OnEMI Technology: The maiden public issue of OnEMI Technology Solutions, a fintech company operating the digital lending platform Kissht, has opened for public subscription today, April 30, 2026. The company aims to raise ₹925.92 crore from its initial public offer (IPO). The mainline offering comprises a combination of fresh issue of 49.7 million equity shares amounting to ₹850 crore and an offer for sale (OFS) of 4.4 million equity shares amounting to ₹75.92 crore. Under the OFS, Ammar Sdn Bhd, Vertex Growth Fund Pte Ltd, Vertex Ventures SEA Fund III Pte Ltd, Vertex Growth Fund II Pte Ltd, Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, AION Advisory Services LLP, VenturEast Proactive Fund LLC, VenturEast SEDCO Proactive Fund LLC and Ventureast Proactive Fund will divest a part of their stake.
The company has reserved not more than 50 per cent of the issue for Qualified Institutional Buyers (QIBs), not less than 15 per cent for Non-Institutional Investors (NIIs), and not less than 35 per cent for retail investors.
OnEMI Technology IPO GMP
On Thursday, the unlisted shares of OnEMI Technology were trading at ₹175.5 in the grey market, up by ₹4.5 or 2.63 per cent compared to the upper end of the price band of ₹162 to ₹171, according to sources tracking unofficial markets.
OnEMI Technology IPO: Here’s what the brokerages suggest
Arihant Capital – Subscribe
According to Arihant Capital, OnEMI is at an inflexion point where foundational investments in technology, collections infrastructure, branch network for LAP, and lender partnerships are largely complete, positioning the company to benefit from operating leverage on incremental AUM growth.
With a total AUM of INR 59,558 mn as of December 2025 and a residual loan tenure of nearly 15 months already locked in, analysts believe the near-term revenue visibility remains reasonable.
The firm’s strategic shift toward longer-tenor, lower-rate, higher-quality borrowers has temporarily compressed FY25 revenues but has structurally improved the credit cost outlook. As this cleaner loan book season begins, normalisation in NPAs and lower provisioning are expected to support PAT expansion, the brokerage said.
At the upper band of ₹171, the issue is valued at a P/E of 10.84x based on annualised EPS of ₹15.77. Arihant Capital recommends a “Subscribe” rating for the issue.
Swastika Investmart – Neutral
According to Swastika Investmart, OnEMI Technology Solutions is priced at 10.8x price-to-earnings (P/E) and 0.91x price-to-book (P/B), reflecting a steep discount to peers such as Bajaj Finance, making the entry point appear attractive.
The brokerage noted that the company’s strong scale, with over 6.3 crore users and a Net Promoter Score (NPS) of 91-95, is considered rare for a lending business. However, it said that 94 per cent of the loan book is unsecured, making it vulnerable to economic slowdowns or tighter RBI regulations, which could directly impact asset quality.
It also added that FY25 performance was weak, while 9MFY26 showed recovery, but consistency remains lacking, with some analysts placing the stock under a “watch” category.
Overall, while valuations are inexpensive and the business model is differentiated, Swastika Investmart flags unsecured lending exposure and pending litigations as key risks, suggesting cautious investors wait and watch.
Here are the key details of the OnEMI Technology IPO:
The three-day subscription window to bid for the OnEMI Technology IPO will close on Tuesday, May 5, 2026. The allotment of shares is expected to be finalised on Wednesday, May 6, 2026. The successful allottees will receive the company’s shares in their respective demat accounts on Thursday, May 7, 2026.
Shares of OnEMI will make their debut on the exchanges, NSE and BSE, tentatively on Friday, May 8, 2026.
The company has set the price band in the range of ₹162 to ₹171, with a lot size of 87 shares. A retail investor would require a minimum investment of ₹14,877 to bid for at least one lot and in multiples thereafter.
Kfin Technologies is the registrar for the issue. JM Financial, HSBC Securities and Capital Markets (India), Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking are the book-running lead managers.
According to the red herring prospectus (RHP), the company aims to utilise ₹637 crore from the net fresh issue proceeds for augmenting the capital base of Subsidiary, Si Creva, to meet its future capital requirements. The remaining funds will be used for general corporate purposes. =========================== Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers’ discretion is advised.
