InCred Holdings, a non-banking financial company in India, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) as it prepares for an initial public offering (IPO) aimed at raising ₹1,250 crore (approximately $150 million USD). The IPO will consist of a fresh issue of equity shares and an offer for sale of 99,020,833 equity shares from various shareholders, including KKR India Financial Investments and Dalmia Enterprises. The funds from the fresh issue will primarily be allocated to its wholly owned subsidiary, InCred Finance, to enhance its capital base and support lending operations. As of December 31, 2025, InCred Finance's assets under management are diversified across personal loans, student loans, secured business loans, and MSME loans, with personal loans accounting for 55.56% of the total. The shares are expected to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).