Acko Eyes $350M IPO, Banks Pitched for India Debut
Overview
Digital insurer Acko Technology & Services Pvt. is seeking investment banks for a potential $350 million initial public offering. The deal, likely a mix of new and secondary shares, is slated for the second half of the year. Backed by General Atlantic and others, Acko aims to tap India's robust IPO market.
Acko Gears Up for Public Offering
Digital insurer Acko Technology & Services Pvt. is reportedly preparing for an initial public offering aiming to raise as much as $350 million. Pitches have been extended to investment banks, signaling the company's serious intent to go public. This move comes as India's primary market continues to see significant activity.
IPO Structure and Timeline
The potential offering may combine primary shares, raising capital for the company, with secondary sales from existing investors looking to exit. Sources familiar with the matter indicate the IPO is likely to launch in the latter half of the year. Acko is expected to appoint its advisory team in the coming weeks, though deliberations are ongoing and the offering's terms could evolve.
Company Profile and Market Context
Acko, backed by prominent investors including General Atlantic Service Co., Canada Pension Plan Investment Board, and Accel Capital, specializes in online insurance for car, health, and travel. Its platform emphasizes features like zero paperwork, instant renewals, and same-day claim settlements. The company's planned listing adds to a growing wave of Indian companies tapping public markets to secure funding amid strong mutual fund inflows. India has cemented its position as a busy IPO market, surpassing previous fundraising records.
