MUMBAI, June 9 -- Digital insurance company Acko plans to file draft papers for an initial public offering of about $300 million by September, said two people aware of the development, expecting a valuation of $2 billion.

"It is likely around August-September that Acko will file its DRHP (Draft Red Herring Prospectus) with the Securities and Exchange Board of India," the first person said. The second person confirmed that the company will file by September for a potential listing by the end of this financial year if market conditions sustain. Both people spoke on condition of anonymity.

The General Atlantic-backed company appointed ICICI Securities Ltd, Kotak Mahindra Capital Co, and the India unit of Morgan Stanley to manage the share ...