Parent of InsuranceDekho selects HSBC, Morgan Stanley and two local banks to advise on a potential $400m listing as soon as this year.
Girnar Insurance Brokers, owner of Indian insurance aggregator InsuranceDekho, has mandated HSBC Holdings, Morgan Stanley, ICICI Securities and IIFL Capital Services for a possible initial public offering. The deal could raise up to $400m and may launch in late 2026 or early 2027, sources said. Both a fresh share sale and secondary offering by existing investors are under consideration.
India’s IPO market has slowed in 2026, with only $3.9bn raised in the first half versus $22bn in the same period last year. Still, several large listings are in the pipeline, including Jio Platforms and the National Stock Exchange of India.
The proposed IPO size, timing and valuation remain fluid and will depend on prevailing market conditions, the sources added.