Retail-focused NBFC InCred Holdings has submitted updated draft papers to SEBI for its proposed Initial Public Offering (IPO), with the issue size estimated at around ₹3,000–4,000 crore. The company aims for a valuation of roughly ₹15,000 crore.
IPO Details
Information
Total issue size
₹3,000–4,000 crore (estimated)
Valuation target
~₹15,000 crore
Fresh issue
Up to ₹1,250 crore of equity shares
Offer for Sale (OFS)
Up to 9.9 crore shares by existing shareholders
Existing shareholders selling
KKR India Financial Investments Pte Ltd, MNI Ventures, MEMG Family Office LLP, V’Ocean Investments Ltd
Use of proceeds
Fund subsidiary IFSL to strengthen Tier-I capital, support lending, improve capital adequacy
Company Background
Information
Founded
2017
Founder
Bhupinder Singh
Operating subsidiary
InCred Financial Services Ltd (IFSL)
Regulatory registration
RBI-registered NBFC
IPO filings
Confidentially filed draft papers in Nov; SEBI approved public launch
Financial Performance
FY23–FY25
Dec 31, 2025 / 9 months FY26
Assets Under Management (AUM)
₹12,585 crore (CAGR 44%)
₹14,448 crore
Profit After Tax (PAT)
₹373 crore (CAGR 85%)
₹290 crore
Disbursements
—
₹6,683 crore
Business & Lending
Details
Portfolio composition
Personal loans 55.56% of AUM, Student loans 22.15%, others diversified
