IPO watch: InCred Holdings files confidential papers with Sebi; eyes Rs 3,000-4,000 cr issue

InCred Holdings, the parent entity of NBFC InCred Financial Services, has filed confidential draft IPO papers with markets regulator Sebi, seeking to raise Rs 3,000–4,000 crore, PTI reported citing people familiar with the matter.In a public statement issued on Sunday, the company confirmed PTI that it had submitted “the pre-filed draft red herring prospectus with Sebi and the stock exchanges in relation to the proposed initial public offering (IPO) of its equity shares on the main board.”The filing marks a key step for the Bhupinder Singh-founded InCred Group, which plans to tap the capital markets following a robust performance in FY25 and a diversified loan portfolio spanning personal loans, MSME financing, education loans, secured business loans, and institutional lending.Since its launch in 2016, InCred Finance has disbursed over Rs 25,000 crore in loans to more than 4 lakh customers, operating through 140+ branches with a workforce of 2,600 employees.The company’s assets under management (AUM) rose 39% year-on-year to Rs 12,585 crore in FY25. Profit after tax stood at Rs 372 crore, up 18%, while total income surged 50% to Rs 1,255 crore.Key financial indicators reflected strong fundamentals, including a capital adequacy ratio of 26% and a Net NPA of 0.7%, the company said.InCred’s move to opt for the confidential pre-filing route — which allows issuers to withhold public disclosure of IPO details until advanced stages — comes amid growing adoption of this mechanism among Indian firms seeking greater flexibility in timing their listings.In recent months, Shadowfax Technologies, Shiprocket, Tata Capital, PhysicsWallah, Imagine Marketing (boAt’s parent), and Groww have all pursued similar confidential filings. Earlier this year, Swiggy and Vishal Mega Mart also launched their IPOs after taking the same route.