InCred Financial Services, the Indian lending company backed by global investment giant KKR & Co., is planning to launch an IPO to raise around USD 470 million (~INR 4,005 crore), some industry reports suggests.
The Mumbai-based company is already talking to advisors including IIFL Securities, Kotak Mahindra Bank Ltd. and Nomura Holdings Inc. for the upcoming issue, sources said, requesting anonymity as the plans are not yet public. InCred Financial is expected to file the papers soon and expecting a stock exchange listing by October 2025.
Despite global market volatility—other big players like LG Electronics Inc.’s India unit have postponed their IPO plans—InCred Financial seems to be moving ahead. Global investor sentiment towards Indian equities is improving, with UBS Group AG recently upgrading Indian markets to “neutral” from “underweight” citing their defensive appeal.
The NSE Nifty 50 Index, India’s benchmark stock gauge, has risen around 3.4% in April 2025 even as global equities are struggling with macroeconomic uncertainties and trade tensions.
In addition to the big advisors, the company’s own investment banking division is expected to play a key role in managing the issue. Legal advisory services will be handled by Khaitan & Co.
InCred – Overview
Founded in 2016 by Bhupinder Singh, a former Deutsche Bank executive, InCred Financial Services operates in retail lending, small business financing and education loans. The company has grown rapidly over the years and has carved a niche in segments which are underserved by traditional banks. In 2022, InCred partnered with KKR India Financial Services to strengthen its capital and operations.
Meanwhile, InCred’s alternative investment arm is planning to raise INR 1500 crore through a new fund to tap into the growing private credit market. This dual approach to capital raising shows the company is looking to capitalise on the current market and liquidity and growth.
InCred Financial Services IPO move is interesting. While some companies have delayed their public market debuts due to global uncertainty, InCred is betting on the Indian domestic market and growing investor interest in high quality, non-bank financial services players. If successful, the INR 4,000 crore IPO could not only boost the company’s growth trajectory but also signal renewed confidence in India’s mid-sized financial sector companies.
Looking Ahead
As InCred finalizes its advisory team and prepares regulatory filings, market participants will be closely watching how the company navigates potential headwinds. A successful listing would solidify the company’s position as one of India’s leading new-age lenders and underline KKR’s continued commitment to expanding its footprint in India’s rapidly evolving financial services landscape. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.