InCred Holdings, the parent entity of InCred Financial Services, has confidentially submitted a Draft Red Herring Prospectus (DRHP) to SEBI for an Initial Public Offering (IPO). Market speculation suggests the IPO could be valued between Rs 4,000 to Rs 5,000 crore, potentially including a pre-IPO placement of approximately Rs 300 crore. The offering will consist of both fresh issue of shares and an offer-for-sale. Should this IPO proceed, InCred would join other fintech companies like Groww and Pine Labs in being publicly traded.

InCred formally announced its filing of a Pre-filed DRHP with SEBI and stock exchanges, as per SEBI regulations, concerning its proposed IPO of equity shares on the mainboard. The company emphasized that this filing does not guarantee the IPO will take place. The Board of Directors of InCred Holdings initially approved the IPO to raise capital on June 16 of this year, following shareholder approval on October 1.

Founded in 2016 by Bhupinder Singh, Mumbai-based InCred Group is a financial services firm backed by prominent investors such as Abu Dhabi Investment Authority and KKR. The group operates across three segments: InCred Finance (a lending-focused NBFC), InCred Capital (an institutional, asset, and wealth management platform), and InCred Money (a digital investment distribution platform). Prior to co-founding InCred, Bhupinder Singh held a leadership position in Deutsche Bank's Investment Banking and Securities division for the Asia Pacific region.

For the financial year ending March 2025, InCred Finance reported a standalone profit of Rs 372.2 crore and revenue of Rs 1,872 crore, marking growth of 18.2 percent and 47.5 percent respectively over the previous fiscal. In the first quarter of the fiscal year ending June 2025, its profit stood at Rs 94.2 crore, a 7 percent increase from Rs 88 crore in the same period last year. Revenue for this quarter rose by 7.5 percent to Rs 579.7 crore from Rs 539.1 crore.