital Funds, according to data provider Tracxn.
Photograph: The National Stock Exchange in Mumbai, India; photo credit: Dhiraj Singh/Bloomberg
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