InCred Holdings files confidential DRHP with SEBI; eyes ₹5,500 crore IPO to fuel next phase of growth
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 financial services group plans to raise ₹4,000–₹5,500 crore through a mix of fresh issue and offer for sale (OFS), marking a major step towards its public market debut.
IPO structure: Fresh capital + investor exits
Sources indicate that the proposed fundraising will involve both a fresh equity issue to infuse growth capital into the company and an OFS component to allow some early investors to partially exit.
Proceeds from the fresh issue are expected to be utilized for capital augmentation, loan book expansion, and investment in technology and digital infrastructure.
The company is likely to make its filing public after SEBI’s review process in the coming months, paving the way for an IPO launch in 2025, subject to regulatory clearance and market conditions.
From digital lender to diversified NBFC:
Founded by Bhupinder Singh, a former Deutsche Bank executive, InCred has transformed from a tech-driven lending startup into a diversified financial platform with businesses spanning consumer loans, education finance, SME lending, and wealth management.
Through its subsidiary InCred Financial Services Limited, the group has built a strong presence in retail credit using AI-based underwriting models, digital-first distribution, and data analytics. Its rapid growth and expanding footprint have positioned it as a key player in India’s non-banking financial company (NBFC) space.
In recent years, InCred Holdings consolidated its lending and capital market businesses under one umbrella to streamline operations and improve scale efficiency.
Strong growth momentum ahead of IPO:
The company’s financial performance has shown steady improvement, with rising profitability, healthy disbursement volumes, and controlled NPAs.
InCred’s management has consistently emphasized responsible credit growth, technology adoption, and risk diversification, which analysts believe make it an attractive bet in the evolving fintech-NBFC hybrid model.
The upcoming IPO is expected to enhance the company’s brand visibility, provide growth capital, and support long-term lending ambitions in India’s high-potential retail credit market.
Industry timing: A hot IPO pipeline for financials:
The InCred IPO comes amid a buoyant primary market, with several NBFCs, fintechs, and credit-focused firms preparing for listings. Investor interest in financial services IPOs remains strong, driven by steady earnings visibility, expanding credit demand, and favorable regulatory trends.
Market observers note that InCred’s confidential DRHP route gives it flexibility to refine its valuation benchmarks and disclosures before a public announcement , a route recently used by several high-profile issuers in the financial sector.
Market experts weigh in
“InCred has emerged as one of the more credible players in India’s tech-led NBFC segment,” said a Mumbai-based investment banker tracking the deal. “The company has demonstrated strong governance, diversified lending, and steady profitability — all key factors that appeal to institutional investors ahead of an IPO.”
“Given its scale, product mix, and technology focus, InCred could command a valuation premium relative to smaller NBFC peers,” said another market expert. “The timing is ideal, as the market currently favors high-quality financial names with solid growth visibility.”
IPO snapshot:
Parameter Details
Issuer : InCred Holdings Limited
Subsidiary : InCred Financial Services Limited
Regulator : Securities and Exchange Board of India (SEBI)
Filing Type : Confidential DRHP
Proposed Issue Size : ₹4,000–₹5,500 crore
Structure : Fresh Issue + Offer for Sale
Use of Proceeds Capital augmentation, technology investment, business expansion
Expected Listing 2025 (post-SEBI approval)
Analyst take:
Analysts tracking India’s NBFC and fintech sector believe the InCred Holdings IPO could be one of the most closely watched listings of 2025, given its diverse business model, proven profitability, and strong brand recall among urban and millennial borrowers.
If successful, the listing could also set new benchmarks for valuations in the digital lending and wealth management ecosystem.
Team : Yuvamorcha.com
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