Girnar Insurance Brokers Pvt., the parent company of digital insurance aggregator InsuranceDekho, has selected a group of advisers as it explores a potential initial public offering, people familiar with the matter said.
The company has engaged HSBC Holdings Plc, Morgan Stanley, ICICI Securities Ltd. and IIFL Capital Services Ltd. to advise on the contemplated listing, according to those people. Girnar Insurance Brokers is backed by Investcorp and BNP Paribas Cardif.
Those familiar with the deliberations said the offering could launch this year or in early 2027, with a target size of as much as $400 million. The proposed IPO is expected to combine a new issuance of shares to raise fresh capital for the business and sales of existing stock by some current investors to provide them with an exit.
Key elements - including the eventual size of the sale, the timing of any listing and the company valuation - are still being negotiated and could change depending on market conditions, the people said. That uncertainty is a core part of the discussions between the company and its nominated bankers.
Market activity in India’s IPO pipeline has been relatively muted this year, with companies having raised roughly $3.9 billion in the first six months, compared with about $22 billion in the prior year, according to data compiled by market sources cited by the people. That backdrop is a factor in how prospective issuers and their advisers are planning potential sales.
For Girnar Insurance Brokers, the contemplated deal would achieve two objectives if it proceeds as described: provide fresh capital through a primary issuance and allow some existing backers to reduce or exit positions through secondary share sales. How much of the $400 million target would come from new issuance versus secondary transactions has not been finalized, the people said.
As discussions continue, the company and its advisers appear to be balancing investor appetite, valuation expectations and broader market sentiment in deciding whether to proceed and on what timetable. Observers and potential participants will be watching for formal filings and further announcements if and when plans are finalized.