InCred Holdings Files UDRHP with SEBI for INR 1,250 Cr IPO

InCred Holdings Limited has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI), marking progress toward its planned initial public offering (IPO). The company is the parent of NBFC arm InCred Financial Services.

According to the filing, the Bengaluru-based firm plans to raise INR 1,250 crore through a fresh issue of equity shares. The IPO will also include an offer for sale (OFS) of up to 9.90 crore equity shares by existing investors.

Private equity firm KKR will lead the OFS with 4 crore shares, followed by MNI Ventures, which intends to offload 1.98 crore shares. Other shareholders, including Mohandas Pai Family, Moore Strategic and V’Ocean Investments, are also set to participate in the sale.

The company may also undertake a pre-IPO placement ahead of the public issue. However, the size of this placement will not exceed 20% of the fresh issue component, as stated in the UDRHP.

For the offering, IIFL Capital Services, InCred Capital, Kotak Mahindra Capital, Nomura, and UBS have been appointed as the book-running lead managers. MUFG Intime India will act as the registrar to the issue.

InCred said it intends to use the proceeds from the fresh issue primarily to invest in its wholly-owned subsidiary, InCred Finance. The funds will be deployed to strengthen the subsidiary’s capital base, support lending growth and improve its capital adequacy ratio.

Founded in 2017 by Bhupinder Singh, InCred Finance operates as a diversified, retail-focused NBFC. It offers a range of lending products across five segments, including personal loans, student loans, secured business loans, specialised MSME loans and loans to financial institutions.

The company clarified in its filing that InCred Capital and InCred Money are not subsidiaries of InCred Holdings Limited. Both entities operate independently within the broader InCred Group and are outside the company’s corporate structure.

As of December 31, 2025, InCred reported assets under management (AUM) of INR 14,448 crore. Personal loans accounted for the largest share at 55.6% (INR 8,027 crore), followed by student loans at 22.2% (INR 3,201 crore). Secured business loans stood at INR 1,263 crore, while specialised MSME loans and lending to financial institutions contributed INR 1,131 crore and INR 801 crore, respectively.

For the nine-month period ended December 2025, the company posted a profit after tax of INR 290 crore, with total disbursements reaching INR 6,683 crore. The NBFC serves over 5 lakh active customers across more than 17,000 PIN codes through a network of over 150 branches across 19 states and union territories.