The Digit Insurance, backed by Canadian billionaire Prem Watsa's Fairfax Group, has filed for an initial public offering, draft papers filed with the market regulator showed on Tuesday.
The IPO consists of a fresh issue of shares worth 12.5 billion rupees, while existing shareholders will sell up to 109.4 million shares, the prospectus.
The total size of the IPO is likely to be 35 billion rupees ($440.69 million), according to a person with direct knowledge of the matter.
Digit Insurance did not immediately respond to Reuters' request for comment.
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