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Incred Holdings, backed by KKR, a financial services platform known for its diversified presence across lending, wealth-tech, and capital markets, had filed its draft papers through the confidential route.
With approval now secured, investors are watching closely for pricing details and launch timelines for incred holdings ipo.
Incred Holdings IPO Details
According to market sources, the InCred Holdings Limited IPO issue size is expected to be around Rs.3,000-4,000 crore.
The issue will include a mix of fresh shares and an Offer for Sale (OFS). While the fresh issue will help the company raise funds for future growth, the OFS will allow existing investors to sell part of their holdings.
The company has already received approval from SEBI, clearing the way for it to move ahead with its public listing plans.
Incred Holdings IPO GMP: Right now, there isn’t much clarity on the InCred Holdings IPO GMP, as the company hasn’t announced its price band or issue dates yet.
Grey market activity is likely to become clearer once these details are officially released
InCred Holdings IPO Date
The official InCred Holdings IPO date has not yet been announced.
InCred Holdings IPO DRHP: The company filed its DRHP in November 2025 through the confidential route, keeping key IPO details private in the initial stage.
InCred Holdings IPO SEBI Approval: The company received approval from SEBI in February 2026.
InCred Holdings IPO Launch: Expected in the coming months.
InCred Holdings IPO Price Band: The price band for the InCred Holdings IPO hasn’t been announced yet. The company is likely to reveal the pricing details closer to the opening date of the issue, after discussions with its lead managers.
IIFL Capital Services has been appointed as the book-running lead manager for the IPO.
Incred Holding Ipo Valuation
Market reports indicate that the IPO could value the KKR-backed financial services platform at a solid premium.
The positive sentiment is driven by InCred’s diversified business model. With presence across lending, wealth-tech, and capital markets, the company earns from multiple segments rather than depending on a single revenue source, which adds stability and growth potential.
FINANCIAL ANALYSIS
Particulars (in Rs. Cr.) | FY23 | FY24 | FY25 |
Revenue | 880.7 | 1,296.10 | 1,893.80 |
EBITDA | 620.6 | 891.6 | 1,152.90 |
EBITDA Margin | 70.50% | 68.80% | 60.90% |
PAT | 109.1 | 309 | 373.1 |
Net Margin | 12.40% | 23.60% | 19.30% |
EPS | 1.9 | 5.1 | 5.81 |
AUM | 5,552 | 7,449 | 12,585 |
Revenue: InCred Holdings has seen impressive growth, with revenue rising from Rs.880 crore in FY23 to Rs.1,894 crore in FY25, more than 2x. This clearly reflects strong expanding operations.
EBITDA: Operating performance has also strengthened, with EBITDA increasing from Rs.621 crore to Rs.1,153 crore. However, EBITDA margins have softened from 70.5% to 60.9%, suggesting higher operating costs as the company scales.
Profit After Tax (PAT): PAT has grown significantly from Rs.109 crore to Rs.373 crore. That said, net margins eased slightly from 23.6% in FY24 to 19.3% in FY25.
EPS: Earnings per share improved sharply from Rs.1.9 to Rs.5.81, though the pace of growth has moderated compared to earlier years.
AUM: Assets Under Management surged from Rs.5,552 crore to Rs.12,585 crore, highlighting aggressive expansion in lending.
Overall, growth is 2x, but margins are slightly diminishing as the company scales. This is a typical trend in high-growth financial businesses.
Share Price Overview
Over the last year, InCred Holdings’ unlisted share price has fluctuated within a narrow but positive range of Rs. 150-Rs.170, delivering a price appreciation of roughly 4-6%. The stock saw spikes near Rs. 170 in mid-2025. At the current unlisted share price of Rs.166
InCred Holdings has a market capitalisation of around Rs. 10,742 crore whereas the P/E ratio of 28.6x.
Its price-to-book ratio of 2.8x indicates that the company is valued at almost 3 times its net asset value.
Revenue growth remains strong at 46%, and while net margin stands near 19%, it supports valuation comfort.
Last Funding Round
In mid-2025, a notable pre-IPO private investment came when Nikhil and Nithin Kamath, co-founders of Zerodha, invested Rs. 250 crore to acquire a minority stake in InCred ahead of its planned public offering.
Additionally, the company’s board authorised a pre-IPO placement of up to Rs.300 crore to further strengthen its capital base before entering the public markets.Earlier rounds for the group include multiple equity and debt financings, in total raising over $320 million through 13 rounds, which helped scale operations and strengthen the balance sheet ahead of the public listing
Also Read: Kamath Brothers Invest RS 250 Cr in InCred: Full Details
