InCred set to file DRHP for Rs 5,500 crore IPO in three weeks

Fintech firm InCred is expected to file a draft prospectus (DRHP) for an initial public offering (IPO) within the next three weeks, said sources. The KKR-backed firm has picked Nomura and UBS, along with three domestic investment banks for the issue, they added.

What do we know about the IPO?
The IPO of Mumbai-based firm could be near Rs 5,000 to Rs 5,500 crore, valuing it at nearly Rs 25,000 crore. InCred has presence in lending, wealth management, investment banking, and digital financial services, catering to a wide spectrum of clients from retail borrowers to institutional investors. Last month, the Kamath brothers of Zerodha had invested Rs 250 crore in the company.

Led by Bhupinder Singh, InCred has about 3,000 employees in 150 branches. Singh is whole-time director and chief executive (CEO).

How’s InCred doing?
In FY25, InCred had a profit after tax (PAT) of Rs 316 crore and a loan-book of above Rs 10,000 crore. Last year, it acquired South Asian Stocks for entering retail broking. It also acquired the gold-loan portfolio of TruCap Finance. In 2023 it raised $60 million from investors including Ranjan Pai of MEMG ($9 million), RP Group chairman Ravi Pillai ($5.4 million), and Ram Nayak ($1.2 million) of Deutsche Bank.