India’s InCred Holdings, the parent company of InCred Financial Services, a non-banking financial institution, is seeking to raise ₹12.50 billion (approximately $131.8 million) through a new share issue as part of its upcoming initial public offering (IPO), according to draft documents released on Thursday.
The IPO will also feature participation from existing shareholders, including KKR India Financial Investments and V’Ocean Investments based in Mauritius, who are expected to sell around 99 million shares.
InCred initially filed its IPO papers confidentially with the Securities and Exchange Board of India (SEBI) in November. The company provides a range of financial products, including personal, student, and secured business loans, and has disbursed over ₹25,000 crore since its establishment in 2016. It serves more than 400,000 customers through a network of over 140 branches across India.
This IPO comes during a period of turbulence in India’s equity markets, which have experienced significant declines due to global geopolitical uncertainties, tightening liquidity, and ongoing foreign investment outflows.
InCred Holdings reported a nearly 21% increase in profit for the fiscal year 2025, totaling ₹3.73 billion. The proceeds from the IPO will be directed towards investments in its subsidiary, InCred Financial Services, as detailed in the prospectus.
