OnEMI Technology Solutions' initial public offering opened for subscription on April 30, with the issue scheduled to conclude on May 5. According to reports from Live Mint, the price band has been fixed at ₹162 to ₹171 per share. The company operates under the brand names Kissht and Ring (payments app), positioning itself as a digital lending platform targeting young consumers in the mass market segment. As per Univest, the issue is a mainboard book-built IPO with ₹925.92 crore total size, comprising ₹850 crore fresh issue and ₹75.92 crore offer for sale by existing shareholders. The company was incorporated as 'OnEMI Technology Solutions Private Limited' as a private limited company under the Companies Act, 2013, and was subsequently converted into a public limited company on June 16, 2025, with the name changed to 'OnEMI Technology Solutions Limited' and a fresh certificate of incorporation dated July 8, 2025.
According to The Economic Times, the ₹926 crore initial share sale witnessed 60% subscription on Day 3, showing significant improvement from the previous day's 27% subscription. The retail portion saw 16% subscription on 1.99 crore shares, while non-institutional investors (NIIs) showed relatively higher participation, subscribing 50% of their allocated 85.36 lakh shares. Qualified institutional buyers (QIBs) demonstrated relatively better participation, subscribing 1.45 times of their portion of 1.13 crore shares. As per The Economic Times, the IPO received bids for 2,38,94,028 shares against 39,762,250 shares available for purchase. Despite the subdued response, the IPO has garnered early investor attention, supported by a grey market premium (GMP) of ₹1.5%, indicating the stock might list slightly above its issue price. As per Live Mint, this suggests a potential listing price of around ₹172.5, reflecting mild upside expectations. The issue allocation includes approximately half reserved for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs) and 15% for non-institutional investors (NIIs).
According to The Economic Times, the ₹926 crore initial share sale is showing positive grey market activity, with the GMP standing at ₹1.5%, indicating investors' readiness to pay more than the issue price. Considering the upper end of the price band and current premium in the grey market, the estimated listing price is indicated at ₹172.5 per share, which is 0.88% higher than the IPO price of ₹171. As per Live Mint, considering grey-market activity over the past 10 sessions, today's IPO GMP is showing a downward trend and is anticipated to have a solid listing. The lowest GMP recorded is ₹0.00, while experts note the highest GMP is ₹7.50. The minimum lot size is set at 87 equity shares, requiring a minimum investment of ₹14,877 for retail investors at the upper price band. As per Upstox, the unlisted shares are trading at ₹172.5, reflecting a grey market premium of 0.88% compared to the upper price band of ₹171.
OnEMI Technology Solutions has successfully mobilized ₹278 crore from anchor investors ahead of its maiden public offering, as reported by PTI. The anchor book saw participation from a mix of domestic mutual funds and global investors, with domestic mutual funds accounting for 57% of the allocation worth ₹158.3 crore across 13 schemes of seven fund houses. Notable anchor investors include HDFC Mutual Fund, ICICI Prudential MF, Ashoka India Equity Investment Trust, WhiteOak Capital, Bandhan MF, Quant MF, Goldman Sachs, BNP Paribas, and Citigroup. The company allocated 1.62 crore equity shares at ₹171 apiece, which is also the upper end of the price band, taking the transaction size to ₹277.77 crore. The lot size has been fixed at 87 equity shares, with a minimum investment of ₹14,877 for retail investors at the upper price band.
According to Upstox, OnEMI Technology Solutions IPO allotment is expected to be finalised on May 6, while listing on the NSE and the BSE will occur on May 8. The proceeds from the fresh issue will be utilised to augment the capital base of its unit, Si Creva, to meet future funding requirements and general corporate purposes. Founded in 2016, OnEMI Technology Solutions operates under the brand names Kissht and Ring, offering digital credit solutions focused on young consumers in the mass market segment.
According to Anand Rathi Research, at the upper price band, the company is valued at 1.4x FY25 P/B, implying a post-issue market capitalization of ₹28,810 million. The firm highlighted that approximately 94% of the company's loan book is unsecured, indicating a relatively higher-risk lending profile. However, it noted that with evolving consumer lifestyles, the company has effectively scaled its digital loan distribution and is well-positioned to capitalize on future growth opportunities. Anand Rathi Research views the IPO as fairly valued and has assigned it a "Subscribe – Long Term" recommendation. As per Swastika Investmart, the stock is presently trading at an appealing valuation of 10.8x P/E and 0.91x P/B, indicating a significant discount in comparison to competitors like Bajaj Finance. The brokerage emphasized the company's substantial scale, boasting a user base of over 6.3 crore and a notable Net Promoter Score ranging from 91 to 95, which is rare in the lending sector. However, it pointed out important risks, noting that approximately 94% of the loan portfolio is unsecured, rendering the business highly susceptible to economic downturns or stricter regulatory actions from the RBI. Equivision acknowledged the company's scalable AI-driven platform and relatively strong asset quality, but raised concerns around the durability of growth and associated credit risks. SBICAP Securities Research highlighted solid financial performance, noting that between FY23 and FY25, the company reported a CAGR of 15.8% in net interest income, 29.6% in pre-provision operating profit, and 140.9% in net profit. Asset quality appears stable, with gross NPAs at 2.9% and net NPAs at 0.4% as of December 2025.
