InCred Holdings Nears Market Debut; Eyes ₹1,250 Cr Via Fresh Issue

• InCred Holdings has filed updated IPO papers with SEBI for a proposed ₹3,000 crore public issue

• The issue includes a fresh issue of ₹1,250 crore and an OFS by existing investors

• The company plans to use the proceeds to boost lending growth and strengthen capital adequacy

KKR-backed non-banking lender InCred Holdings has moved a step closer to the stock market after filing an Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).

According to Mint, the IPO is expected to be around ₹3,000 crore and could value the company at nearly ₹15,000 crore. The public issue will consist of a fresh issue of equity shares worth ₹1,250 crore along with an Offer For Sale (OFS) of up to 9.9 crore shares by existing shareholders.

Investors participating in the OFS include KKR India Financial Investments Pte, MNI Ventures, MEMG Family Office LLP and V’Ocean Investments.

The development comes months after InCred confidentially filed draft IPO papers with SEBI in November. The company has already received regulatory approval for the public issue.

Focus on Lending Growth

The company said proceeds from the fresh issue will mainly be infused into its wholly-owned subsidiary, InCred Financial Services Ltd (IFSL), to strengthen its Tier-I capital base and support future lending growth.

Founded by Bhupinder Singh in 2017, InCred operates as a diversified middle-layer non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI).

The company offers personal loans, student loans and secured business loans. According to Reuters, the lender has disbursed over ₹25,000 crore since inception and currently serves more than 4 lakh customers through a network of over 140 branches across the country.

As cited by The Economic Times, people familiar with the matter said the company is not rushing to launch the IPO and is waiting for a favourable market window before proceeding with the issue.

Strong Financial Growth

As per a CRISIL report cited in the draft papers and reported by ET, InCred Finance was the fastest-growing diversified NBFC in terms of Profit After Tax (PAT) CAGR between FY23 and FY25 among its diversified peers. It also ranked as the second fastest-growing company in terms of Assets Under Management (AUM) CAGR during the same period.

The company’s AUM grew at a CAGR of 44% during FY23-FY25 to ₹12,585 crore as of March 31, 2025. PAT during the same period rose at a CAGR of 85 per cent to ₹373 crore.

As of December 31, 2025, AUM stood at ₹14,448 crore, while PAT for the first nine months of FY26 came in at ₹290 crore. Disbursements during the April-December 2025 period stood at ₹6,683 crore.

Reuters noted that the IPO comes at a time when India’s equity markets are witnessing slower activity amid global geopolitical uncertainty, tighter liquidity conditions and continued foreign investor outflows.