InCred Eyes Capital Markets: Files Confidential IPO Papers To Raise Up To ₹4,000 Crore

InCred Holdings, the parent company of InCred Financial Services, has taken a significant step toward going public by filing confidential draft papers with the Securities and Exchange Board of India (SEBI). The proposed initial public offering (IPO), expected to raise between ₹3,000 crore and ₹4,000 crore, will be listed on the main board and includes a mix of fresh equity issuance and an offer-for-sale by existing shareholders.

The confidential filing route, introduced by SEBI in 2022, allows companies to submit draft red herring prospectuses without immediate public disclosure, offering greater flexibility in timing and regulatory feedback.

Key Highlights:  
IPO Structure: The issue will comprise a fresh equity component and an offer-for-sale (OFS), enabling both capital infusion and partial exits by existing investors.

Financial Performance: InCred Finance reported a net profit of ₹372 crore in FY25, marking an 18% year-on-year increase. Total income surged 50% to ₹1,255 crore, while assets under management (AUM) rose 39% to ₹12,585 crore.

Business Profile: Founded by Bhupinder Singh, InCred operates across personal loans, education finance, SME lending, and wealth management. The group has built a diversified lending portfolio and a growing digital footprint.

Market Timing: The filing follows a wave of fintech and NBFC IPOs, including Swiggy and Vishal Mega Mart, reflecting investor appetite for high-growth consumer finance platforms.

Pre-IPO Placement: Reports suggest the company may also consider a pre-IPO placement of around ₹300 crore, which would reduce the size of the public issue accordingly.

Strategic Intent: The IPO is expected to bolster InCred’s capital base, support expansion plans, and enhance brand visibility in India’s competitive financial services landscape.

By leveraging the confidential route, InCred joins a growing list of Indian firms seeking to optimize their IPO strategy amid evolving market dynamics. The move signals confidence in its fundamentals and long-term growth trajectory.

Sources: Financial Express, Hindu Business Line, Times of India, Economic Times, Moneycontrol, News18.