InCred Holdings Files Confidential IPO Papers With SEBI

InCred Holdings, the parent of NBFC major InCred Financial Services (InCred Finance), has pre-filed its DRHP with SEBI via the confidential route. 

In a public announcement, InCred Holdings said the confidential DRHP was submitted to the markets regulator on November 6. The company is eyeing a main board listing on the BSE and the NSE. 

This comes nearly two months after InCred Holdings sought its shareholders approval to raise up to INR 1,500 Cr via a fresh issue of shares in its proposed IPO. As per its resolution, the public issue was also to comprise an offer-for-sale component. InCred Holdings said it was also looking to raise up to INR 300 Cr in a pre-IPO placement. 

According to a report by PTI, the total size of the IPO is expected to be around INR 3,000 Cr to INR 4,000 Cr. 

Founded in 2011 by Bhupinder Singh, InCred Holdings is a part of InCred Group which has three business verticals – lending arm InCred Finance, institutional wealth and asset management arm InCred Capital, and retail wealthtech and investment distribution platform InCred Money.

InCred Finance entered the esteemed unicorn club in 2023, when it raised $60 Mn (INR 500 Cr) in its Series D funding round led by Manipal Education and Medical Group’s Ranjan Pai.

On the financial front, InCred Finance’s operating revenue zoomed 47% to INR 1,871.9 Cr in FY25 from INR 1,269.9 Cr in the previous year. Net profit rose 18% to INR 374 Cr from INR 316.4 Cr in FY24. 

While InCred Holdings is preparing for IPO, InCred Money raised INR 250 Cr from a group of investors such as Manipal Group chairman Ranjan Pai, former Deutsche Bank executive Ram Nayak, Mankind Family Office, among others, in September. 

InCred has set its IPO ball rolling at a time when there is a flurry of IPOs of new-age tech companies. While Lenskart made its public market debut today, Groww, Pine Labs, and PhysicsWallah are scheduled to list over the next few days.