Recently listed OnEMI Technology Solutions Ltd., known for its digital loan platform Kissht, has announced plans to raise a substantial ₹832.19 crore through a preferential issue of equity shares. The company's board granted approval for the capital raise, which is now subject to shareholder endorsement.
The preferential issue involves allotting up to 2.64 crore equity shares, each with a face value of ₹1, at an issue price of ₹314.11 per share. This proposed price stands significantly higher, approximately 84% above the company's initial public offering (IPO) price of ₹171 per share.
Key Investors and Allocation Details
The capital infusion will come from 34 non-promoter investors. Among the notable participants, Axis Smallcap Fund is slated to receive the largest allocation of 34.89 lakh shares, which represents 1.67% of OnEMI Technology's outstanding equity. HDFC Banking & Financial Services Fund will acquire 34.39 lakh shares, accounting for 1.65%.
A prominent international investor, the Massachusetts Institute of Technology Basic Retirement Plan, is also participating with an allotment of 25.46 lakh shares, equivalent to 1.22% of the company's total equity. Other investors include Ashoka WhiteOak ICAV, Axis Flexi Cap Fund, Groww Multi Cap Fund, and HDFC Innovation Fund.
Impact on OnEMI Technology Shares
Following the announcement, OnEMI Technology's shares were in focus, closing 5% higher at ₹359.70 on Thursday. The company's market capitalization reached ₹6376 crore. This fundraise comes barely four months after OnEMI Technology Solutions made its stock market debut on May 8 this year, listing at ₹191 on BSE, a premium of 11.70% over its issue price.
The current preferential issue, priced at ₹314.11 per share, reflects the company's ability to secure fresh capital at a valuation notably higher than its public market entry point just a few months prior.