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 ₹25000 crore 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.

Published on May 7, 2026