OnEMI Technology Solutions, the company behind the digital lending platform Kissht, is scheduled to make its stock market debut on Friday, May 8. The new-age loan provider is anticipating a strong market entry, driven by positive market sentiment and a significant increase in its Grey Market Premium (GMP) following robust institutional interest.
Strong Market Debut Anticipated
Ahead of its official listing, OnEMI Technology Solutions has experienced a sharp rise in its Grey Market Premium since the close of its bidding period. The GMP was recently reported at Rs 27-28 per share, suggesting a potential listing gain of up to 15-16 percent for investors. This marks a substantial increase from its GMP of approximately Rs 3-4 per share when the initial public offering (IPO) concluded its subscription phase.
IPO Details and Subscription Performance
The initial public offering for OnEMI Technology Solutions was open for subscription from April 30 to May 05. Shares were offered within a price band of Rs 162-171 per share, with a minimum lot size of 87 shares.
The company aimed to raise a total of Rs 926 crore through the IPO. This included a fresh issuance of 4.97 crore shares valued at Rs 850 crore, alongside an offer-for-sale (OFS) of up to 44.4 lakh shares worth Rs 76 crore. The IPO was overall subscribed 9.50 times, attracting over 1.53 lakh applications and bids totaling Rs 6,458.17 crore. The portion reserved for qualified-institutional bidders (QIBs) saw an impressive subscription of 24.87 times. Non-institutional investors (NIIs) subscribed 6.57 times, while the retail bidder quota was subscribed 2.03 times.
About OnEMI Technology Solutions (Kissht)
Incorporated in 2016 and based in Mumbai, OnEMI Technology is a technology-driven lender. The company provides digital loans through its dedicated mobile application, catering to various consumption and business requirements. Operating primarily under its digital lending platform 'Kissht' and the payments application 'Ring', OnEMI supports both online and offline merchants by offering seamless consumer credit solutions and EMI-based payment options. The issue also garnered attention for being backed by cricket legend Sachin Tendulkar.
Brokerage firms generally held a positive outlook on the issue. JM Financial, Nuvama Wealth Management, SBI Capital Markets, and HSBC Securities served as the book-running lead managers for OnEMI Technology Solutions, with Kfin Technologies appointed as the registrar for the issue.