InCred Holdings Submits Revised IPO Papers to Sebi, Aiming to Raise ₹1,250 Crore Through Fresh Issue

InCred Holdings, a retail-focused non-banking financial company (NBFC), has filed updated draft documentation for its proposed Initial Public Offering (IPO) with the Securities and Exchange Board of India (Sebi). The IPO is anticipated to raise between Rs 3,000 to 4,000 crore, with an estimated valuation of approximately Rs 15,000 crore. The Updated Draft Red Herring Prospectus (UDRHP) outlines a fresh equity issuance of up to Rs 1,250 crore alongside an Offer For Sale (OFS) of up to 9.9 crore equity shares, primarily being offloaded by existing shareholders such as KKR India Financial Investments and MNI Ventures.

The funds raised from the fresh equity issue are set to be directed towards bolstering the Tier-I capital base of InCred Financial Services Ltd, its wholly-owned subsidiary, thereby enhancing its lending capacity and capital adequacy. InCred plans to proceed with its IPO in a timely manner, although it remains prudent about current market conditions, indicating a willingness to wait for a more favorable timing for the launch. Founded in 2017 by Bhupinder Singh, InCred has already secured regulatory approval for the IPO after a confidential filing in November.

InCred has demonstrated robust growth metrics, leading its diversified NBFC peers in both Profit After Tax (PAT) and Assets Under Management (AUM) Compound Annual Growth Rate (CAGR) between FY23 and FY25. The company reported a staggering AUM growth of 44% to Rs 12,585 crore by March 2025, while PAT saw an impressive 85% increase to Rs 373 crore over the same period. Asset quality remains stable, with a gross non-performing asset (NPA) ratio of 2.28% as of December 31, 2025. With an extensive operational footprint comprising 158 branches across 152 locations, managed through a “risk-first” lending model supported by proprietary AI technologies, InCred is well-positioned for future market opportunities.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova team.)