InCred Financial aims for a Diwali ’25 IPO

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Subscribe to enjoy similar stories. InCred Financial Services Ltd aims to raise ₹4,000-5,000 crore ($471-588 million) in an initial public offering late next year, less than two years after the KKR-backed fintech startup earned its unicorn stripes, two people familiar with its plans told Mint. The issue is expected to be valued at ₹15,000-22,500 crore ($1.78-2.6 billion), one of them said, adding that InCred will shortly finalise merchant bankers to manage its IPO.

“The company aims to appoint four banks by January and wants to launch a Diwali 2025 initial public offering," this person said. InCred declined to comment on its IPO plans. The company entered the coveted unicorn club—startups estimated to be worth at least $1 billion—in December last year, when it raised $60 million from investors.

Ranjan Pai, chairman of Manipal Education and Medical Group, invested $9 million in InCred while Ravi Pillai, chairman of RP Group of Companies, infused $5.4 million into the venture. Additionally, Ram Nayak, global co-head of Deutsche Bank, invested $1.2 million. Also read | MobiKwik’s IPO: Is this the start of something bigger? InCred’s IPO is expected include an offer for sale (OFS) component, allowing its promoters to sell their stake in the company, according to the people mentioned earlier.

In September, InCred’s group chief executive officer Bhupinder Singh said the company would go public once global private equity firm KKR, which owns a 13.4% stake, agrees to sell its holding during the IPO. InCred Finance and KKR India Financial Services had merged in 2022 to create a joint entity under the brand name InCred Financial Services. Read also | KKR backed InCred Financial plans to list in 1-2 years Singh, who was previously