InCred Holdings Submits Draft IPO Papers for ₹3,000-4,000 Crore

InCred Holdings, the parent company of InCred Financial Services, has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) as part of its plan to raise between ₹3,000 to ₹4,000 crore through an initial public offering (IPO). The company confirmed the submission on November 9, stating that it has taken the pre-filing route, which allows it to keep specific details of the IPO confidential until further stages.

Founded by Bhupinder Singh in 2016, InCred Group has experienced significant growth, disbursing over ₹25,000 crore in loans to more than 400,000 customers across a diverse portfolio that includes personal loans, education loans, micro, small, and medium enterprises (MSME) financing, secured business loans, and institutional lending. The company operates through a network of over 140 branches and employs more than 2,600 staff members.

The financial performance of InCred has been robust, with assets under management (AUM) increasing by 39% year-on-year to reach ₹12,585 crore in fiscal year 2025. The company reported a profit after tax of ₹372 crore, an 18% increase from the previous year, and its total income surged by 50% to ₹1,255 crore. Key financial indicators reveal strong fundamentals, including a capital adequacy ratio of 26% and a net non-performing asset (NPA) ratio of just 0.7%.

The decision to utilise the confidential pre-filing route for the IPO reflects a growing trend among Indian companies seeking more flexibility in their public offerings. This mechanism allows firms to delay public disclosures of their IPO details, which can help in managing the timing of their market entries more effectively. Other companies that have recently opted for similar confidential filings include logistics provider Shadowfax Technologies, commerce enablement platform Shiprocket, and education technology firm PhysicsWallah.

Market analysts suggest that this route may reduce the pressure on companies to go public rapidly while providing them with the opportunity to assess market conditions more thoroughly. InCred’s move comes at a time when there is significant interest in the IPO market, with several notable companies successfully launching their offerings in recent months, including food delivery service Swiggy and retail chain Vishal Mega Mart.

As InCred Holdings prepares for its IPO, market participants will be keenly observing its next steps in the process and how it aims to leverage the capital markets to further its growth ambitions.