Advertisement
Private equity has played a significant role in shaping Indi...
In today’s real estate landscape, fitness is often treated...
In this episode of Prop Personalities, we sit down with Hars...
Luxury real estate is one of the most talked-about segments ...
Welcome to Prop Personalities by Prop News Time - a podcast ...
Retail-focused non-banking financial company InCred Holdings has filed updated draft papers with the Securities and Exchange Board of India for its proposed initial public offering, which market sources estimate could raise around INR 3,000–4,000 crore. The proposed public issue includes a fresh issue of shares worth up to INR 1,250 crore and an offer-for-sale component by existing investors including KKR India Financial Investments and MEMG Family Office LLP. The company is targeting a valuation of nearly INR 15,000 crore through the listing. Proceeds from the fresh issue are proposed to be infused into its lending subsidiary to strengthen capital adequacy and support business growth. The IPO filing comes amid continued activity in India’s financial services and NBFC capital markets segment.
InCred Holdings has filed updated draft red herring papers with the Securities and Exchange Board of India (Sebi) for its proposed initial public offering, with people familiar with the development estimating the issue size at around INR 3,000–4,000 crore. Advertisement
According to the Updated Draft Red Herring Prospectus (UDRHP) filed earlier this week, the IPO will comprise a fresh issue of equity shares aggregating up to INR 1,250 crore along with an offer-for-sale of up to 9.9 crore equity shares by existing shareholders.
Investors participating in the offer-for-sale include KKR India Financial Investments Pte Ltd, MNI Ventures, MEMG Family Office LLP and V’Ocean Investments Ltd.
People aware of the development stated that the company is seeking a valuation of around INR 15,000 crore through the proposed listing. They indicated that the company intends to launch the IPO during an appropriate market window and is not under immediate pressure to raise capital given prevailing market conditions.
The company stated in the filing that proceeds from the fresh issue would primarily be invested into its wholly owned subsidiary, InCred Financial Services Ltd (IFSL), to strengthen its Tier-I capital base, support lending activities and improve overall capital adequacy.
Founded in 2017 by Bhupinder Singh, InCred Holdings operates through IFSL, a diversified middle-layer non-banking financial company registered with the Reserve Bank of India.
The company had initially filed confidential draft papers for the IPO with Sebi during the past year and has already received regulatory approval for the public issue.
According to a CRISIL report cited in the filing, InCred Finance emerged as the fastest-growing diversified NBFC in terms of profit-after-tax compounded annual growth rate between FY23 and FY25 among diversified peers. It was also identified as the second-fastest-growing company in assets under management growth during the same period.
The company’s assets under management increased at a compounded annual growth rate of 44 per cent between FY23 and FY25 to reach INR 12,585 crore as of March 2025, while profit after tax grew at a CAGR of 85 per cent to INR 373 crore.
As of December 2025, assets under management stood at INR 14,448 crore, while profit after tax for the nine-month period was reported at INR 290 crore. Loan disbursements during the April–December 2025 period stood at INR 6,683 crore.
The company’s lending portfolio is diversified across five business verticals, with personal loans contributing 55.56 per cent of total AUM, followed by student loans accounting for 22.15 per cent.
The filing stated that the company’s lending operations are based on a risk-focused approach supported by an artificial intelligence-enabled proprietary technology platform.
Asset quality indicators remained stable, with gross non-performing assets at 2.28 per cent as of December 2025 compared to 2.05 per cent a year earlier, while net NPA stood at 0.87 per cent.
As of December 2025, the company operated 158 branches across 152 cities in 19 states and union territories with service reach extending to more than 17,000 pin codes. Its capital adequacy ratio stood at 24.97 per cent, significantly above the regulatory requirement of 15 per cent.
Source - PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
