InCred Holdings IPO is a proposed Mainboard Book Built public issue of InCred Holdings Limited. The company has proposed a fresh issue of equity shares aggregating up to ₹1,250 crore along with an Offer for Sale of up to 99,020,833 equity shares by existing shareholders. The equity shares are proposed to be listed on BSE and NSE. The face value of each equity share is ₹10.
InCred Holdings is a financial services holding company whose material subsidiary, InCred Financial Services Limited, operates as a retail-focused, diversified middle-layer NBFC registered with the Reserve Bank of India. The subsidiary provides a range of lending products including personal loans, student loans, secured business loans, specialised MSME loans and lending to financial institutions.
The fresh issue proceeds are proposed to be invested in InCred Financial Services Limited to augment its capital base. The funds are intended to strengthen Tier-I capital, support onward lending and improve the subsidiary’s capital adequacy ratio. The company will not receive any proceeds from the Offer for Sale, as the OFS proceeds will be received by the respective selling shareholders.
InCred Holdings has reported substantial growth in its lending business over the last three financial years. Its AUM increased from ₹6,066.09 crore as of March 31, 2023, to ₹9,038.75 crore as of March 31, 2024 and ₹12,585.07 crore as of March 31, 2025. AUM stood at ₹14,447.86 crore as of December 31, 2025.
The company operates in the financial services and NBFC sector, where growth is supported by increasing formal credit penetration and demand for retail and specialised financing. At the same time, lending businesses remain exposed to credit risk, asset quality, interest-rate movements, funding costs, regulatory changes and concentration in particular products.
Table of Contents
IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | InCred Holdings IPO |
| Company Name | InCred Holdings Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | |
| Issue Size | |
| Fresh Issue | Up to ₹1,250 Crore |
| Offer for Sale | Up to 99,020,833 Equity Shares |
| IPO Open Date | |
| IPO Close Date | |
| Anchor Investor Bidding | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date | |
| Listing Exchange | BSE & NSE |
| Lot Size | |
| Registrar | MUFG Intime India Private Limited |
| Book Running Lead Managers | 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 |
The UDRHP-I proposes a fresh issue aggregating up to ₹12,500 million, equivalent to ₹1,250 crore, and an Offer for Sale of up to 99,020,833 equity shares. The final offer size and price band are not specified in the current draft document.
The company may also consider a Pre-IPO Placement of up to 20% of the Fresh Issue. If such a placement is completed, the amount raised through the Pre-IPO Placement will be reduced from the Fresh Issue, subject to applicable regulations.
InCred Holdings IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | |
| IPO Opening Date | |
| IPO Closing Date | |
| Basis of Allotment | |
| Refund Initiation | |
| Shares Credited to Demat Account | |
| Listing Date |
The current UDRHP-I does not specify the final IPO opening, closing, allotment or listing dates. The document states that the Anchor Investor Bidding Date, Bid/Offer Opening Date and Bid/Offer Closing Date are to be filled in the final offer documents.
InCred Holdings IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% of the Net Offer |
| Non-Institutional Investors (NII) | Not Less Than 15% of the Net Offer |
| Retail Individual Investors (RII) | Not Less Than 35% of the Net Offer |
| Employee Reservation Portion |
The offer is being made under the SEBI ICDR Regulations, and the detailed reservation among QIBs, NIIs and RIIs is provided in the Offer Structure section of the UDRHP-I. The final number of shares available to each category will be determined after the final offer structure is completed.
InCred Holdings IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | ||
| Retail Maximum | ||
| S-HNI Minimum |
The price band and minimum bid lot have not been disclosed in the current UDRHP-I. Therefore, the minimum retail application amount and HNI application amounts cannot be calculated at this stage.
About InCred Holdings Limited
InCred Holdings Limited was incorporated on January 3, 2011 and is a public limited company. The company is registered with SEBI as a Category I Merchant Banker under the SEBI Merchant Bankers Regulations and also acts as an investment manager and sponsor to alternative investment funds registered with SEBI.
The company’s merchant banking activities include debt syndication, debt-market related services, mergers and acquisitions advisory, financing-related advisory and other fee-based financial services. It has also acted as investment manager to KKR India Debt Opportunities Fund II.
The primary lending operations of the group are conducted through InCred Financial Services Limited, which is the material subsidiary of InCred Holdings. InCred Financial Services is a retail-focused, diversified middle-layer NBFC registered with the RBI.
InCred Financial Services has developed a diversified lending platform covering personal loans, student loans, lending to financial institutions, secured business loans, loan against property, school financing, specialised MSME loans, embedded financing and asset-backed financing.
Business Operations
InCred Holdings operates primarily through its financial services businesses, with InCred Financial Services representing the main operating and financial contributor to the consolidated group.
• Personal Loans – InCred Financial Services provides personal loans to individuals through its retail lending platform.
• Student Loans – The company provides financing to Indian students pursuing higher education, including overseas education.
• Secured Business Loans – The lending business provides secured financing to businesses and entrepreneurs.
• Loan Against Property – Customers can obtain financing against eligible property assets.
• Specialised MSME Loans – The company provides financing solutions to small and medium-sized businesses.
• Embedded Financing – The company offers financing solutions integrated into partner or business ecosystems.
• Asset-Backed Financing – The lending platform provides financing backed by eligible assets.
• Lending to Financial Institutions – InCred Financial Services also provides financing to other financial institutions.
• Merchant Banking – InCred Holdings provides debt-market merchant banking and related advisory services.
• Investment Management – The company acts as investment manager and sponsor to eligible alternative investment funds.
Industry Overview
India’s financial services sector has expanded with increasing formalisation of credit, wider digital adoption and greater access to organised lending channels. NBFCs play an important role in providing credit to individuals, students, MSMEs and other customer segments.
Retail lending has become an important component of India’s financial services market. Personal loans, education financing, secured business loans and specialised MSME lending provide opportunities for NBFCs with technology-enabled underwriting and distribution capabilities.
Technology has also become an important part of modern lending operations. Digital customer acquisition, automated credit assessment, data-based underwriting, monitoring and collection systems can help lenders manage growing portfolios.
However, financial services businesses face risks from changes in economic conditions, credit losses, borrower defaults, interest rates, funding costs and regulatory requirements. Concentration in particular lending products can also affect performance when demand or asset quality in those segments changes.
Business Strategy
InCred Holdings’ strategy is closely linked to the expansion of its material subsidiary, InCred Financial Services. The company intends to use the IPO fresh issue proceeds to strengthen the capital base of the lending subsidiary.
The fresh issue proceeds are proposed to be invested in InCred Financial Services for augmenting its capital base. The intended use includes strengthening Tier-I capital, supporting onward lending and improving the subsidiary’s capital adequacy ratio.
The lending business also focuses on technology-driven underwriting, risk management and a multi-channel distribution network. The company has developed multiple lending verticals rather than depending on a single loan category.
At the same time, personal loans represented 55.56% of AUM as of December 31, 2025, making this an important component of the lending portfolio. Student loans represented 22.15% of AUM at the same date.
InCred Holdings IPO Financial Information
A company’s financial performance provides insights into revenue growth, profitability, asset growth and capital efficiency. For a financial services group, investors should also evaluate AUM, gross loans, net interest income, net interest margin, credit costs, return on equity and capital adequacy.
InCred Holdings Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|---|
| Revenue from Operations | ₹865.65 Crore | ₹1,272.70 Crore | ₹1,873.62 Crore | ₹1,848.94 Crore |
| Total Income | ₹880.71 Crore | ₹1,296.13 Crore | ₹1,893.77 Crore | ₹1,870.14 Crore |
| Total Expenses | ₹629.42 Crore | ₹876.48 Crore | ₹1,386.37 Crore | ₹1,471.15 Crore |
| Profit After Tax (PAT) | ₹109.06 Crore | ₹309.04 Crore | ₹373.15 Crore | ₹290.15 Crore |
| AUM | ₹6,066.09 Crore | ₹9,038.75 Crore | ₹12,585.07 Crore | ₹14,447.86 Crore |
| Net Interest Income | ₹466.95 Crore | ₹740.34 Crore | ₹1,065.32 Crore | ₹1,015.35 Crore |
| Net Interest Margin | 9.44% | 9.80% | 9.85% | 10.02% |
| Basic EPS | ₹1.85 | ₹5.07 | ₹5.81 | ₹4.45 |
The company reported consolidated revenue from operations of ₹1,873.62 crore in FY2025 compared with ₹1,272.70 crore in FY2024 and ₹865.65 crore in FY2023. Consolidated PAT 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, revenue from operations stood at ₹1,848.94 crore and PAT was ₹290.15 crore. AUM increased to ₹14,447.86 crore from ₹12,585.07 crore as of March 31, 2025.
The company’s net interest income increased from ₹466.95 crore in FY2023 to ₹740.34 crore in FY2024 and ₹1,065.32 crore in FY2025. Net interest margin also increased from 9.44% in FY2023 to 9.85% in FY2025 and 10.02% for the nine months ended December 31, 2025.
InCred Holdings IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the growth, profitability, lending efficiency and capital returns of the financial services business. In addition to conventional financial ratios, AUM, gross loans, NIM, credit costs and ROE are important indicators for an NBFC.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 10.38% |
| Return on Capital Employed (ROCE) | 11.01% |
| Return on Net Worth (RONW) | 10.38% |
| PAT Margin | 20.75% |
| Debt-to-Equity Ratio | 2.20 |
| Earnings Per Share (EPS) | ₹5.81 |
| Net Asset Value (NAV) Per Share | ₹58.74 |
| Net Interest Margin (NIM) | 9.85% |
| Price to Earnings (P/E) |
The FY2025 ROE and RONW were 10.38%, while the reported debt-to-equity ratio was 2.20. Basic EPS for FY2025 was ₹5.81 and NAV was ₹58.74. The FY2025 NIM was 9.85%.
Pre-IPO EPS
₹5.81 based on FY2025 basic EPS.
Post-IPO EPS
The post-IPO EPS will depend on the final issue price, number of fresh shares issued and the resulting post-issue equity share capital.
Pre-IPO P/E
The pre-IPO P/E cannot be calculated until the final IPO price is announced.
Post-IPO P/E
The post-IPO P/E will be calculated after the final IPO price and post-issue EPS are available.
Objects of the InCred Holdings IPO
The company proposes to utilise the Net Proceeds from the Fresh Issue for investment in its wholly owned subsidiary, InCred Financial Services Limited.
The primary objectives are:
• Augmenting the capital base of InCred Financial Services Limited.
• Increasing the Tier-I capital base of the subsidiary.
• Supporting onward lending.
• Improving the capital adequacy ratio of InCred Financial Services Limited.
The company will not receive any proceeds from the Offer for Sale. The proceeds from the OFS will be received by the respective selling shareholders.
InCred Holdings IPO GMP
The Grey Market Premium (GMP) represents the premium at which IPO shares may trade informally before listing. GMP is unofficial, unregulated and can change frequently.
| Particular | Value |
|---|---|
| IPO GMP | |
| IPO Price | |
| Estimated Listing Price | |
| Estimated Listing Gain |
The current offer documents do not disclose an official GMP. GMP is not part of the formal IPO process and should not be treated as an official indication of listing performance.
InCred Holdings IPO Listing Performance
The listing performance reflects the market price at which the company’s shares begin trading after the IPO. Since the final IPO price and listing date have not yet been announced, listing performance data is currently unavailable.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | |
| Issue Price | |
| Listing Price | |
| Listing Gain | |
| Listing Gain (%) |
The UDRHP-I states that the equity shares are proposed to be listed on BSE and NSE. The Designated Stock Exchange will be specified in the final offer documents.
InCred Holdings IPO Subscription Status
The subscription figures will become available only when the public issue opens for bidding.
InCred Holdings IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | |
| Non-Institutional Investors (NII) | |
| Retail Individual Investors (RII) | |
| Employee Category | |
| Total Subscription |
The final subscription figures will be updated after the IPO opens and closes for subscription.
InCred Holdings IPO Review
InCred Holdings operates through a financial services platform that combines merchant banking and investment-management activities at the holding-company level with a substantial lending business through InCred Financial Services. The lending subsidiary is the key contributor to the consolidated business and financial performance.
The company has recorded strong growth in AUM, income and profitability. AUM increased from ₹6,066.09 crore in FY2023 to ₹12,585.07 crore in FY2025 and ₹14,447.86 crore as of December 31, 2025. PAT increased from ₹109.06 crore in FY2023 to ₹373.15 crore in FY2025.
The lending portfolio is diversified across several categories, but personal loans remain the largest segment. Personal loans represented 55.56% of AUM as of December 31, 2025, while student loans represented 22.15%. Secured business loans, specialised MSME loans and lending to financial institutions accounted for the remaining major portions of the portfolio.
The proposed fresh issue is intended to strengthen the capital base of InCred Financial Services and support future lending. This can provide additional capital for growth while helping improve the subsidiary’s capital adequacy ratio.
However, investors should also consider the company’s exposure to unsecured lending, concentration in personal loans, credit costs, funding requirements and regulatory changes affecting NBFCs. The UDRHP identifies the substantial contribution of InCred Financial Services to the group’s revenue and the concentration of AUM in personal loans as important risks.
The final IPO valuation will also be important because the current UDRHP does not contain the final price band. Investors should evaluate the issue price against earnings, NAV, ROE, AUM growth, asset quality, capitalisation and comparable listed financial companies after the price band is announced.
InCred Holdings IPO Strengths
• Strong growth in AUM from ₹6,066.09 crore in FY2023 to ₹12,585.07 crore in FY2025.
• Significant growth in profitability, with PAT increasing from ₹109.06 crore in FY2023 to ₹373.15 crore in FY2025.
• Diversified lending platform covering personal loans, student loans, MSME financing, secured business loans and lending to financial institutions.
• Technology-driven lending platform supported by a multi-channel distribution network.
• Net interest margin improved from 9.44% in FY2023 to 9.85% in FY2025 and 10.02% for the nine months ended December 31, 2025.
• Fresh IPO proceeds are proposed to strengthen the capital base of InCred Financial Services and support onward lending.
InCred Holdings IPO Risk Factors
• InCred Financial Services contributes substantially to the consolidated revenue from operations, making the group dependent on the performance of its material subsidiary.
• Personal loans represented 55.56% of AUM as of December 31, 2025, creating concentration in a single lending product.
• A significant portion of the lending portfolio is unsecured, which can increase exposure to borrower credit risk.
• The lending business is exposed to changes in interest rates, funding costs, credit losses and asset quality.
• NBFCs operate within a regulated environment, and changes in RBI or other applicable regulations may affect operations and capital requirements.
• The company has experienced changes in its statutory auditor, with Deloitte Haskins & Sells LLP replacing S.R. Batliboi & Associates LLP in 2024.
InCred Holdings IPO Promoters
The promoters of InCred Holdings Limited are Bhupinder Singh and B Singh Holdings Limited. The current UDRHP-I identifies these two entities/persons as the promoters of the company.
InCred Holdings IPO Promoters Details
| Promoter | Designation |
|---|---|
| Bhupinder Singh | Promoter |
| B Singh Holdings Limited | Promoter |
As disclosed in the draft abridged prospectus, Bhupinder Singh held 5,061,919 equity shares representing 0.75% on the stated pre-offer basis, while B Singh Holdings Limited held 106,732,000 equity shares representing 15.84%.
InCred Holdings IPO Management Team
InCred Holdings is led by an experienced management team with backgrounds in financial services, investment banking, corporate finance and lending.
| Name | Designation |
|---|---|
| Bhupinder Singh | Chairman, Whole-time Director & CEO |
| Gaurav Maheshwari | Whole-time Director & CFO |
| Nikita Deepak Shetty | Company Secretary & Compliance Officer |
Bhupinder Singh is the founder of the InCred Group and serves as Chairman, Whole-time Director and CEO. Gaurav Maheshwari serves as Whole-time Director and CFO. The company’s website identifies both as members of the management team.
InCred Holdings IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, coordinating refunds and crediting shares to successful applicants.
| Particular | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Website | https://in.mpms.mufg.com |
| IPO Allotment Status | |
| Email ID | [email protected] |
| Contact Number | +91 810 811 4949 |
MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, is identified as the Registrar to the Offer in the current draft abridged prospectus.
InCred Holdings IPO Lead Manager Details
The Book Running Lead Managers are responsible for managing the IPO process, coordinating regulatory requirements and assisting the company with the public issue.
| Particular | Details |
|---|---|
| Lead Managers | IIFL Capital Services Limited |
| InCred Capital Wealth Portfolio Managers Private Limited | |
| Kotak Mahindra Capital Company Limited | |
| Nomura Financial Advisory and Securities (India) Private Limited | |
| UBS Securities India Private Limited |
The current draft abridged prospectus identifies 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.
InCred Holdings Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | InCred Holdings Limited |
| Registered Office | Unit No. 1203, 12th Floor, B Wing, The Capital, C-70, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra |
| Website | https://www.incredholdings.com |
| Email ID | [email protected] |
| CIN | U67190MH2011PLC211738 |
| Phone | +91 22 6844 6100 |
The registered and corporate office details are disclosed in the company’s draft abridged prospectus and official website.
How to Check InCred Holdings IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the relevant stock exchange platform.
Through MUFG Intime India
- Visit the official MUFG Intime IPO allotment website.
- Select InCred Holdings IPO from the IPO list.
- Select PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Submit the information to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select InCred Holdings IPO.
- Enter the PAN Number or Application Number.
- Complete the required verification.
- Click Search to view the allotment status.
InCred Holdings IPO Conclusion
InCred Holdings IPO is the proposed public issue of a financial services holding company with its principal lending operations conducted through InCred Financial Services Limited. The group combines merchant banking and investment-management activities with a diversified lending platform through its material subsidiary.
The company has reported strong growth in AUM and profitability. AUM increased from ₹6,066.09 crore in FY2023 to ₹12,585.07 crore in FY2025, while PAT increased from ₹109.06 crore to ₹373.15 crore over the same period. AUM reached ₹14,447.86 crore as of December 31, 2025.
The proposed fresh issue of up to ₹1,250 crore is intended to strengthen the capital base of InCred Financial Services, support onward lending and improve its capital adequacy ratio. The OFS consists of up to 99,020,833 equity shares offered by existing shareholders.
The company has a diversified lending platform, but personal loans accounted for 55.56% of AUM as of December 31, 2025. Investors should therefore evaluate the company’s product concentration, unsecured lending exposure, asset quality, credit costs, funding profile and regulatory environment.
The final IPO price band, lot size, IPO dates and total offer value are not available in the current UDRHP-I. These details will be important for assessing the company’s valuation and comparing the issue with listed NBFC peers.
InCred Holdings IPO FAQs
What is InCred Holdings IPO?
InCred Holdings IPO is the proposed Mainboard public issue of InCred Holdings Limited, a financial services holding company whose material subsidiary, InCred Financial Services Limited, operates a retail-focused diversified NBFC.
What is the price band of InCred Holdings IPO?
The price band of InCred Holdings IPO has not been announced in the current UDRHP-I.
What is the issue size of InCred Holdings IPO?
The proposed Fresh Issue is up to ₹1,250 crore. The Offer for Sale comprises up to 99,020,833 equity shares. The final total offer value will depend on the final issue price.
When will the InCred Holdings IPO open?
The InCred Holdings IPO opening date has not been announced in the current UDRHP-I.
When will the InCred Holdings IPO close?
The InCred Holdings IPO closing date has not been announced in the current UDRHP-I.
On which stock exchanges will InCred Holdings shares be listed?
The equity shares of InCred Holdings are proposed to be listed on BSE and NSE.
Who is the registrar for the InCred Holdings IPO?
MUFG Intime India Private Limited is the Registrar to the Offer.
What is the face value of InCred Holdings IPO shares?
The face value of each equity share of InCred Holdings is ₹10.
What does InCred Holdings Limited do?
InCred Holdings is engaged in fee-based financial services including merchant banking and investment management. Its material subsidiary, InCred Financial Services Limited, operates a diversified lending business covering personal loans, student loans, secured business loans, MSME loans and lending to financial institutions.
What are the objects of the InCred Holdings IPO?
The net proceeds from the Fresh Issue are proposed to be invested in wholly owned subsidiary InCred Financial Services Limited to augment its capital base, strengthen Tier-I capital, support onward lending and improve its capital adequacy ratio.
What is the InCred Holdings IPO GMP?
The official IPO documents do not disclose a GMP. GMP is an unofficial grey-market indicator and is not part of the formal IPO process.
