InCred Holdings IPO
InCred Holdings IPO is a Mainboard book-built issue comprising a Fresh Issue of up to ₹1,250 crore and an Offer for Sale of up to 9,90,20,833 equity shares. The face value of the equity shares is ₹10 per share. The price band, lot size and IPO dates are y
InCred Holdings IPO Details
InCred Holdings IPO is a proposed Mainboard book-built issue comprising a Fresh Issue of up to ₹1,250 crore and an Offer for Sale of up to 9,90,20,833 equity shares by existing shareholders. The company has filed its Updated Draft Red Herring Prospectus-I with SEBI, and the equity shares are proposed to be listed on BSE and NSE. The IPO price band, bidding dates, allotment date and listing date are yet to be announced.
InCred Holdings IPO Timeline (Tentative)
InCred Holdings IPO bidding dates, basis of allotment, refund, credit to Demat and listing dates have not yet been announced. The company has filed its Updated Draft Red Herring Prospectus-I, while the final IPO schedule will be disclosed before the public issue opens.
| Event | Tentative Date |
|---|---|
| IPO Opens | |
| IPO Closes | |
| Basis of Allotment | |
| Refund Initiation | |
| Credit of Shares to Demat | |
| Listing Date |
InCred Holdings IPO Lot Size
The InCred Holdings IPO lot size and minimum investment amount have not yet been announced. The number of shares per application lot and the corresponding investment amount will be available after the company announces the IPO price band and lot size.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
InCred Holdings IPO Reservation
InCred Holdings IPO provides for not more than 50% of the Offer to be available for allocation to Qualified Institutional Buyers, subject to the applicable regulations. The Non-Institutional and Retail Individual Investor portions will be provided as specified in the final offer documents. The final reservation details may be subject to the terms and conditions of the Red Herring Prospectus.
InCred Holdings IPO Subscription
InCred Holdings IPO subscription details will be available once the issue opens for public bidding. The category-wise subscription will cover QIB, NII and RII participation along with the overall subscription level.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About InCred Holdings
InCred Holdings Limited is a financial services holding company that operates primarily through its wholly owned subsidiary, InCred Financial Services Limited. InCred Financial Services is a Reserve Bank of India-registered diversified middle-layer non-banking financial company. The group provides lending and financial services across personal loans, student loans, secured business loans, specialised MSME loans and lending to financial institutions. The holding company also operates as a SEBI-registered merchant banker and acts as an investment manager to a SEBI-registered alternative investment fund.
InCred Financial Services follows a technology-enabled lending model supported by data analytics and an AI-enabled proprietary technology platform. Its lending portfolio is diversified across multiple customer and product segments. As of December 31, 2025, personal loans represented 55.56% of AUM, student loans represented 22.15%, secured business loans represented 8.74%, specialised MSME loans represented 7.83% and lending to financial institutions represented 5.55%.
The company has expanded its lending operations through a multi-channel distribution network. As of December 31, 2025, InCred Finance had 158 branches across 152 cities in 19 states and union territories and served customers across more than 17,000 pin codes. Its AUM increased to ₹14,447.86 crore as of December 31, 2025, while PAT for the nine months ended December 31, 2025 stood at ₹290 crore.
The company has reported significant growth in its lending business. AUM increased at a CAGR of approximately 44% between FY2023 and FY2025 to ₹12,585 crore, while PAT increased at a CAGR of approximately 85% during the same period to ₹373 crore. The company reported gross NPA of 2.28% and net NPA of 0.87% as of December 31, 2025, while its capital adequacy ratio stood at 24.97%.
Strengths
- Diversified lending portfolio across personal loans, student loans, secured business loans, specialised MSME loans and lending to financial institutions.
- • Strong growth in AUM and profit between FY2023 and FY2025.
- • Technology-enabled lending platform supported by data analytics and an AI-enabled proprietary technology platform.
- • Multi-channel distribution network covering 158 branches across 152 cities as of December 31, 2025.
- • Strong capital position, with capital adequacy ratio of 24.97% as of December 31, 2025.
Risks to Consider
- A significant portion of AUM comes from personal loans, creating concentration in one lending segment.
- • A large portion of the lending portfolio is unsecured, exposing the business to credit and asset-quality risks.
- • The lending business depends on continued access to funding at competitive costs.
- • Changes in interest rates, borrowing costs, credit conditions and regulatory requirements may affect the company's financial performance.
- • The company operates in a highly competitive NBFC and financial services market.
- • Any deterioration in asset quality, including an increase in gross or net NPAs, may adversely affect profitability.
InCred Holdings Financials (₹ Cr)
InCred Holdings reported consolidated revenue from operations of ₹865.65 crore in FY2023, ₹1,272.70 crore in FY2024 and ₹1,873.62 crore in FY2025. Consolidated profit after tax increased from ₹109.06 crore in FY2023 to ₹309.04 crore in FY2024 and ₹373.15 crore in FY2025. For the nine months ended December 31, 2025, the company reported revenue from operations of ₹1,848.94 crore and PAT of ₹290.15 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2023 | 865.65 | 109.06 | 8,767.62 | ₹2,547.83Cr |
| FY2024 | 1,272.70 | 309.04 | ₹12,500.53 Cr | ₹3,386.81Cr |
| FY2025 | 1,873.62 | 373.15 | ₹11,125.96Cr | ₹3,803.27Cr |
| 9M FY2026 | 1,848.94 | 290.15 | ₹14,716.31Cr | ₹4,202.44Cr |
KPIs & Valuation
InCred Holdings reported basic EPS of ₹5.81 and diluted EPS of ₹5.58 for FY2025, with a face value of ₹10 per equity share. The company reported strong growth in AUM and PAT during FY2023 to FY2025. The Pre-IPO P/E and Post-IPO P/E cannot be calculated until the company announces the final IPO price band.
Objects of the Issue
The proposed Fresh Issue of up to ₹1,250 crore is primarily intended to strengthen the capital base of the company's wholly owned subsidiary, InCred Financial Services Limited. The proceeds are proposed to be invested in the subsidiary to augment its Tier-I capital base, support onward lending activities and improve its capital adequacy ratio. The company will not receive any proceeds from the Offer for Sale.
- The company proposes to utilise the Net Proceeds for:
- • Investment in InCred Financial Services Limited for augmenting its capital base.
- • Strengthening the Tier-I capital base of InCred Financial Services Limited.
- • Supporting onward lending activities of the subsidiary.
- • Improving the capital adequacy ratio of InCred Financial Services Limited.
Promoters, Lead Managers & Registrar
InCred Holdings Limited is promoted by Bhupinder Singh and the promoter group, including B Singh Holdings Limited. The IPO has 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 as the Book Running Lead Managers. MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Website | https://www.linkintime.co.in/ |
InCred Holdings IPO Review
InCred Holdings operates through a financial-services platform with lending as its principal business activity through InCred Financial Services. The lending subsidiary has developed a diversified portfolio across personal loans, student loans, secured business loans, specialised MSME loans and lending to financial institutions. The group also has businesses in merchant banking and alternative investment fund management.
The company has demonstrated strong growth in its core lending operations. AUM increased from ₹12,585 crore as of March 31, 2025 to ₹14,447.86 crore as of December 31, 2025. FY2025 consolidated revenue from operations was ₹1,873.62 crore and consolidated PAT was ₹373.15 crore. The company reported basic EPS of ₹5.81 and diluted EPS of ₹5.58 for FY2025.
The proposed Fresh Issue is focused on strengthening the capital base of InCred Financial Services. The company intends to invest the net proceeds in its wholly owned subsidiary to support Tier-I capital, onward lending and CRAR requirements. This makes the utilisation of the Fresh Issue directly connected with the expansion of the lending business.
However, investors should consider the risks associated with the NBFC business, including credit risk, asset-quality deterioration, funding costs, regulatory changes and competition. The portfolio also has meaningful exposure to personal loans and unsecured lending. Since the final price band has not yet been announced, the IPO valuation and P/E-based assessment cannot be determined at this stage.
How to Apply
InCred Holdings IPO applications can be made through ASBA or UPI once the issue opens for subscription. The IPO price band, bidding dates and lot size have not yet been announced.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select InCred Holdings IPO once the issue opens.
- Enter the number of lots you want to apply for.
- Select the bid price.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's Updated Draft Red Herring Prospectus-I, Draft Abridged Prospectus and subsequent offer documents for detailed information about the business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds. The Updated Draft Red Herring Prospectus-I was filed in May 2026, and a corrigendum to the UDRHP was subsequently filed with SEBI in September 2026.
Last updated Sep 28, 2026.