The retail-focused NBFC InCred Holdings has moved one step closer to entering the stock market by recently filing its Updated Draft-Red-Herring-Prospectus (UDRHP) with the Securities and Exchange Board of India. The company filed its IPO papers confidentially back in November 2025 and received SEBI's in-principle approval in February 2026.
As per reports, the company is planning to raise ₹1,250 crore through a fresh issue of equity shares, along with an Offer for Sale (OFS) of up to 9.9 crore by existing shareholders.
Incred Holdings - An Overview
The Incred Group was founded by Bhupinder Singh (Founder & Group CEO) in 2011. The Incred Group is a diversified financial services group operating across three key businesses:
Capital infusion into InCred Financial Services and business growth
Key Selling Shareholders in Offer-for-Sale (OFS)
As per reports, the following are a few of the prominent investors and entities that are selling their stakes through the OFS:
KKR India Financial Investments Pte. Ltd.
MNI Ventures
MEMG Family Office LLP
V'Ocean Investments Ltd
Moore Strategic Ventures LLC
Dalmia Enterprises Holdings (Mridu Hari Dalmia & Gaurav Dalmia)
One important thing to note here is that the company will not receive any proceeds from the OFS; all proceeds go directly to the respective selling shareholders after deductions for offer-related expenses and applicable taxes.
Plans to Use the IPO Proceeds
As per reports, the proceeds from the fresh issue will mainly be utilized for capital infusion into InCred Financial Services, the company’s wholly owned subsidiary.
The additional capital is expected to support:
Expansion of the lending business
Strengthening of the company’s capital base
Improvement in capital adequacy ratios
Future business growth and operational flexibility
InCred Holdings Key Financials
Over the last few years, the company has witnessed significant growth in its business operations. According to reports, the company’s:
Assets Under Management (AUM) stood at ₹12,585 Crore as of March 31, 2025.
Reported Profit After Tax (PAT) of Rs 373.15 crore as of March 31, 2025.
Gross NPA stood at 2.28%, while Net NPA remained at 0.87% as of Dec 31, 2025
The capital adequacy ratio was reported at 24.97% (as of Dec 31, 2025)
The strong growth trend has helped InCred emerge as one of the notable players in the Indian fintech and NBFC space.
Summary
As per reports, InCred Holdings is moving ahead with its IPO plans through a combination of fresh issue and Offer for Sale (OFS), with several prominent investors, including KKR-backed entities, participating in the stake sale. The company has also demonstrated strong growth in AUM and profitability in recent years, reflecting continued expansion in its lending business ahead of the proposed listing.
Until the IPO process moves forward, InCred Holdings’ unlisted shares are expected to remain in focus among investors tracking the company’s financial growth and upcoming listing-related developments.
Frequently Asked Questions
What is the latest update on InCred Holdings’ IPO?
As per reports, InCred Holdings has filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI for its proposed IPO after receiving in-principle approval earlier in 2026.
How much does InCred Holdings plan to raise through the IPO?
According to reports, the company plans to raise around ₹1,250 crore through a fresh issue of equity shares, along with an Offer for Sale (OFS) of up to 9.9 crore shares.
Who are the major investors participating in the OFS?
Some of the prominent selling shareholders reportedly include KKR India Financial Investments, MNI Ventures, MEMG Family Office LLP, and Moore Strategic Ventures LLC.
How will InCred Holdings use the IPO proceeds?
As per reports, the proceeds from the fresh issue are expected to be used mainly for capital infusion into InCred Financial Services to support lending business expansion and strengthen the company’s capital base.
Why are investors tracking InCred Holdings’ unlisted shares?
Investors are closely watching InCred Holdings’ unlisted shares due to the company’s strong AUM growth, improving profitability, and ongoing IPO developments in the NBFC and fintech lending space.
Sources
The Sources used for the blog are:
Economic Times - InCred Holdings Files Updated Draft IPO Papers With SEBI; Eyes ₹1,250 Cr Via Fresh Issue - economictimes.indiatimes.com
Mint - InCred Financial Services Files Updated DRHP With SEBI for IPO - livemint.com
Business Standard - InCred Holdings Files Updated IPO Papers With SEBI - business-standard.com
Disclaimer: This blog is based on information compiled from publicly available sources and is for educational and informational purposes only. Investing in IPO and unlisted shares carries risk. Always consult a professional before making any investment decisions.
Author: Komal Bhatt
Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.
She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.
Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.
amit@unlistedkraft.in
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+91-9599071664
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