InCred Holdings, part of InCred Financial Services (NBFC), has submitted preliminary documents to market regulator Sebi via the confidential pre-filing route, with an anticipated issue size of ₹3,000-₹4,000 crore.
On Sunday, the company announced it had filed the pre-filed draft red herring prospectus with Sebi and stock exchanges for its proposed initial public offering (IPO) of equity shares on the main board.
This filing comes as the Bhupinder Singh-founded InCred Group aims to access capital markets following a robust financial performance in FY25 and a diversified lending portfolio that includes personal, student, specialized MSME, secured business loans, and loans to financial institutions.
Since its establishment in 2016, InCred Financial Services has disbursed loans exceeding ₹25,000 crore, serving over 400,000 customers through a network of more than 140 branches and a workforce of over 2,600 employees.
The company has achieved significant scale, with assets under management (AUM) increasing 39% year-on-year to ₹12,585 crore in FY25. Financially, InCred reported a profit after tax of ₹372 crore in FY25, reflecting an 18% increase year-on-year, and its total income rose by 50% to ₹1,255 crore.
Key financial metrics indicate healthy fundamentals, including a capital adequacy ratio of 26% and a Net NPA of just 0.7%.
By opting for the confidential pre-filing route, the company is able to delay public disclosure of IPO details under the draft red herring prospectus (DRHP) until further stages. This approach has been increasingly favored by Indian firms seeking flexibility in their IPO strategies.
On Saturday, NoPaperForms, a SaaS-based enrolment automation solution, also filed draft papers using the confidential route.
In recent months, several other companies, including logistics provider Shadowfax Technologies, commerce enablement platform Shiprocket, Tata Capital, edtech unicorn PhysicsWallah, and Imagine Marketing, parent company of the wearables brand boAt and stock broking platform Groww, similarly employed confidential filings.
Food delivery giant Swiggy and retail chain Vishal Mega Mart proceeded with their IPOs in 2024 following comparable filings.
Market analysts note that the confidential pre-filing route offers companies enhanced flexibility and alleviates pressure to expedite the public offering process.
Published on November 9, 2025.
