India’s InCred Holdings, the parent of non-banking financial company InCred Financial Services, aims to raise 12.50 billion rupees ($131.8 million) through a fresh issue of shares as part of its initial public offering, draft papers showed on Thursday.
The financial services firm’s IPO will also include existing shareholders, such as KKR India Financial Investments and Mauritius-based V’Ocean Investments, selling about 99 million shares.
InCred had confidentially filed draft IPO papers with India’s markets regulator in November.
The company offers personal, student and secured business loans, and has disbursed more than 250 billion rupees since its inception in 2016.
It serves over 400,000 customers through its network of more than 140 branches.
The IPO comes at a time when India’s equities markets have slowed sharply, pressured by with global geopolitical uncertainty, tightening liquidity and sustained foreign outflows.
InCred Holdings’ profit rose nearly 21% to 3.73 billion rupees in fiscal year 2025.
The company will use the IPO proceeds to invest in its unit InCred Financial Services, the prospectus showed.
($1 = 94.8475 Indian rupees)
Reuters
