InCred Holdings IPO 2026 — Date, Price Band, GMP, Review & Should You Apply?
InCred Holdings Limited has filed its updated Draft Red Herring Prospectus (DRHP) with SEBI on 7 May 2026, moving decisively closer to a public listing on BSE and NSE. The IPO comprises a fresh issue of equity shares worth ₹1,250 crore and an offer for sale (OFS) of up to 9,90,20,833 equity shares by existing shareholders including KKR, MNI Ventures, MEMG Family Office, and others.
This is one of the most anticipated fintech IPOs of 2026. Here is everything you need to know before applying.
InCred Holdings IPO — Key Details at a Glance
| Detail | Information |
|---|---|
| Company | InCred Holdings Limited |
| IPO Type | Book Build Issue |
| Fresh Issue | ₹1,250 crore |
| OFS | Up to 9,90,20,833 shares |
| Total Issue Size | ₹3,000–₹4,000 crore (estimated) |
| Price Band | To be announced |
| Lot Size | To be announced |
| Listing Exchange | BSE and NSE |
| IPO Open Date | To be announced |
| IPO Close Date | To be announced |
| Registrar | MUFG Intime India (formerly Link Intime) |
| Lead Managers | IIFL Capital, InCred Capital, Kotak Mahindra Capital, Nomura, UBS Securities |
| SEBI Approval | February 5, 2026 |
Price band, lot size and IPO dates will be announced closer to launch. Bookmark this page — we update it live.
What Is InCred Holdings?
InCred Holdings Limited (formerly KKR Capital Markets India Limited) was incorporated in 2011 and is the ultimate holding company of the InCred Group, founded by Bhupinder Singh, a former Deutsche Bank executive. The group operates across three distinct business verticals:
InCred Finance — The flagship lending arm and a registered NBFC with the Reserve Bank of India. It focuses on retail and SME lending across personal loans, education loans, secured business loans, and MSME financing. Since inception in 2016, InCred Finance has disbursed over ₹25,000 crore in loans serving more than 4 lakh customers.
InCred Capital — The institutional and wealth management arm, offering investment banking, private credit, and alternative investment products. Its private credit arm is raising a ₹1,500 crore fund targeting non-bank credit opportunities.
InCred Money — A digital investment distribution platform offering mutual funds, bonds, and other financial products to retail investors.
The company operates across 158 locations in 152 cities, serving over 17,000 unique postal codes across India. Its InCred app has surpassed 4.5 lakh registered users as of December 2025.
InCred Holdings — Loan Book Breakdown
As of December 31, 2025, InCred Finance's AUM stood at ₹14,448 crore, distributed across five segments:
| Loan Segment | Share of AUM | Amount |
|---|---|---|
| Personal Loans | 55.56% | ₹8,027 crore |
| Student / Education Loans | 22.15% | ₹3,201 crore |
| Secured Business Loans | 8.74% | ₹1,263 crore |
| Specialised MSME Loans | 7.83% | ₹1,131 crore |
| Loans to Financial Institutions | 5.55% | ₹801 crore |
Personal loans dominate the book, but the diversification across education and SME segments is a key differentiator versus pure-play consumer lenders.
InCred Holdings — Financial Performance
InCred has delivered exceptional growth over the last three years, emerging as one of the fastest-growing diversified NBFCs in India according to a CRISIL report cited in the DRHP.
| Metric | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue (₹ Cr) | 880 | 1,270 | 1,894 | 1,849 |
| PAT (₹ Cr) | 109 | 316 | 373 | 290 |
| AUM (₹ Cr) | 6,200 | 9,039 | 12,585 | 14,448 |
| Net NPA | — | — | 0.7% | — |
| Capital Adequacy | — | — | 26% | — |
Key financial highlights:
- AUM CAGR of 44% between FY23 and FY25
- PAT CAGR of 85% between FY23 and FY25 — fastest among diversified NBFC peers per CRISIL
- Revenue more than doubled from ₹880 crore in FY23 to ₹1,894 crore in FY25
- 9M FY26 operating revenue up 38.6% year-on-year to ₹1,849 crore
- Net NPA of 0.7% and capital adequacy of 26% — strong asset quality and buffer
- Nikhil and Nithin Kamath (Zerodha founders) invested ₹250 crore pre-IPO in mid-2025
IPO Objective — Where Will the Money Go?
The ₹1,250 crore fresh issue proceeds will primarily be invested into InCred Finance, the NBFC subsidiary, to:
- Augment Tier-I capital base
- Strengthen capital adequacy ratio (CRAR)
- Support onward lending and disbursement growth
- Fund general corporate purposes
The OFS component of up to 9.9 crore shares provides an exit route for existing investors including KKR India Financial Investments, MEMG Family Office, V'Ocean Investments, and Moore Strategic Ventures, among others. OFS proceeds go to selling shareholders, not the company.
Who Are the Key Investors Selling in OFS?
The OFS signals partial exits by prominent early backers:
- KKR India Financial Investments Pte. Ltd. — Global PE giant and anchor backer
- MNI Ventures — Early-stage investor
- MEMG Family Office LLP — Promoter group entity
- V'Ocean Investments Ltd.
- Moore Strategic Ventures LLC
- Dalmia Enterprises Holdings
- Christopher Anthony Mathias — Co-founder
- Innovative Quest LLP
The presence of KKR as an OFS participant is notable — it typically signals institutional confidence that the IPO will be well-received, while also freeing up capital for reinvestment elsewhere.
InCred Holdings — Strengths
Fastest-growing diversified NBFC: CRISIL ranked InCred Finance as the fastest-growing diversified NBFC by PAT CAGR (85%) between FY23 and FY25 among comparable peers.
Technology-first underwriting: InCred uses proprietary credit models and digital underwriting to serve thin-file customers — borrowers who may lack traditional credit history but are creditworthy based on alternative data signals.
Diversified revenue base: Three distinct business verticals (lending, wealth, distribution) mean InCred is not entirely dependent on interest income from a single loan segment.
Strong institutional backing: KKR, ADIA, Ranjan Pai, and Zerodha founders are marquee names that validate the business model and management credibility.
Asset quality discipline: Net NPA of 0.7% with capital adequacy of 26% is well above RBI minimums, giving a strong buffer against credit stress.
Pan-India footprint: 158 branches across 152 cities reaching 17,000+ pin codes — meaningful physical + digital distribution.
InCred Holdings — Risks to Consider
Credit concentration in personal loans: At 55.56% of AUM, personal loans are the largest segment. These are unsecured and sensitive to economic slowdowns, job losses, or tightening credit cycles.
Margin softening at scale: EBITDA margins have eased from 70.5% in FY23 to 60.9% in FY25, a natural consequence of rapid growth but worth monitoring.
Funding dependency: Like all NBFCs, InCred depends on wholesale funding (banks, market borrowings). Any tightening in credit markets or interest rate increases can squeeze net interest margins.
Competition: The NBFC and fintech lending space is intensely competitive — Bajaj Finance, Muthoot, CreditBee, KreditBee, and large banks all compete for the same customer segments.
OFS size: A large OFS relative to fresh issue can signal that early investors are cashing out aggressively, which some investors interpret as caution.
InCred Holdings GMP (Grey Market Premium)
GMP data will be updated here once IPO dates are officially announced and grey market trading begins. Bookmark this page or check our live GMP tracker for real-time updates.
InCred Holdings IPO — Should You Apply?
InCred Holdings presents a compelling story — strong growth metrics, credible management, marquee backers, and a large addressable market in under-served retail and SME lending. The 85% PAT CAGR and AUM crossing ₹14,000 crore in 9M FY26 are standout numbers in the NBFC universe.
The key question will be valuation. At the unlisted share price of around ₹166 (as of early 2026), the implied P/E is approximately 28.6x and P/B is around 2.8x. If the IPO is priced at a significant premium to these levels, upside for listing gains may be limited. If pricing is reasonable given the growth trajectory, this could be a strong medium-term wealth creator.
Who should consider applying:
- Investors with a 2–3 year horizon comfortable with NBFC-sector risk
- Those looking for fintech exposure via a profitable, scaled company
- Investors who missed earlier NBFC listings like Ujjivan, Five Star Business Finance, or Aptus Value Housing
Who should be cautious:
- Short-term traders primarily seeking listing gains (final price band unknown)
- Those uncomfortable with unsecured lending concentration risk
- Investors sensitive to OFS-heavy IPO structures
This is not investment advice. Please read the Red Herring Prospectus carefully before applying.
How to Apply for InCred Holdings IPO
Once dates are announced, you can apply through:
- UPI-based application via Zerodha, Groww, Upstox, Paytm Money, Angel One, or any SEBI-registered broker
- ASBA (Application Supported by Blocked Amount) via your bank's net banking
- Physical forms at designated bank branches
Step-by-step: Log in to your broker → IPO section → Search InCred Holdings → Enter lot quantity and bid price → Approve UPI mandate → Done.
Use our IPO Allotment Checker to track your allotment status once the basis of allotment is finalised.
Frequently Asked Questions
When will InCred Holdings IPO open? The IPO open date has not been announced yet. SEBI approved the IPO in February 2026 and the updated DRHP was filed on 7 May 2026. Dates will be announced closer to launch. We will update this page as soon as dates are confirmed.
What is the InCred Holdings IPO price band? The price band has not been announced yet. It will be set closer to the IPO opening date based on market conditions and book runner recommendations.
What is InCred Holdings IPO lot size? Lot size has not been announced. Minimum application amount for retail investors will be approximately ₹14,000–₹15,000 as per SEBI norms, but exact figures will be confirmed with the price band.
Is InCred Holdings profitable? Yes. InCred Holdings reported PAT of ₹373 crore in FY25 and ₹290 crore in the first nine months of FY26. The company has been consistently profitable since FY22.
Who is the founder of InCred? InCred was founded by Bhupinder Singh, a former Deutsche Bank executive, in 2016.
What is InCred Holdings AUM? As of December 31, 2025, InCred Finance's AUM stood at ₹14,448 crore — up 44% CAGR over the last two years.
Is KKR selling shares in InCred IPO? Yes. KKR India Financial Investments Pte. Ltd. is among the OFS sellers in the IPO. This is a partial exit, not a full stake sale.
Last updated: 8 May 2026. This article will be updated as IPO dates, price band, GMP, and allotment details are announced. Subscribe to IPOMarket alerts to get notified.