InCred Holdings files DRHP for IPO

InCred Holdings generates almost its entire revenue and conducts its business activities primarily through the material subsidiary

by e4m Staff
Published: May 7, 2026 1:02 PM | 2 min read

InCred Holdings Limited has filed its Updated Draft Red Herring Prospectus-I (UDRHP-I) with SEBI for a proposed initial public offering (IPO).
The IPO will consist of a fresh issue of equity shares worth up to ₹1,250 crore and an offer for sale of up to 99,020,833 equity shares by existing shareholders, including KKR India and others.
InCred Finance, the company's key subsidiary, reported a capital adequacy ratio of 24.97%, significantly exceeding the regulatory requirement of 15%.
Proceeds from the fresh issue will be used to strengthen InCred Finance's capital base, support Tier-I capital requirements, and expand lending operations.

InCred Holdings Limited has submitted its Updated Draft Red Herring Prospectus-I (UDRHP-I) to the Securities and Exchange Board of India (SEBI) as part of its proposed initial public offering (IPO).

The company conducts the majority of its operations and generates nearly all of its revenue through its key subsidiary, InCred Finance, a retail-focused, diversified middle-layer non-banking financial company (NBFC) registered with the Reserve Bank of India.

As per the filing, InCred reported a capital adequacy ratio (CRAR) of 24.97%, comfortably above the regulatory threshold of 15%. For the nine-month period ended December 31, 2025, the company received AA-/Stable ratings from CRISIL Ratings and ICRA Limited.

The IPO will comprise a fresh issue of equity shares worth up to ₹1,250 crore and an offer for sale (OFS) of up to 99,020,833 equity shares by existing shareholders. Investors participating in the OFS include KKR India Financial Investments Pte. Ltd., MNI Ventures, MEMG Family Office LLP, and V’Ocean Investments Ltd., among others.

According to the company, the proceeds from the fresh issue will primarily be infused into its wholly owned subsidiary, InCred Finance, to strengthen its capital base. The funds are expected to support Tier-I capital requirements, expand lending operations, and further improve the subsidiary’s CRAR.

The issue is being managed by IIFL Capital Services Limited, InCred Capital Wealth Portfolio Managers Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, and UBS Securities India Private Limited.)