InCred Holdings Files Confidential DRHP with SEBI for IPO Plan The company aims to raise between INR 4,000 crore and INR 5,500 crore through a mix of fresh issue and offer for sale.
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InCred Holdings Limited, the parent company of InCred Financial Services, has confidentially filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), according to people familiar with the matter.
The company aims to raise between INR 4,000 crore and INR 5,500 crore through a mix of fresh issue and offer for sale, marking a major step toward its public market debut.
The proposed initial public offering (IPO) is expected to strengthen the capital base of its lending business and support expansion across multiple verticals. The confidential filing process, introduced by SEBI last year, enables companies to privately submit draft documents, providing the flexibility to revise or delay the listing depending on market conditions.
In September, the board of InCred approved a fresh issue of INR 1,500 crore. This amount will form part of the IPO, while the remaining portion will be an offer for sale by existing shareholders.
Founded by Bhupinder Singh, InCred functions as a technology-driven non-banking financial company focusing on consumer, small business, and education lending. The group operates three key entities — InCred Finance, InCred Capital, and InCred Money — serving retail and MSME borrowers across India through data analytics and digital tools.
InCred Capital, which manages wealth and asset advisory, mergers and acquisitions, equity research, and broking services, has raised more than INR 1,000 crore since inception.
In the financial year 2025, InCred Finance recorded a 50 percent rise in net revenue to INR 1,255 crore, compared to INR 838 crore in FY24. The company's profit also increased by 18 percent to INR 374 crore during the same period.
