KKR-backed InCred Holdings files updated IPO papers; valuation may touch ₹15,000 crore

The initial public offering (IPO) size is likely to be around ₹3,000 crore and value the firm at up to ₹15,000 crore, two people aware of the matter told Mint.

The offering comprises a fresh issue of equity shares totalling ₹1,250 crore and an offer for sale of up to 99 million shares from existing investors, as per the updated DRHP filed with the Securities and Exchange Board of India (Sebi).

The company said it may also consider a pre-IPO fundraise of up to 20% of the fresh issue size, which comes up to ₹250 crore, and then reduce the fresh issue size proportionately.

The Mumbai-based firm, which had ​confidentially filed draft papers in November 2025, intends to use the net proceeds to increase InCred Finance's capital base, specifically to strengthen tier-I capital and support onward lending.

Founded by former Deutsche Bank AG executive Bhupinder Singh in 2017, InCred Holdings now operates as a holding company for the same. InCred Holdings is registered as a merchant banker with Sebi and also acts as an investment manager to a Sebi-registered alternative investment fund.

The company's listed peers include Bajaj Finance Ltd, HDB Financial Services Ltd, Aditya Birla Capital Ltd, Poonawalla Fincorp Ltd, SBI Cards and Payment Services Ltd, Five-Star Business Finance Ltd and SBFC Ltd.

InCred's offering comes at a time when several shadow lenders have stalled their IPO process amid sectoral pain and rising bad loans. These include Veritas Finance Ltd, Hero FinCorp, SK Finance, Belstar Microfinance, Avanse Financial and Credila Financial Services.

The most prominent mid-sized NBFC listing in recent months, that of Aye Finance Ltd, saw a lacklustre debut in February, with shares listing at par with the issue price of ₹129 per share.

The subsidiary InCred Finance is classified as a middle-layer NBFC by the Reserve Bank of India and provides retail-focused credit products. Its operations are separate from other group verticals such as InCred Capital and InCred Money.

Growth surge

Crisil data cited by the company indicated that it was the fastest-growing diversified NBFC in India between fiscal years 2023 and 2025. During that period, net profit grew at a compounded annual growth rate (CAGR) of 84.97%, while assets under management increased at a CAGR of 44.04%, the second-highest among its diversified peers.

For the nine-month period ended December 2025, the company reported a net profit of ₹290 crore and total disbursements of ₹6,683 crore. Portfolio yields were 18.39% against an average cost of borrowings of 10.05%.

The company’s capital adequacy ratio stood at 24.97%, compared with the regulatory requirement of 15%. Asset quality metrics showed gross stage 3 loans, or non-performing assets, at 2.28% as of December-end, up from 2.05% a year earlier. Net stage 3 loans were 0.87% for the same period. The company reported a credit cost of 1.74% for the year ended March 31, 2025.

IIFL Capital Services Ltd., Kotak Mahindra Capital Co., Nomura Financial Advisory and Securities (India) Pvt., and UBS Securities India Pvt. are among the bankers for the IPO. Crisil Ratings and Icra have assigned the company an AA-/stable rating.

Agnidev Bhattacharya

Agnidev is a business journalist with over two years of reporting experience tracking the intersection of capital, policy, and corporate strategy in India.He joined Mint in December 2025, after a stint at NDTV Profit (erstwhile BQ Prime). At Mint, Agnidev focuses on the high-stakes world of the Indian capital market, specialising in mergers and acquisitions, burgeoning IPOs, and the investment banking industry.Backed by a rigorous, data-driven approach, Agnidev frequently breaks news on the valuation cycles, deal pipelines and listing strategies of India’s most prominent companies. His reportage offers deep dives into the operational health of market leaders across the corporate landscape, providing readers with a clear-eyed view of institutional growth.He has reported on major issues like India's derivatives frenzy, IPO froth, the competitive quick commerce industry, the real-money gaming ban, and has broken investigative stories related to scandals such as IndusInd Bank's accounting manipulation and the Gensol-BluSmart fiasco.As a reporter, he brings stories that ultimately affect your stock market investments, and tries to bring clarity and brevity in a field that is often filled with jargon and noise.