InCred Holdings Files Updated Draft IPO Papers With SEBI; Eyes ₹1,250 Cr Via Fresh Issue

Retail-focused NBFC InCred Holdings has filed updated draft papers with capital markets regulator Sebi for its proposed Initial Public Offering (IPO), with people familiar with the development estimating the issue size at around ₹3,000-4,000 crore.

The company is targeting a valuation of around ₹15,000 crore through the proposed IPO, they added.

According to the Updated Draft Red Herring Prospectus (UDRHP) filed late on Wednesday evening, the proposed IPO comprises a fresh issue of equity shares aggregating up to ₹1,250 crore and an Offer For Sale (OFS) of up to 9.9 crore equity shares by existing shareholders.

Those offloading shares under the OFS included KKR India Financial Investments Pte Ltd, MNI Ventures, MEMG Family Office LLP and V'Ocean Investments Ltd.

The company said proceeds from the fresh issue will primarily be infused into its wholly-owned subsidiary InCred Financial Services Ltd (IFSL) to strengthen its Tier-I capital base, support lending activities and improve capital adequacy.

People familiar with the development said the company plans to launch its IPO at the earliest suitable market window, but is not in a hurry given the current market conditions and the absence of any immediate need for capital.

They added that the company would remain fully prepared to tap the market when the timing is appropriate.

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.

InCred had confidentially filed draft papers for its IPO with the Securities and Exchange Board of India (Sebi) in November and has already received the regulator's approval to launch the public issue.

According to a CRISIL report cited in the draft papers, InCred Finance emerged as the fastest-growing diversified NBFC in terms of Profit After Tax (PAT) CAGR and the second fastest in Assets Under Management (AUM) CAGR between FY23 and FY25 among diversified peers.

The company's AUM jumped at a CAGR of 44% between FY23 and FY25 to ₹12,585 crore as of March 31, 2025, while PAT surged at a CAGR of 85% to ₹373 crore during the period.

As of December 31, 2025, AUM stood at ₹14,448 crore, while PAT for the nine-month period was ₹290 crore. Disbursements during the April-December 2025 period stood at ₹6,683 crore.

The lender's portfolio is diversified across five business verticals, led by personal loans contributing 55.56% of AUM, followed by student loans at 22.15%.

The company said its lending model is anchored on a "risk-first" approach supported by an AI-enabled proprietary technology platform.

Asset quality remained stable, with gross non-performing asset (NPA) at 2.28% as of December 31, 2025, compared to 2.05% a year earlier, while net NPA stood at 0.87%.

The company had a network of 158 branches across 152 cities in 19 states and union territories as of December 2025, with reach across over 17,000 pin codes.