MUMBAI: General Atlantic and Accel backed new-age insurer Acko has kicked off IPO process, roping in Morgan Stanley, ICICI Securities and Kotak Securities as bankers for the issue expected to hit Dalal street in early 2027, said people in the know. The company, which is planning to make a confidential filing sometime in the second half of the year, is targeting an IPO valuation of $2-2.5 billion, higher than its last valuation of about $1.4 billion, they said. Acko declined to comment. After a stellar run last year, India’s IPO market has lost steam as the US-Iran war triggered sharp volatility in stock markets, spooking investors and nudging companies to reassess their IPO timelines. Walmart’s PhonePe, for instance, paused its $1.3 billion IPO while some companies are also looking at secondaries to give exit to investors, industry executives said. Acko’s IPO will be a mix of fresh issue of shares and an offer for sale (OFS). The company turned unicorn in 2021 after it raised $255 million from investors at a valuation of $1.1 billion. Founded in 2016, Bengaluru-based Acko offers a range of insurance services to consumers. It joins startup peers Zepto, Prism and Razorpay in the IPO queue.