OnEMI Technology Solutions, the parent company of lending platform Kissht, has launched its ₹926 crore initial public offering. The public issue saw a subdued response on its first day, securing a 24% subscription rate by the close of bidding. This initial performance was largely driven by strong interest from institutional investors, while retail participation remained notably low.
IPO Subscription Details
The IPO, which opened for bidding on April 30, received bids for 94.35 lakh shares against the 3.98 crore shares available. This translated to an overall subscription of just under one-quarter on the inaugural day of the offering. The bidding window for the public issue is scheduled to close on May 5.
Qualified institutional buyers (QIBs) demonstrated significant interest, subscribing to 66% of their allocated portion. In stark contrast, the non-institutional investors (NIIs) portion was subscribed by only 10%. Retail individual investors (RIIs) showed the least enthusiasm, with their reserved quota seeing a mere 6% subscription.
Offering Structure and Financials
The public offering comprises a fresh issue of shares worth up to ₹850 crore and an offer for sale (OFS) of 44.4 lakh shares. The company has set a price band of ₹162 to ₹171 per share for the issue. At the upper end of this band, OnEMI Technology Solutions is valued at approximately ₹2,881 crore.
Financially, the company reported a net profit of ₹199.3 crore on operating revenue of ₹1,569.9 crore for the first nine months of fiscal year 2026. This follows a period of decline in the preceding fiscal year FY25, where both profit and revenue fell. The company's assets under management stood at ₹5,955.75 crore as of December 2025.
Use of Proceeds and Anchor Investment
OnEMI Technology plans to utilize the net proceeds primarily to strengthen the capital base of its NBFC subsidiary, Si Creva. A significant portion, ₹637.5 crore, is earmarked to support future business growth and meet capital requirements. The listing is also expected to enhance the company's brand visibility and create a public market for its shares.
Ahead of the IPO, the company successfully raised ₹277.8 crore from 22 anchor investors. The round saw participation from prominent institutional players, including HDFC Mutual Fund, ICICI Prudential, Whiteoak Capital, and Bandhan Bank. This strong backing from established investors provided a solid foundation before the public offering commenced.
Analyst Perspectives and Market Position
Brokerage firms have expressed a generally positive view on the IPO, with many recommending a 'subscribe' rating for long-term investment. Analysts point to the company's large and growing customer base, scalable technology platform, and the significant underpenetrated digital lending market in India. The valuation is also considered reasonable compared to its peers in the sector.
Despite the positive outlook, analysts have also highlighted several risks for potential investors to consider. The primary concerns revolve around the company's high-risk lending profile, with 94% of its loan book being unsecured. Potential asset quality issues and historically weak cash flows are also cited as key factors requiring careful evaluation.
The initial day of OnEMI Technology Solutions' IPO presents a mixed picture, with robust institutional demand contrasting sharply with tepid retail interest. While the company's growth potential and strong anchor investor backing are promising, the noted financial risks and muted start will be critical elements to monitor. The performance over the remaining bidding days will ultimately determine the success of this significant public market debut.