IPO Update: InCred Holdings Files Confidential DRHP With SEBI for ₹3,000–₹4,000 Crore IPO. What We Know So Far

Mumbai | November 11
InCred Holdings, the parent company of InCred Financial Services, has filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking the first formal step toward a ₹3,000–₹4,000 crore initial public offering (IPO). The filing was made through the pre-filing route, allowing the company to assess market conditions before making details public.

The proposed offering will include a fresh issue of equity shares along with an offer for sale, though the exact quantum and timing will be confirmed once the DRHP transitions from confidential to public stage. The confidential route has gained traction among companies looking to retain flexibility in valuation and launch timelines.

What the Confidential DRHP Signals About the IPO

• The move positions InCred Holdings to raise capital on the back of consistent growth in its lending franchise, particularly across personal loans, education financing, secured MSME loans and business lending.
• Since its inception in 2016, InCred Finance has disbursed over ₹25,000 crore in loans, serving more than 4 lakh customers, supported by 140+ branches and a team of 2,600+ employees.
• Assets under management (AUM) climbed 39% year-on-year to ₹12,585 crore in FY25.
• Profit after tax stood at ₹372 crore, up 18%, while total income rose 50% to ₹1,255 crore.
• The lender maintains a capital adequacy ratio of 26% and Net NPA of 0.7%, reflecting strong credit discipline.
• The company operates under three businesses: InCred Finance (lending), InCred Capital (institutional and wealth), and InCred Money (investment distribution)

The IPO comes at a time when credit demand from middle-income, aspirational and MSME borrowers is expanding, supported by digitised underwriting and formalisation of credit markets — a segment InCred has been strategically building toward.

Why the Pre-Filing Route Matters

The confidential DRHP structure allows the company to:

• Update financials closer to listing
• Fine-tune IPO size and valuation based on market appetite
• Avoid premature scrutiny or volatility during early preparation

This route has recently been used by other new-age and financial players, including PhysicsWallah, Tata Capital, Shadowfax, Shiprocket, Groww, and boAt, signalling a broader shift in how Indian companies are approaching public listings.

Looking Ahead

The IPO is contingent on regulatory review and market conditions. Once SEBI provides observations, InCred Holdings will convert the DRHP into a full public document, outlining price band, share structure, and final offer size. The listing is expected to strengthen the company’s capital position and support expansion across lending and digital platforms.

Also Read: PhysicsWallah IPO Opens: Subscription Status, Price Band, GMP and Listing Date in Focus