InCred Holdings Limited has filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI for an IPO with total deal size of around ₹3,000-4,000 crore. This includes two parts — a fresh issue of ₹1,250 crore (new money going into the company) and an Offer for Sale (OFS) of up to 9.90 crore shares (existing investors selling their stake). The company is aiming for a valuation of nearly ₹15,000 crore.
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What is InCred Holdings?
InCred is a Bengaluru-based NBFC founded in 2016 by Bhupinder Singh, who earlier worked at Deutsche Bank in London and Singapore. After coming back to India, he started InCred to fix the credit gap that traditional banks were not solving. The lending business officially kicked off in March 2017, and the company became a unicorn (valued at $1 billion) in late 2023.
InCred IPO Details You Should Know
The total IPO is structured in two clear parts:
Part 1 — Fresh Issue: ₹1,250 crore This is new money raised by the company. The funds will go into subsidiary InCred Finance to boost Tier-I capital and support future lending growth.
Part 2 — Offer for Sale (OFS): Up to 9.90 crore shares This is existing shareholders selling part of their stake. The money goes to them, not the company. Key sellers include:
- KKR India — leading the OFS with 4 crore shares
- MNI Ventures, Mohandas Pai Family, Moore Strategic, MEMG Family Office, V'Ocean Investments
Other key details:
- Total Deal Size: ₹3,000-4,000 crore (market estimate)
- Pre-IPO Placement: Up to 20% of fresh issue allowed
- Lead Managers: IIFL Capital, Kotak Mahindra Capital, Nomura, UBS Securities, InCred Capital
- Listing: Both BSE and NSE
Financial Performance: Why Investors Are Excited
Honestly, the numbers are very strong. PAT jumped 12x from ₹31 crore in FY22 to ₹373 crore in FY25. Revenue grew from ₹488 crore to ₹1,874 crore in the same period — that is around 55% CAGR. For 9M FY26 (till December 2025), the company already posted ₹290 crore profit, so FY26 should easily beat last year.
AUM stood at ₹14,448 crore as of December 2025. Capital Adequacy Ratio is a strong 24.97%, way above the 15% RBI requirement.
How Does InCred Make Money?
The loan book is spread across five segments:
- Personal Loans — 55.56% of AUM (yield around 24%)
- Student Loans — 22.15% (mostly for studies abroad)
- Secured Business & School Loans — 8.74%
- MSME Loans — 7.83%
- Loans to Other NBFCs — 5.55%
Asset Quality Check
GNPA stood at 2.28% and NNPA at 0.87% as of December 2025. Small uptick from 1.9% in March 2025, but management calls this "unseasoning" of the new loan book. Both CRISIL and ICRA rate it AA-/Stable.
Should You Watch This IPO?
NBFCs raised 26.6% of total IPO money in 2025, the highest of any sector. With banking GNPA at a 12-year low of 2.31% and NBFC AUM expected to grow 15-17% in FY26, the timing looks good. InCred's diversified book and high CRAR give it solid room to grow.
FAQs
What is the total size of InCred IPO? The total IPO size is around ₹3,000-4,000 crore — this includes a ₹1,250 crore fresh issue and an OFS of up to 9.90 crore shares. Only the ₹1,250 crore fresh issue actually goes to the company; the rest goes to existing investors who are selling.
When is the InCred IPO opening? Exact date is not announced yet. The UDRHP was filed in May 2026.
Who is the founder of InCred? Bhupinder Singh, ex-Deutsche Bank executive.
What is InCred's valuation target? Around ₹15,000 crore.
Is InCred profitable? Yes, profitable since FY19. Posted ₹373 crore PAT in FY25.
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