InCred Holdings files Updated DRHP With SEBI, Plans to Raise ₹ 1,250 Crore Fresh Issue
On May 6, 2026, InCred Holdings Limited, a SEBI-registered merchant banker, submitted an Updated Draft Red Herring Prospectus (UDRHP) to the Securities and Exchange Board of India (SEBI) with respect to its upcoming Initial Public Offering (IPO).
As per the UDRHP, InCred Holdings' IPO will be a 100% book-built issue, consisting of a fresh issue aggregating up to ₹1,250 crore and an offer for sale (OFS) of ₹9.90 crore by existing shareholders.
Promoters and investors, including KKR India Financial Investments Pte. Ltd, MNI Ventures, V'Ocean Investments Ltd., Moore Strategic Ventures, LLC, Dalmia Enterprises Holdings, through Mridu Hari Dalmia and Gaurav Dalmia, will sell a portion of their holdings through the OFS.
The specific schedules for the anchor investor bidding period and the IPO's opening and closing dates have not yet been disclosed.
InCred Holdings IPO - Issue Details
- Issue Type: Book-built IPO (Fresh Issue + OFS)
- Fresh Issue: Agg. up to ₹ 1,250 crore
- Offer for Sale (OFS): Agg. up to ₹ 9.90 crore
- Face Value: ₹10 per equity share
- Proposed Listing: The equity shares are proposed to be listed on the National Stock Exchange (NSE) and BSE. The price band and bid lot will be decided in consultation with the book-running lead manager(s).
- Book Running Lead Managers: IIFL Capital Services Limited (formerly known as IIFL Securities Limited), InCred Capital Wealth Portfolio Managers Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited and UBS Securities India Private Limited.
- Registrar: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
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Utilisation of Offer Proceeds
The Company proposes to utilise the net proceeds from the fresh issue towards:
- Investment in its wholly owned subsidiary, InCred Financial Services Limited, for augmenting its capital base.
- The Net Proceeds will be utilised to increase InCred Financial Services Limited’s Tier - I capital base, towards onward lending and improving InCred Financial Services Limited’s CRAR
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About InCred Holdings Limited
InCred Holdings Limited operates as a SEBI-registered merchant banker and serves as an investment manager for an alternative investment fund registered with SEBI.
The firm specialises in fee-based services, including debt advisory, corporate consultancy, debt fundraising, referral services, and third-party syndication. Its core activities involve the private placement of various bond issuances, rated, unrated, listed, and unlisted, within the wholesale debt markets.
Financial performance as of March 31, 2025, showed assets under management (AUM) of ₹12,585 crore and a profit after tax (PAT) of ₹373 crore for the fiscal year.
The company demonstrated significant growth between March 31, 2023 and March 31, 2025, recording a CAGR of 44.04% for AUM and 84.97% for PAT. This performance establishes the firm as the fastest-growing diversified player by PAT CAGR and the second fastest by AUM CAGR among its industry peers during that timeframe.
By December 31, 2025, AUM reached ₹14,447 crore. For the nine-month period concluding on that date, the reported profit after tax was ₹290 crore.
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