InCred Holdings files draft papers with Sebi to raise funds through IPO

Non-banking financial company InCred Holdings is inching closer to going public as the company has submitted its draft red herring prospectus with the capital markets regulator. The company said it has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).

InCred Holdings IPO details

The proposed IPO of InCred Holdings comprises a fresh issue of equity shares aggregating up to ₹1,250 crore and an offer for sale of up to 99,020,833 equity shares.

 

The offer for sale will see participation from multiple shareholders, including KKR India Financial Investments Pte. Ltd., MNI Ventures, MEMG Family Office LLP, V’Ocean Investments Ltd., Moore Strategic Ventures LLC, Dalmia Enterprises Holdings, Christopher Anthony Mathias, Innovative Quest LLP, Dixit Aswin Josh, and Bona Terra Greenhouses LLP.

 

 

The equity shares offered through the red herring prospectus are proposed to be listed on the BSE and the National Stock Exchange of India.  CHECK Stock Market LIVE Updates  |  Bharat Forge Q4 result

IPO objective

The company said it will not receive any proceeds from the offer for sale, and the proceeds will go directly to the selling shareholders after deducting their respective offer-related expenses and applicable taxes.  "Each of the Selling Shareholders shall be entitled to receive its respective portion of the proceeds of the offer for sale, after deducting its respective proportion of the offer related expenses and the relevant taxes thereon," said the company in its DRHP. 

 

However, InCred Holdings plans to utilise the net proceeds from the fresh issue primarily towards 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 capital adequacy ratio (CRAR). 

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IPO intermediaries

MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar to the issue, while the book running lead managers include IIFL Capital Services, InCred Capital Wealth Portfolio Managers, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India), and UBS Securities India. .

Business profile

InCred Holdings conducts its operations primarily through its material subsidiary InCred Finance, a retail-focused diversified middle-layer NBFC registered with the Reserve Bank of India.

 

The company maintains a diversified lending book across five key segments. Personal loans account for the largest share at 55.56 per cent of assets under management, amounting to ₹8,027.12 crore, followed by student loans at 22.15 per cent with ₹3,200.51 crore. Secured business loans, including loans against property and school financing, stand at 8.74 per cent with ₹1,262.64 crore, while specialised MSME loans comprising embedded and asset-backed financing account for 7.83 per cent with ₹1,131.14 crore. Loans to financial institutions make up the remaining 5.55 per cent with ₹801.40 crore, as of December 31, 2025.  Check: Top Losers Today  | Top Gainers Today