InCred plans 1,250cr IPO as investors sell nearly 99 million shares
InCred Holdings, which owns InCred Financial Services, just announced plans to raise ₹1,250 crore (about $132 million) through a fresh share sale in its upcoming IPO.
On top of that, big investors like KKR India Financial Investments and V'Ocean Investments will be selling nearly 99 million shares.
The move comes after InCred filed draft IPO papers with India's markets regulator in November.
InCred Financial Services lent over 25,000cr
Started in 2016, InCred Financial Services gives out personal loans, student loans, and secured business loans.
It has lent over ₹25,000 crore so far and has more than four lakh customers across 140-plus branches.
Profits jumped nearly 21% last year to ₹373 crore.
The money raised from the IPO will go toward growing its core lending business, even as the Indian stock market faces some tough times right now.