Kissht IPO opens April 30 with ₹4 GMP, ₹926 cr fundraise

Temasek Holdings-backed OnEMI Technology Solutions, operating under the brand Kissht, has announced its initial public offering will open for subscription on April 30 with a price band of ₹162-171 per share. According to CNBC TV18, LiveMint, Upstox, The Hindu BusinessLine, and The Economic Times, the IPO will close on May 5, with anchor investor bidding scheduled for April 29. Investors can bid for a minimum lot size of 87 shares, translating to a minimum investment of ₹14,877 at the upper end of the price band, with shares having a face value of ₹1 each. The company has reserved 50% of shares for qualified institutional buyers, 15% for non-institutional institutional investors, and 35% for retail investors. As per The Hindu BusinessLine, the ₹926 crore issue comprises a fresh issue of equity shares aggregating to ₹850 crore and an offer-for-sale (OFS) of ₹76 crore at the upper end by existing shareholders, taking the total issue size to ₹926 crore. The selling shareholders include Ammar Sdn Bhd Investor, Vertex Ventures SEA Fund III Pte. Ltd., Vertex Growth Fund Pte. Ltd., Vertex Growth Fund II Pte. Ltd., Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, VenturEast Proactive Fund LLC, AION Advisory Services LLP, Ventureast Proactive Fund, and VenturEast SEDCO Proactive Fund LLC.

The IPO aims to raise ₹926 crore through a combination of fresh equity issuance worth ₹850 crore and an offer-for-sale of ₹76 crore by existing investors including Temasek's Vertex, Ventureast Proactive Fund, and Ammar Sdn Bhd. As reported by CNBC TV18, LiveMint, Upstox, The Hindu BusinessLine, and The Economic Times, out of the fresh issue proceeds, ₹637.5 crore will be used to augment the capital base of its subsidiary Si Creva Capital Services to support future business growth, while the remaining funds will be allocated for general corporate purposes. At the upper end of the price band, the IPO is valued at ₹2,900 crore. According to The Hindu BusinessLine, the proceeds from the fresh issue will be used to augment the capital base of its subsidiary Si Creva to meet future funding requirements, along with general corporate purposes. The shares are proposed to be listed on the BSE and NSE, with listing expected on May 8.

The IPO launch comes amid broader market challenges, with The Economic Times reporting that dozens of companies are delaying IPO plans due to volatile investor sentiment and geopolitical concerns. While the year began strongly with 18 mainboard IPOs collectively raising ₹18,778 crore in the March quarter, momentum has since tapered off significantly. As per The Economic Times, just one mainboard IPO launch raised ₹150 crore so far in April, with the West Asia conflict sapping investor confidence. Market experts anticipate the uncertainty will persist for the next two to three months, depending on how the geopolitical crisis unfolds. The market sell-off in March and foggy outlook has prompted influential institutional investors to push back companies on valuations, creating a mismatch in valuation expectations between issuers and investors.

The IPO has been structured as a mix of fresh equity issuance and offer-for-sale, with JM Financial, HSBC Securities, Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking serving as book-running lead managers. Kfin Technologies is the registrar for the issue. According to CNBC TV18, LiveMint, Upstox, The Hindu BusinessLine, and The Economic Times, the allotment is expected to be finalized on May 6, with shares likely to list on the NSE and BSE on May 8. The company was incorporated in 2016 and operates as a technology-driven lender offering digital loans for consumption and business needs through its platforms Kissht and Ring. As per The Hindu BusinessLine, the shares are proposed to be listed on the BSE and NSE, with listing expected on May 8.

The company has demonstrated remarkable scale-up in operations, with assets under management (AUM) rising from approximately ₹1,267 crore in FY23 to ₹5,955 crore in the first nine months of FY26. According to The Hindu BusinessLine, revenue from operations increased from ₹984 crore to ₹1,675 crore during the same period. Profitability has shown strong improvement, with profit after tax (PAT) growing from ₹27.7 crore in FY23 to ₹197 crore in FY24. The company reported strong financial performance for the nine-month period ending December 2025, with profits of ₹199.2 crore and revenues totaling ₹1,559.9 crore. As per LiveMint, the parent company of Kissht is based in Mumbai and submitted its IPO documentation to SEBI in August 2025, with draft documents receiving approval from the capital markets regulator in January 2026. Kissht operates as a technology-enabled lender, primarily providing digital loans via its mobile application for various consumption and business needs. The company maintains a highly granular loan book with more than 2.87 million active customers and ₹5,955.75 crore in assets under management as of December 31, 2025.

According to SBICAP Securities Research as reported by The Economic Times, OnEMI Technology Solutions has demonstrated strong financial performance over recent years. The company recorded a CAGR of 15.8% in net interest income (NII), 29.6% in pre-provision operating profit (PPOP), and 140.9% in net profit (NPAT) between FY23 and FY25. Margins have remained healthy, with net interest margins (NIM) reported at 18.6%, 16.8%, and 23.8% across FY23, FY24, and FY25, respectively. Asset quality appears robust, with gross NPA at 2.9% and net NPA at 0.4% as of December 2025, suggesting a relatively low default risk. At the upper price band of ₹171, the IPO is valued at a post-issue price-to-adjusted book value (P/ABV) multiple of 1.6x, which analysts consider reasonable given the company's growth trajectory. For FY25, revenue stood at ₹1,352 crore, while net profit came in at ₹161 crore, reflecting steady growth in operations.