Highlights
InCred Holdings Limited IPO Plans
InCred Holdings Limited, the parent organisation of its non-banking financial company (NBFC) division InCred Financial Services, has submitted an updated draft red herring prospectus to the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO). This draft indicates that the Bengaluru-based firm aims to generate Rs 1,250 crore through a new share issuance, alongside an offer for sale (OFS) of up to 9.90 crore equity shares.
The OFS component will see KKR spearheading the sale with 4 crore equity shares. MNI Ventures is also involved, planning to divest 1.98 crore shares. Other participants in the remaining OFS include Mohandas Pai Family, Moore Strategic, V’Ocean Investments, among others. Additionally, the company is evaluating a pre-IPO placement round, not exceeding 20% of the size of the new issue, as stated in the filing.
Book-Running Lead Managers
According to the UDRHP, IIFL Capital Services, InCred Capital, Kotak Mahindra Capital, Nomura, and UBS serve as the book-running lead managers for this offering, while MUFG Intime India has been designated as the registrar.
Utilisation of Proceeds
The fresh funds are primarily intended to be invested in InCred Finance, its wholly-owned subsidiary, to bolster the capital structure. The proceeds will facilitate lending growth and enhance the subsidiary’s capital adequacy ratio (CRAR).
About InCred Finance
Founded by Bhupinder Singh in 2017, InCred Finance focuses on retail lending, providing diversified NBFC products across five key areas: personal loans, student loans, secured business loans, specialised MSME loans, and lending to financial institutions.
Clarifications on Structure
As highlighted in the filing, InCred Capital and InCred Money do not belong to InCred Holdings Limited. Both entities function separately under the InCred Group umbrella and are not part of the corporate framework of InCred Holdings and its subsidiaries.
Financial Overview
As of December 31, 2025, the company’s assets under management (AUM) totalled Rs 14,448 crore. The personal loans segment emerged as the largest contributor, comprising 55.6% of AUM at Rs 8,027 crore, followed by student loans at 22.2% or Rs 3,201 crore. Secured business loans contributed Rs 1,263 crore, while specialised MSME loans and financial institution lending accounted for Rs 1,131 crore and Rs 801 crore, respectively.
Performance Metrics
For the nine-month duration ending December 2025, the company posted a profit after tax (PAT) of Rs 290 crore, with disbursements reaching Rs 6,683 crore. The NBFC currently caters to over 5 lakh active clients across more than 17,000 PIN codes, supported by over 150 branches across 19 states and union territories. Its lending network includes 51 institutions, encompassing banks, mutual funds, financial institutions, development finance institutions, and small finance banks.
