InCred Holdings Files DRHP For IPO To Raise Rs 1,250 Crore In Fresh Issue

InCred Holdings Ltd. on Wednesday filed its preliminary papers with the capital markets regulator SEBI to raise funds via an initial public offering. The public offer will include fresh issues of shares worth Rs 1,200 crore and offer for sale of up to 9.90 crore shares.

KKR India Financial Investments Pte. Ltd., MNI Ventures, MEMG Family Office LLP, V'Ocean Investments Ltd., Moore Strategic Ventures, Dalmia Enterprises Holdings through Mridu Hari Dalmia and Gaurav Dalmia, Christopher Anthony Mathias, Innovative Quest, Dixit Aswin Joshi and Bona Terra Greenhouses are the shareholders offloading stake in the OFS.

The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd. The company, in consultation with the BRLMS, may consider pre-IPO placement not exceeding 20% of the size of the fresh issue. If the pre-IPO placement is completed, the amount raised under the pre-IPO placement will be reduced from the fresh issue.

IIFL Capital Services Ltd., InCred Capital Wealth Portfolio Managers Pvt., Kotak Mahindra Capital Company Ltd., Nomura Financial Advisory and Securities (India) Pvt. and UBS Securities India Pvt. are the book-running lead manager for the issue and MUFG Intime Pvt. will be the registrar of the issue.

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Kay Jay intends to utilise the net proceeds primarily for investment in its wholly owned subsidiary, InCred Finance, to augment its capital base. The funds will be used to strengthen Tier-I capital, support onward lending, and improve the subsidiary's CRAR.

The Mumbai-based company primarily operates through its material subsidiary InCred Financial Services Ltd. InCred Holdings Limited generates almost its entire revenue and conducts its business activities primarily through the material subsidiary, InCred Finance, which is a retail-focused, diversified, middle-layer non-banking financial company registered with the Reserve Bank of India.

InCred Finance offers a broad suite of loan products tailored to the diverse needs of the customers. The Company offers a diversified lending portfolio across five key verticals including Personal Loans contributing 55.56% of AUM, followed by Student Loans at 22.15%, Secured Business Loans including loan against property and school financing at 8.74%, Specialised MSME Loans including embedded and asset-backed financing at 7.83%, and Loans to Financial Institutions at 5.55% as at December 31, 2025.