InCred Holdings IPO is a mainboard book-built issue with a face value of ₹10 per share. The company has already received SEBI approval, and public reports suggest the offer may include a fresh issue of up to ₹1,500 crore. The company plans to list its shares on both the BSE and NSE.
InCred Holdings IPO Details
The following table outlines the main details of the IPO:
| Particulars | Details |
| IPO Opens | Yet to be announced |
| IPO Closes | Yet to be announced |
| IPO Lot Size | Yet to be announced |
| Face value | ₹10 per equity share |
| Price Band | Yet to be announced |
| Issue Price | Yet to be announced |
| Offer for Sale (OFS) | – |
| Fresh Issue | Up to ₹1,500 crore |
| Issue Type | Book-built issue |
| Listing at | BSE and NSE |
| Total Issue | Exact size not disclosed yet |
| Minimum Investment | Yet to be announced |
Timeline of the InCred Holdings IPO
Set out below are the main dates from the start of the offer period to the expected listing day:
| Particular | Date / time |
| Bidding opens | Yet to be announced |
| Bidding closes | Yet to be announced |
| Basis of allotment | Yet to be announced |
| Refunds begin (if applicable) | Yet to be announced |
| Shares credited to the demat | Yet to be announced |
| Tentative Listing Date | Yet to be announced |
| UPI mandate approval deadline | Yet to be announced |
InCred Holdings Key Performance Indicator
Below is an overview of the company’s major financial ratios:
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE (%) | 4.28 | 9.12 | 9.81 |
| ROCE(%) | 23.39 | 25.23 | 29.65 |
| Debt Equity | 1.52 | 1.20 | 1.73 |
| RoNW (%) | 4.28 | 9.12 | 9.81 |
| PAT Margin (%) | 12.60 | 24.28 | 19.92 |
| EBITDA margin(%) | 69.95 | 68.21 | 61.53 |
InCred Holdings Financials
The table below summarises the company’s financial performance:
| Particulars (₹ crore) | 2023 | 2024 | 2025 |
| Revenue from operations | 865.65 | 1,272.70 | 1,873.62 |
| Total Asset | 6,678.80 | 8,767.62 | 12,500.53 |
| Profit | 109.06 | 309.04 | 373.15 |
InCred Holdings IPO Subscription Status
Subscription data not released yet.
The subscription figures will be updated once the bidding window officially opens.
You can apply within 10:00 AM and 5:00 PM on every issue day.
InCred Holdings IPO Grey Market Premium (GMP Today)
The inCred Holdings IPO GMP is not available yet, as the company has not announced its price band or public issue schedule so far. Grey market activity usually becomes visible closer to the subscription window, so any meaningful premium trend may emerge only after the final offer details are released.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend | Last Updated |
| 17 March 2026 | Not available yet | Not available yet | Not available yet | – | 17-Mar-2026 |
Note: GMP values are sourced from the grey market and can change quickly based on demand, subscription levels, and overall market sentiment. For InCred Holdings, GMP data is not available at this stage because the final IPO dates and pricing details have not been announced
InCred Holdings IPO Reservation
Shares are allocated across investor categories as follows:
| Category | Shares offered |
| Market Maker shares offered | Not applicable |
| QIB shares offered (total) | Yet to be announced |
| NII (HNI) shares offered | Yet to be announced |
| Retail shares offered | Yet to be announced |
| Total shares offered | Yet to be announced |
InCred Holdings IPO Lot Size
The application size has not been announced yet. Since the price band and lot size are still awaited, the exact share count and investment amount for retail, S-HNI, and B-HNI categories are also not available at this stage.
Anchor Investors in the inCred Holdings IPO
Given below is a brief summary of the anchor investor allocation:
| Particulars | Details |
| Anchor Bidding Date | Yet to be announced |
| Shares Offered | Yet to be announced |
| Portion Size | Yet to be announced |
| 30 Days Lock-in for 50% shares | Yet to be announced |
| 90 Days Lock-in for remaining shares | Yet to be announced |
inCred Holdings IPO Prospectus
For a deeper analysis, check the offer documents listed below:
| Draft Red Herring Prospectus (DRHP) | Not publicly available yet |
| Red Herring Prospectus (RHP) | Not available yet |
About inCred Holdings
InCred Holdings Limited was incorporated on 3 January 2011 and earlier operated under the name KKR Capital Markets India Limited. It is part of the broader InCred group and is recognised as the parent entity of InCred Financial Services Limited. Bhupinder Singh is the Whole-time Director and Chief Executive Officer.
The company is engaged in investment advisory, investment management, and finance arrangement services. According to its investor relations disclosures, it also serves as the investment manager for KKR India Debt Opportunities Fund II.
| Particular | Name |
| Book running lead manager | IFL Capital Services, InCred Capital Wealth Portfolio Managers, Kotak Mahindra Capital, Nomura, and UBS Securities |
| Registrar of the issue | Yet to be publicly announced |
Objectives of the inCred Holdings IPO
The exact objects of the issue have not been published yet, as InCred Holdings used the confidential pre-filing route and the final offer documents are still awaited.
Strength of inCred Holdings
- Strong financial growth: Revenue from operations rose to ₹1,873.62 crore in FY25 from ₹1,272.70 crore in FY24, while profit after tax increased to ₹373.15 crore from ₹309.04 crore.
- Diversified loan book: Its lending portfolio is spread across personal loans, student loans, anchor and escrow-backed business loans, loans to financial institutions, loan against property, and secured school financing. That gives the business a broader base.
- Healthy capital position: ICRA highlighted a Tier I capital adequacy ratio of 25.7% as of March 2025, which supports future growth and provides a cushion for the lending business.
- Multiple business lines: Beyond lending, the company is engaged in investment advisory, investment management, and finance arrangement services. This adds another layer to the overall platform.
- Established operating presence: The company had 140 branches and more than 2,000 employees as of March 2025, which points to a fairly scaled operating setup.
Risk of inCred Holdings
- Asset quality risk: A large part of the lending book is exposed to segments where repayment behaviour can be uneven. The gross stage 3 ratio rose to 2.3% in June 2025 from 1.9% in March 2025.
- Student loan repayment risk: 87% of the student loan book was under moratorium as of March 2025. That means a meaningful part of the portfolio still needed seasoning, which can keep collections and credit costs under watch.
- Funding dependence matters: As of 31 March 2024, liquidity stood at ₹684 crore, against ₹775 crore of debt obligations over the next three months, with ₹99 crore of undrawn committed bank lines. This does not by itself indicate stress, but it shows that the business remains dependent on steady access to funding and refinancing.
- Regulatory risk: InCred Holdings operates in regulated financial services, and the holding company is registered with SEBI as a merchant banker. Because of that structure, any tighter rules on lending, capital, disclosures, or compliance could influence growth and costs. This is a business-model inference based on its regulated nature.
InCred Holdings IPO Review
InCred Holdings Limited IPO offers exposure to a diversified financial services platform with a growing lending franchise, improving scale, and healthy financial momentum. The business has reported rising revenue and profit, and it also benefits from a broader mix that includes advisory and investment management services, which adds some depth to the overall platform.
However, risks linked to asset quality, portfolio seasoning, and funding dependence still remain. Since the company has received SEBI approval, but the price band and final issue schedule are still awaited (as of 18 March 2026), investors may prefer to take a view only after reviewing valuations, offer terms, and the final prospectus in detail.
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InCred Holdings IPO FAQs
It is the proposed public issue of InCred Holdings, the parent of InCred Financial Services, through which the company plans to raise funds from investors and list on the stock exchanges.
Once the issue opens, you can place your bid through ASBA with your bank. You can also use a broker app with UPI.
The business has shown growth and operates across multiple financial services segments. A clearer view may emerge once the price band and final offer terms are announced.
A firm estimate is difficult at this stage. The price band and GMP are still awaited, so any listing gains may depend on final valuation and market sentiment closer to the launch.
The opening date has not been announced yet as of 17 March, 2026.
That detail has not been announced yet as of 17 March, 2026. The application size is still awaited along with the price band and issue dates.
The allotment date has not been announced yet as of 17 March, 2026.
The listing date has not been announced yet. That detail is likely to be shared only after the final issue schedule is published.
