InCred Holdings to raise $132 million via fresh issue in IPO

India's InCred Holdings, the parent of non-banking financial company InCred Financial Services, aims ‌to raise 12.50 billion rupees ($131.8 million) through a fresh issue ⁠of shares as part of its initial public offering, draft papers showed ‌on Thursday.

The financial services firm's IPO will ‌also include existing shareholders, such ‌as ⁠KKR India Financial Investments and ⁠Mauritius-based V'Ocean Investments, selling about 99 million shares.

InCred had confidentially filed draft IPO ‌papers with India's markets regulator in November.

The company offers personal, student and secured business loans, ‌and has disbursed more than ₹25000 crore since its inception in 2016.

It serves over 400,000 customers through its network of more than ‌140 branches.

The IPO comes at a time when India's equities markets have slowed sharply, pressured by with global geopolitical uncertainty, tightening liquidity and ‌sustained foreign outflows.