The initial public offering (IPO) of OnEMI Technology Solutions, the company behind the popular digital lending platform Kissht, opened to a lukewarm response from investors on its first day, April 30, 2026. By 3:20 PM on Thursday, the issue was subscribed only 20 percent overall.
The Mumbai-based OnEMI Technology Solutions is aiming to raise Rs 926 crore through its IPO, which comprises a fresh issue of Rs 850 crore and an offer-for-sale of Rs 76 crore. Shares are being offered in a price band of Rs 162-171 apiece, with bidding scheduled to conclude on Tuesday, May 5, 2026.
Subscription Breakdown on Day 1
Data indicated that bids were placed for 81,22,755 equity shares against the 3,97,62,250 shares available for subscription. Qualified Institutional Buyers (QIBs) led the bidding, subscribing 58 percent of their allocated portion. In contrast, the retail investor segment saw a mere 5 percent subscription, while non-institutional investors (NIIs) subscribed only 7 percent of their reserved shares.
About OnEMI Technology Solutions
Incorporated in 2016, OnEMI Technology Solutions is a prominent technology-enabled lender in India. It primarily offers digital loans through its 'Kissht' mobile application and operates the 'Ring' payments app, providing seamless consumer credit solutions and EMI-based payments to online and offline merchants.
Analyst Views and Financials
Brokerage firms have largely issued positive recommendations for the IPO, with some suggesting a 'subscribe for long term' rating. Analysts cite the company's strong Assets Under Management (AUM), growing customer base, attractive valuations, and the significant opportunity in India's digital lending sector as key positives. However, concerns have been raised regarding its high proportion of unsecured loans, potential asset quality issues, and weak cash flows. Approximately 94 percent of OnEMI Technology's loan book consists of unsecured loans, indicating a higher-risk lending profile.
The company reported a net profit of Rs 199.27 crore on an income of Rs 1,583.93 crore for the nine months ending December 31, 2025. For the full financial year 2024-25, OnEMI recorded a net profit of Rs 160.62 crore with revenues of Rs 1,352.69 crore.
Pre-IPO Activities and Listing
Ahead of the IPO, OnEMI Technology Solutions successfully raised Rs 277.77 crore from 22 anchor investors, allocating 1.62 crore equity shares at Rs 171 each. The company has reserved 50 percent of the net issue for QIBs, 15 percent for NIIs, and 35 percent for retail investors.
The grey market premium (GMP) for OnEMI Technology was reportedly Rs 4-5 per share, suggesting a modest listing gain of up to 3 percent. The shares are slated for listing on both BSE Ltd and NSE on May 8, 2026.