Indian insurance aggregator Insurance Dekho is preparing for a potential initial public offering aiming to raise as much as $400 million. The parent company, Girnar Insurance Brokers Pvt., has reportedly appointed HSBC Holdings Plc, Morgan Stanley, ICICI Securities Ltd., and IIFL Capital Services Ltd. as advisers for the offering.

The IPO, which could launch by year-end or early 2027, is expected to include both a new stock issuance for fresh capital and a sale of existing shares by some investors seeking an exit. The specific timing, size, and valuation remain subject to market conditions and ongoing discussions.

This move comes as India's IPO market has seen a slowdown, with companies raising approximately $3.9 billion in the first half of the year, a significant drop from the $22 billion raised in the same period last year. Despite this, several large offerings are anticipated, suggesting a potential rebound. Insurance Dekho, an online platform founded in 2016, has previously secured about $358 million in funding.