InCred Holdings IPO: Date, Issue Size, Valuation and DRHP Details
Holding company of InCred Financial Services, a retail-focused NBFC lending mainly personal, education and small-business loans.
Quick verdict: InCred Holdings IPO has SEBI approval (5 Feb 2026, valid 18 months) but no dates. Fresh issue: up to ₹1,250 cr, plus an OFS of 9.90 cr shares. Reported total size: ₹3,000–4,000 cr. Price band: not announced. No Scouter Reading before a price band.
SEBI has cleared the issue and the updated draft is public. Reports say the company is waiting for a suitable market window and has no pressing need for capital, so the launch date is the company’s call.
Based on SEBI filings and public reports as of 8 November 2026. Not investment advice. Issues without a price band are not given a Scouter Reading.
Where the IPO stands
No IPO date, price band or lot size has been announced as of 8 November 2026. SEBI’s approval allows a launch until about August 2027.
InCred Holdings IPO overview
Data as of 9 November 2026, 01:00 IST. Confirmed = draft prospectus or SEBI records. Reported = media or broker summaries. Calculated = our arithmetic.
The InCred Holdings IPO has SEBI’s approval but no launch date. The company, parent of the lender InCred Finance, filed confidentially in November 2025, received SEBI’s go-ahead on 5 February 2026 and made its updated draft (UDRHP-I) public on 7 May 2026 (Confirmed). The offer has two parts: a fresh issue of up to ₹1,250 crore and an offer for sale of up to 9,90,20,833 shares by existing investors led by KKR. Reports put the total at ₹3,000 to ₹4,000 crore and the target valuation near ₹15,000 crore (Reported), but neither is set until the price band is announced.
InCred Holdings IPO details
| Fresh issue | Up to ₹1,250 crore |
| Offer for sale | Up to 9,90,20,833 shares (value depends on the price) |
| Selling shareholders | KKR India Financial Investments, MNI Ventures, MEMG Family Office, V’Ocean Investments and others |
| Use of fresh money | Strengthen the capital base of InCred Financial Services to support lending |
| Face value | ₹10 per share |
| Route | Confidential pre-filing (Nov 2025), SEBI approval 5 Feb 2026, UDRHP-I 7 May 2026 |
| Approval valid until | About August 2027 (18 months from approval) |
| Price band, lot size, dates | Not announced as of 8 November 2026 |
Some summaries described the OFS as “₹9.90 crore”; it is 9.90 crore shares, a much larger amount once priced.
What InCred does
InCred Holdings earns almost all of its income through InCred Financial Services, an RBI-registered middle-layer NBFC focused on retail borrowers. Its loan book is weighted to unsecured credit: at 31 December 2025, personal loans were 55.6% of assets under management (₹8,027 crore) and student loans 22.2% (₹3,201 crore), with small-business and other loans making up the rest (Reported from the UDRHP).
InCred Holdings financials
| ₹ crore | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue from operations | 865.65 | 1,272.70 | 1,873.62 | 1,848.94 |
The pattern is fast revenue growth with slower profit growth. Nine-month revenue rose about 38% year on year, but profit rose only about 5%, from ₹275.5 crore to ₹290.1 crore, as expenses grew about 52% (Reported, Inc42). Asset quality was moderate: gross NPA 2.28% and net NPA 0.87% at December 2025 (Reported). More recently, InCred Finance reported a consolidated profit of ₹172 crore for the June 2026 quarter, up 82% from ₹94 crore a year earlier (Reported, Inc42), a faster pace than the nine-month figures suggested.
InCred FY26 full-year numbers and loan mix
The draft prospectus stops at December 2025. However, full-year FY26 numbers for the lending arm, InCred Financial Services, are now public through a rating update by ICRA. Revenue rose about 36% to ₹2,567 crore and net profit about 17% to ₹438 crore, while AUM reached ₹17,748 crore (Reported).
| Metric | Value | Source |
|---|---|---|
| AUM, 31 Dec 2025 | ₹14,448 crore | UDRHP-I (Reported) |
| Net profit, 9M FY26 | ₹290.1 crore (vs ₹275.5 crore) | UDRHP-I (Reported) |
| Revenue, FY26 (lending arm) | ₹2,567 crore | ICRA (Reported) |
| Net profit, FY26 (lending arm) | ₹438 crore | ICRA (Reported) |
| AUM, 31 Mar 2026 | ₹17,748 crore | ICRA (Reported) |
| Personal loans share of AUM | 55.56% | DRHP (Reported) |
| Student loans share of AUM | 22.15% | DRHP (Reported) |
Two points stand out. First, profit growth slowed to about 17%, well below the AUM growth. Second, more than half the book is personal loans, which are unsecured. Consequently, credit costs will drive returns, and ICRA expects AUM growth to ease to 30% to 35% in the near term (Reported). The RHP should carry audited FY26 consolidated figures.
InCred Holdings IPO valuation
A valuation of around ₹15,000 crore has been reported since 2025 (Bloomberg via Business Standard; Mint via Outlook Business), but it is not in any filing. For a lender, the useful comparison will be price to book value and return on equity against listed retail NBFCs once the price band is set. The size of the OFS relative to the fresh issue will also show how much of the IPO is an exit for KKR and early investors rather than growth capital.
How big could the offer for sale be?
The OFS is fixed in shares, not rupees, so its value depends on the price. As a rough guide: broker summaries put pre-issue shares at about 65.59 crore. At the reported ₹15,000 crore valuation that is about ₹229 a share, which would make the 9.90 crore-share OFS worth around ₹2,270 crore (Calculated, illustration only). Add the ₹1,250 crore fresh issue and the total comes to about ₹3,500 crore, in line with the reported ₹3,000 to ₹4,000 crore. In that case roughly two-thirds of the IPO would go to selling shareholders.
InCred Holdings IPO GMP
There is no meaningful grey market premium before a price band exists. See what IPO GMP means.
InCred Holdings IPO review: strengths and risks
Strengths
- A scaled retail lender with AUM above ₹14,000 crore and strong revenue growth.
- Large, experienced institutional shareholders and SEBI approval already in hand.
- Recent quarterly profit growth was much stronger than in the nine-month period.
Risks
- Unsecured lending: personal loans dominate the book, and that segment has seen rising stress across the industry.
- Student-loan exposure: long tenures and repayment that depends on borrowers’ future earnings.
- Profit lagging revenue in the nine months to December 2025.
- Large OFS: a substantial part of the IPO is likely to go to selling investors rather than the company.
What happens next
- RHP filing: the trigger for a price band and dates. The company has until about August 2027 under its current approval.
- FY26 full-year results in the RHP, which will show whether the faster June-quarter growth is holding.
- Market conditions: reports say InCred is not under pressure to raise money and will wait for a good window. We will update this page when terms are set; see IPOs with confirmed dates in the meantime.
InCred Holdings IPO: frequently asked questions
When is the InCred Holdings IPO date?
Not announced as of 8 November 2026. SEBI approved the IPO on 5 February 2026 and the approval runs for 18 months, so the company can launch any time up to about August 2027 after filing a red herring prospectus.
What is the InCred Holdings IPO size?
A fresh issue of up to ₹1,250 crore plus an offer for sale of up to 9.90 crore shares. Reports put the total at ₹3,000 to ₹4,000 crore, but the final size depends on the price band.
Who is selling shares in the InCred Holdings IPO?
Existing investors including KKR India Financial Investments, MNI Ventures, MEMG Family Office and V’Ocean Investments, through the offer for sale.
Is the InCred Holdings IPO approved by SEBI?
Yes. SEBI approved it on 5 February 2026 after a confidential filing in November 2025, and the updated draft was made public on 7 May 2026.
How long is InCred Holdings’ SEBI approval valid?
InCred used the confidential pre-filing route, under which SEBI’s observations are valid for 18 months. With approval on 5 February 2026, the window runs to about August 2027 (Calculated).
What was InCred’s profit in FY26?
The lending arm, InCred Financial Services, reported FY26 net profit of about ₹438 crore, up 17%, on revenue of ₹2,567 crore, according to ICRA (Reported).
What kind of loans does InCred give?
Personal loans make up about 55.56% of AUM and student loans about 22.15%, with the rest in secured business loans and other products (Reported, from the DRHP).
Who is selling shares in the InCred Holdings IPO?
Existing investors led by KKR will sell up to 9,90,20,833 shares in the offer for sale, according to the updated draft prospectus.
Sources: SEBI public issue filings (InCred Holdings UDRHP-I) · Inc42 · Angel One · Bajaj Broking · Outlook Business · Entrepreneur India
Draft terms can change in the red herring prospectus.
