InCred Holdings IPO
InCred Holdings IPO — date, issue size, SEBI status & UDRHP details 2026
InCred Holdings filed its updated draft red herring prospectus (UDRHP) with SEBI on 14 May 2026, the public version of a draft it first filed confidentially, for an IPO of a fresh issue of up to ₹1,250 crore and an offer for sale of up to 9,90,20,833 shares. SEBI has issued its observations on the confidential draft, which clears the IPO for launch within 12 months. The price band, lot size and IPO dates are not announced yet.
InCred Holdings is a lending group that offers personal loans, student loans, secured business loans and MSME loans through its subsidiary InCred Financial Services. Its assets under management were Rs 14447.86 crore on 31 December 2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the UDRHP filed with SEBI
Where the InCred Holdings IPO stands
From draft to listing. Today is 24 October 2026.
- UDRHP filed 14 May 2026
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| UDRHP filed with SEBI | 14 May 2026 |
|---|---|
| SEBI status | SEBI approved |
| RHP, price band & dates | Not announced |
Unlisted (pre-IPO) share price
InCred Holdings shares trade off-market before listing. This is the latest indicative dealer quote, not an exchange price.
InCred Holdings IPO details
The offer as the UDRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Filing route | Confidential pre-filing with SEBI, then the public UDRHP |
| Fresh issue | Up to ₹1,250 Cr |
| Offer for sale | Up to 9,90,20,833 shares |
| Total issue size | Depends on the price band |
| Face value | ₹10 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | IIFL Capital Services Limited, InCred Capital Wealth Portfolio Managers Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, UBS Securities India Private Limited |
| Registrar | MUFG Intime India Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| KKR India Financial Investments Pte. Ltd. | Investor | Up to 4,00,00,000 shares | Rs 159.98 |
| MNI Ventures | Investor | Up to 1,98,23,445 shares | Rs 27.52 |
| MEMG Family Office LLP | Investor | Up to 1,01,76,555 shares | Rs 118.20 |
| V'Ocean Investments Ltd. | Investor | Up to 67,12,246 shares | Rs 41.82 |
| Moore Strategic Ventures, LLC | Investor | Up to 63,41,912 shares | Rs 53.87 |
| Dalmia Enterprises Holdings, through Mridu Hari Dalmia and Gaurav Dalmia | Other | Up to 52,03,069 shares | Rs 27.83 |
| Christopher Anthony Mathias | Other | Up to 5,90,000 shares | Rs 84.27 |
| Innovative Quest LLP | Investor | Up to 5,66,095 shares | Rs 30.87 |
| Dixit Aswin Joshi | Other | Up to 5,60,500 shares | Rs 113.77 |
| Bona Terra Greenhouses LLP | Investor | Up to 4,32,479 shares | Rs 30.18 |
Weighted average cost of acquisition for the top ten selling shareholders ranges from Rs 27.52 to Rs 159.98 per share, and the weighted average cost of all shares transacted by promoters, promoter group and selling shareholders was Rs 124.51 in the last one year and Rs 120.55 in the last three years.
Strengths & risks
The case for and against, from the UDRHP's own numbers and risk factors.
Strengths · 6
- 01Profit for the year rose from Rs 109.06 crore in FY2023 to Rs 373.15 crore in FY2025, as per the restated consolidated numbers.
- 02Assets under management grew from Rs 6066.09 crore on 31 March 2023 to Rs 12585.07 crore on 31 March 2025, and reached Rs 14447.86 crore on 31 December 2025.
- 03Net interest margin improved from 9.44% in FY2023 to 9.85% in FY2025.
- 04Operating expenses were 45.11% of adjusted net total income in FY2025, down from 56.71% in FY2023.
- 05Capital adequacy (CRAR) of the subsidiary was 25.73% on 31 March 2025 and 24.97% on 31 December 2025.
- 06The loan book spans five product lines, and CRISIL and ICRA both rate the company AA- with a stable outlook.
Risks · 10
- 01IFSL gave 99.85% of revenue from operations in the nine months ended 31 December 2025, so the group depends on one subsidiary.
- 02Personal loans were 55.56% of AUM on 31 December 2025, up from 40.98% on 31 March 2023.
- 03Unsecured loans were 76.43% of total gross loans on 31 December 2025, against 64.80% on 31 March 2023.
- 04Gross stage 3 loans were 2.28% of gross loans on 31 December 2025, against 1.94% on 31 March 2025.
- 05Net cash used in operating activities was Rs 2815.75 crore in FY2025 and Rs 1421.65 crore in the nine months ended 31 December 2025, since loan growth absorbs cash.
- 06Total borrowings rose to Rs 10163.76 crore on 31 December 2025 from Rs 3864.37 crore on 31 March 2023. Debt to equity was 2.42 against 1.52.
- 07Return on equity was 9.66% for the nine months ended 31 December 2025 and 10.38% for FY2025.
- 08Student loan disbursements tied to the U.S. were 35.04% in the nine months ended 31 December 2025, against 82.33% in FY2024, so U.S. policy changes can affect demand.
- 09Offer for sale of up to 9,90,20,833 shares goes to the selling shareholders and none of that money reaches the company.
- 10The auditors have included an emphasis of matter on the basis of preparation of the special purpose interim statements and the FY2023 statements.
InCred Holdings financials
Restated figures in ₹ crore, as reported in the UDRHP.
| ₹ crore | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Total Income | 1870.14 | 1893.77 | 1296.13 | 880.71 |
| EBITDA | 1103.56 | 1152.89 | 871.50 | 560.25 |
| Profit After Tax | 290.15 | 373.15 | 309.04 | 109.06 |
| Net Worth | 4202.44 | 3803.27 | 3386.77 | 2547.80 |
| Total Borrowing | 10163.76 | 8358.51 | 5017.15 | 3864.37 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
How InCred Holdings plans to use the fresh issue proceeds.
About InCred Holdings
The group offers five kinds of loans: personal loans, student loans, secured business loans, specialised MSME loans and lending to financial institutions. Personal loans go to salaried people with an average monthly income of more than Rs 40,000. Student loans go to Indian students who mostly study post-graduate STEM and business courses overseas. Secured business loans serve small businesses, retail traders and K-12 schools. MSME loans serve e-commerce vendors, food delivery restaurants, SMEs and mid-corporates. Term loans go mainly to NBFCs for onward lending.
As on 31 December 2025, the group had 158 branches across 19 states and union territories. It had 2,980 employees, up from 1,266 on 31 March 2023. Total gross loans were Rs 12689.77 crore and assets under management were Rs 14447.86 crore. Disbursements in the nine months ended 31 December 2025 were Rs 6683.29 crore.
The company reports one segment, financing. CRISIL and ICRA both rate it AA- with a stable outlook for the nine months ended 31 December 2025. The promoters are Bhupinder Singh, who is Chairman, Whole-time Director and CEO and founded the InCred group, and B Singh Holdings Limited, a Mauritius investment holding company. This is an updated draft (UDRHP-I) dated 6 May 2026.
The industry
The CRISIL report in the document says retail credit in India grew 13 per cent in Fiscal 2025. It expects retail credit to grow at 14 to 16 per cent a year between Fiscal 2025 and Fiscal 2028 and reach about Rs 122 trillion. In Fiscal 2025 the personal loan market was about Rs 14.6 trillion, the education loan market about Rs 2.0 trillion and the loan against property market about Rs 12.0 trillion. For the merchant banking arm, equity public and rights issue mobilisation rose from about Rs 658.2 billion to about Rs 2,101.9 billion between Fiscal 2023 and Fiscal 2025.
Promoters & management
Promoters hold 16.59% before the issue (Bhupinder Singh 0.75% and B Singh Holdings Limited 15.84%), and the promoter group adds NAAB Securities Pte Ltd with 3.85% and B Singh & Partners Pte Ltd with 0.52%.
| Name | Role |
|---|---|
| Bhupinder Singh | Chairman, Whole-time Director and Chief Executive Officer |
| Gaurav Maheshwari | Whole-time Director and Chief Financial Officer |
| Vivekanand P S | Non-Executive Director |
| Nikita Deepak Shetty | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Kotak Mahindra Capital Company Limited
23 issues handledBest listing: Moneyview (+61.8%). Weakest: Amagi Media Labs (-12.2%).
IIFL Capital Services Limited
35 issues handledBest listing: Tonbo Imaging India (+65.7%). Weakest: Acevector (-11.5%).
Ubs Securities India Private Limited
4 issues handledBest listing: ICICI Prudential AMC (+20.1%). Weakest: LEAP India (+4.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
InCred Holdings IPO: frequently asked
When will the InCred Holdings IPO open?
The InCred Holdings IPO dates are not announced yet. SEBI has issued its observations on the confidential draft, which clears the IPO for launch within 12 months. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the InCred Holdings IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹10 per share.
How big is the InCred Holdings IPO?
InCred Holdings filed its updated draft red herring prospectus (UDRHP) with SEBI on 14 May 2026, the public version of a draft it first filed confidentially, for an IPO of a fresh issue of up to ₹1,250 crore and an offer for sale of up to 9,90,20,833 shares. The final size in rupees depends on the price band.
Has SEBI approved the InCred Holdings IPO?
SEBI has issued its observations on the confidential draft, which clears the IPO for launch within 12 months. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the InCred Holdings IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the InCred Holdings IPO GMP once the RHP and price band are out.
What will InCred Holdings do with the IPO money?
As per the UDRHP: Investment in wholly owned subsidiary InCred Financial Services Limited to augment its capital base.
Who are the lead managers of the InCred Holdings IPO?
The book running lead managers are IIFL Capital Services Limited, InCred Capital Wealth Portfolio Managers Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, UBS Securities India Private Limited. MUFG Intime India Private Limited is the registrar.
Who are the selling shareholders in the InCred Holdings IPO?
KKR India Financial Investments Pte. Ltd. offers up to 4,00,00,000 shares at a weighted average cost of Rs 159.98. MNI Ventures offers up to 1,98,23,445 shares at Rs 27.52. MEMG Family Office LLP offers up to 1,01,76,555 shares at Rs 118.20.
Is InCred Holdings profitable?
Yes. Profit for the year was Rs 373.15 crore in FY2025 against Rs 309.04 crore in FY2024 and Rs 109.06 crore in FY2023. It was Rs 290.15 crore in the nine months ended 31 December 2025.
Who owns InCred Holdings?
Promoters and promoter group hold 20.97% before the issue. KKR India Financial Investments Pte. Ltd. holds 12.98% and MNI Ventures holds 8.60%.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When InCred Holdings files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
