KKR-backed InCred Financial Services Limited (InCred Holdings) is preparing to launch its Initial Public Offering (IPO).
On Thursday, February 5, the company received approval from the Securities and Exchange Board of India (SEBI) to raise funds through the IPO.
Earlier, on November 9, 2025, PTI reported that InCred had submitted its Draft Red Herring Prospectus (DHRP) to SEBI through the pre-filing route.
This method allows the company to delay the disclosure of IPO details until a later stage. It also gives the company the option to withdraw the draft without revealing information, depending on market conditions.
Other Companies That Received IPO Approval
Several other companies have also received regulatory approval for their IPOs. These include Laser Power & Infra, Sedmac Mechatronics, Ardi Industries, Army Infotech, Arvi Engineering Consultants, and Shankaresh Jewellers.
These companies submitted their draft papers between September and November last year. They received SEBI’s observations between February 2 and February 6.
This approval came after three major IPOs—Bharat Coking Coal Limited, Shadowfax Technologies Limited, and Amagi Media Labs—entered the Indian primary market in early 2026.
Expected Size of InCred’s IPO
InCred Holdings’ IPO is expected to be worth between ₹3,000 crore and ₹4,000 crore. The issue will include both a fresh issue of shares and an offer for sale (OFS).
About InCred and Its Business
InCred NBFC is a subsidiary of InCred Financial Services. IIFL Capital Services is the book-running lead manager for the IPO.
The InCred Group was founded in 2016 by Bhupinder Singh. Its investors include well-known names such as the Abu Dhabi Investment Authority, Teacher Retirement System of Texas (TRS), KKR, Oaks, Elevar Equity, and Moore Venture Partners.
The company operates through three business verticals: InCred Finance, InCred Capital, and InCred Money. In 2022, InCred Finance merged with KKR India Financial Services.
