Upcoming IPOs: Capital markets regulator Securities and Exchange Board of India has approved the initial public offering (IPO) proposals of two companies on Friday, Feb. 6, 2026. The firms which have received the green signal are InCred Holdings and Ardee Industries Ltd. InCred Holdings is a 100% holding company of InCred Financial Services Ltd (InCred Finance) and is believed to be one of India's fastest-growing new-age NBFC. Ardee Industries Ltd is one of India's leading players in the circular economy.
InCred Holdings is part of Bhupinder Singh-founded InCred Group. It is looking to tap the capital markets amid strong financial performance in FY25 and a diversified multi-product lending book across personal loan, student loan, specialised MSME loan, secured business loan and loans for financial institutions. Since its inception in 2016, InCred Finance has disbursed loans worth over Rs 25,000 crore, serving more than four lakh customers through a network of 140+ branches and a workforce of 2,600+ employees.
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The lender has built scale with over Rs 12,585 crore, reporting a 39% year-on-year growth, in assets under management (AUM) as of FY25, supported by disciplined risk management and the use of technology and data science to serve underserved customer segments. On the other hand, Ardee Industries specializes in the environmentally responsible recovery and recycling of end-of-life energy storage products and non-ferrous scrap, while reclaiming critical resources from waste streams.
Ardee Industries IPO Details
Ardee Industries IPO comprises of a fresh issue of Rs 320 crore and an offer for sale of up to 37,650,000 equity shares of face value of Rs 2 each. The offer for sale by promoter selling shareholders comprise of up to 18,825,000 equity shares of face value of Rs 2 each by Sandeep Aggarwal and up to 18,825,000 equity shares of face value of Rs 2 each by Nikunj Aggarwal.
The company proposes to utilize the net proceeds towards funding incremental working capital requirement of the company amounting to Rs 220 crores, towards repayment and/ or pre-payment, in full or in part of certain borrowings availed by the Company amounting to Rs 22 crores and general corporate purposes. The banker to the issue is Pantomath Capital Advisors Private Ltd and the registrar to the offer is KFin Technologies Ltd.
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