InCred Holdings files draft prospectus with Sebi through confidential route

InCred Holdings, the holding company of non-banking financial company (NBFC) InCred Financial Services, has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) through the confidential route for an initial public offering (IPO).

The IPO could raise between Rs 4,000 and Rs 5,000 crore, including a pre-IPO placement of around Rs 300 crore. The proposal was approved by the company’s board in June 2025 and by shareholders in October 2025. The offering will include both a fresh issue and an offer for sale.

The announcement, however, clarified, “The filing of the pre-filed the draft red herrings prospectus shall not necessarily mean that the company will undertake the initial public offering.”

In April, Bloomberg had reported that InCred Financial Services was in discussions with potential advisers, including IIFL Securities, Kotak Mahindra Bank, and Nomura Holdings, for the proposed IPO. In June, Zerodha cofounders Nithin and Nikhil Kamath acquired a minority stake in InCred Holdings for Rs 250 crore. This came soon after its wealth management arm, InCred Wealth, entered the retail broking space through the acquisition of the discount broking platform Stocko.

Founded in 2016 by Bhupinder Singh, InCred Group operates three main businesses: InCred Finance, which focuses on consumer, SME, and education lending; InCred Capital, which provides wealth management and investment banking services for high-net-worth individuals and institutions; and InCred Money, which offers fixed deposits and alternative investment products for retail investors.

In 2022, InCred Finance merged with KKR India Financial Services to create a merged entity under the brand name InCred Finance. The company counts Mainpal group chairman Ranjan Pai, Ravi Pillai of RP Group of Companies, Ram Nayak, a top executive at Deutche Bank and others. The company was valued at more than a billion dollars in December 2023, after its last major institutional fundraise.

InCred's planned public listing comes at a time when multiple fintech ventures are aiming to list in the Indian bourses. While Groww and Pine Labs are going through the listing process, PhonePe has already filed its draft prospectus with Sebi through the confidential route. Digital lending startup Kissht filed its draft papers in August and MSME-focused lender Aye Finance, has secured the Sebi nod for a public listing already.