InCred Holdings Files Confidential IPO Papers for ₹3,000–4,000 Crore Public Issue
InCred Holdings has confidentially filed preliminary IPO papers with market regulator Sebi, with sources indicating a massive ₹3,000–4,000 crore public issue size.
Key Takeaways
- ₹3,000–4,000 crore IPO planned through confidential pre-filing route
- Strong FY25 performance with ₹372 crore profit and 50% income growth
- Assets under management surged 39% to ₹12,585 crore
- Company serves over 4 lakh customers across 140+ branches
IPO Details and Financial Performance
InCred Holdings, the NBFC arm of InCred Financial Services, submitted its pre-filed draft red herring prospectus with Sebi and stock exchanges on Sunday. The Bhupinder Singh-founded group is entering capital markets following robust FY25 results and a diversified lending portfolio spanning personal loans, student loans, MSME loans, and secured business loans.
Since its 2016 inception, InCred Finance has disbursed over ₹25,000 crore in loans through more than 2,600 employees. The company’s assets under management grew 39% year-on-year to ₹12,585 crore in FY25, while profit after tax increased 18% to ₹372 crore. Total income surged 50% to ₹1,255 crore, with healthy fundamentals showing 26% capital adequacy and just 0.7% Net NPA.
Confidential Filing Trend
The confidential pre-filing route allows companies to withhold IPO details from public disclosure until later stages, providing greater flexibility in timing public offerings. This approach is gaining popularity among Indian firms, with recent adopters including NoPaperForms, Shadowfax Technologies, Shiprocket, Tata Capital, PhysicsWallah, and Imagine Marketing (parent of boAt and Groww).
In 2024, both Swiggy and Vishal Mega Mart successfully launched their IPOs after similar confidential filings. Market experts highlight that this route reduces pressure on companies to go public quickly while maintaining strategic flexibility.
