KKR-Backed InCred Holdings Secures SEBI Approval for Major IPO
In a significant development for India's financial markets, InCred Holdings Limited, backed by global investment giant KKR, has received approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The regulatory nod was granted on Thursday, 5 February, marking a crucial step for the company's entry into the public domain.
Regulatory Process and Timeline
The financial services platform had submitted a draft red herring prospectus (DHRP) in November 2025 via a pre-filing route, as reported by PTI on November 9, 2025, citing sources familiar with the matter. This pre-filing mechanism allows companies to withhold detailed IPO information in draft papers until later phases, providing flexibility in the disclosure process.
InCred is not alone in this regulatory milestone. Other firms that have recently received SEBI's observations include Laser Power and Infra, SEDEMAC Mechatronics, Ardee Industries, Armee Infotech, Aarvee Engineering Consultants, and Shankesh Jewellers. These companies submitted their draft papers between September and November of the previous year and obtained SEBI's clearance from February 2 to 6.
IPO Market Context and Details
This approval comes on the heels of three notable IPOs that entered the Indian primary market in early 2026: Bharat Coking Coal Ltd, Shadowfax Technologies Limited, and Amagi Media Labs. The resurgence in IPO activity signals renewed investor confidence and market dynamism.
Regarding InCred's offering, the proposed issue size is estimated to be around ₹3,000-4,000 crore, according to reports. The IPO will consist of a fresh issue of shares and an offer for sale (OFS). InCred Holdings is a subsidiary of NBFC InCred Financial Services, with IIFL Capital Services serving as the book-running lead manager for the offer.
Company Background and Operations
InCred Holdings Limited, originally incorporated as KKR Capital Markets Limited on January 3, 2011, under the Companies Act, 1956, is registered as a Merchant Banker in compliance with SEBI regulations. The Mumbai-based firm offers a comprehensive suite of financial products and services, including:
- Lending solutions such as personal loans, student loans, and specialised MSME loans
- Wealth and asset management services
- Investment banking
- Secured business loans and loans to financial institutions
Additionally, the platform acts as an investment manager for certain alternative investment funds registered under SEBI, showcasing its diversified expertise in the financial sector.
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