Mumbai-based OnEMI Technology Solutions, the company behind the popular digital lending platform 'Kissht', successfully closed its Initial Public Offering (IPO) on May 5, 2026, with the issue being fully booked. The company aimed to raise ₹926 crore through the public offering, which was open for subscription from April 30 to May 5.
Subscription Details and Investor Response
By 12:45 PM on the final day, May 5, investors had placed bids for 1.04 times the 3,97,62,250 equity shares offered. The Qualified Institutional Buyers (QIBs) segment showed robust demand, oversubscribing their portion by 2.35 times. Non-Institutional Investors (NIIs) also fully booked their allocation, subscribing 1.14 times. However, the retail investor quota saw a more modest response, with 52 percent subscription by the same time.
About OnEMI Technology Solutions
Incorporated in 2016, OnEMI Technology Solutions is a technology-driven lender that provides digital loans for various consumer and business needs via its mobile application. Beyond 'Kissht', the company also operates the payments app 'Ring', empowering both online and offline merchants with seamless consumer credit and EMI-based payment solutions.
IPO Structure and Pricing
The Kissht IPO offered shares in a price band of ₹162-171 apiece, requiring investors to apply for a minimum of 87 shares. The total ₹926 crore issue comprised a fresh share sale of ₹850 crore and an offer-for-sale (OFS) of up to 44.4 lakh equity shares, amounting to ₹76 crore. Ahead of the public bidding, OnEMI Technology Solutions secured ₹277.77 crore from 22 anchor investors, allocating 1.62 crore equity shares at ₹171 each. The net issue was reserved with 50 percent for QIBs, 15 percent for NIIs, and 35 percent for retail investors.
Brokerage Outlook and Financials
Brokerage firms largely held positive views on the IPO, with several recommending a 'subscribe' rating for high-risk investors or for mild listing gains and long-term purposes. Key positives highlighted included strong growth in Assets Under Management (AUM) and customer base, an omni-channel model, attractive valuations (1.4 times P/B), and the expanding digital lending ecosystem in India. Concerns, however, included the inherent risks of unsecured loans, potential asset quality issues, and weak cash flows.
Financially, OnEMI Technology Solutions reported a net profit of ₹199.27 crore on an income of ₹1,583.93 crore for the nine months ending December 31, 2025. For the full financial year 2024-25, the company recorded a net profit of ₹160.62 crore with a revenue of ₹1,352.69 crore. At its current valuations, the company commands a market capitalization exceeding ₹2,880 crore.
Listing Details
The shares of OnEMI Technology Solutions are scheduled to be listed on both the BSE Ltd and NSE on May 8, 2026. JM Financial Ltd, SBI Capital Markets, Nuvama Wealth Management Ltd, and HSBC Securities served as the book-running lead managers for the issue, with Kfin Technologies Ltd acting as the registrar.