The parent company of InsuranceDekho has selected investment banks to advise on a potential $400 million [1] initial public offering in India.
This move signals a significant scaling effort for the insurtech firm as it seeks public capital to expand its footprint in the competitive Indian financial services market.
People familiar with the matter said HSBC Holdings Plc, Morgan Stanley, ICICI Securities Ltd., and IIFL Capital Services Ltd. have been selected as advisers for the potential offering [2]. The capital raise is estimated at $400 million [1], which corresponds to approximately Rs 4,000 crore [3].
The company is coordinating this financial strategy alongside a merger with RenewBuy. According to reports, the merged entity plans to file its Draft Red Herring Prospectus (DRHP) by the end of September, which would mark the next major milestone in its public market journey [3].
The timeline for the listing is currently set for financial year 2027 [3]. This window allows the company to finalize its merger and stabilize the combined entity's operations before facing the scrutiny of public shareholders.
By utilizing a mix of global firms like Morgan Stanley and domestic specialists like ICICI Securities, the company aims to attract both international institutional investors and local Indian capital. The selection of these banks suggests a high-valuation target and a desire for a structured, multi-tier entry into the public markets.
“The parent company of InsuranceDekho has selected investment banks to advise on a potential $400 million initial public offering in India.”
This IPO attempt reflects a broader trend of Indian fintech and insurtech companies seeking liquidity and formal valuation through public markets. By merging with RenewBuy before the listing, InsuranceDekho is attempting to create a market leader with a larger combined user base and revenue stream, which typically commands a higher premium from investors during an IPO.
