OnEMI Technology IPO: Brokerages split on prospects; should you apply?

by Hansraj Agrawal | Apr 30, 2026 | Share Market

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.

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Stock market holiday: Are NSE, BSE open or closed on May 1? find out here

by Hansraj Agrawal | Apr 30, 2026 | Share Market

Indian Stock Market holidays 2026: The Indian equity markets will remain closed for trading on Friday, May 1, 2026, on account of Maharashtra Day, which marks the formation of the state of Maharashtra, where the stock exchanges are based.

Trading and settlement activities across the equity, equity derivatives, and Securities Lending and Borrowing (SLB) segments will remain suspended on both the BSE, and the National Stock Exchange (NSE), according to exchange data.

Markets will resume regular trading on Monday, May 4, 2026. Under normal circumstances, Indian stock exchanges operate from Monday to Friday, with the main trading session running from 9:15 AM to 3:30 PM, preceded by a 15-minute pre-open session from 9:00 AM to 9:15 AM. The markets remain closed on weekends and designated public holidays.

Will MCX remain open on March 31?

While the National Commodity & Derivatives Exchange (NCDEX) will remain closed for the entire day, the Multi Commodity Exchange (MCX) will operate in a split session. The morning session, typically between 9:00 AM and 5:00 PM, will remain closed, while trading will resume in the evening session from 5:00 PM to 11:55 PM.

Indian stock market holidays in 2026

Besides the regular weekend closures on Saturdays and Sundays, Indian equity markets are set to observe two public holidays in May 2026 – May 1 for Maharashtra Day, and May 28 for Bakri Id., according to exchange data.

Here is the complete list of Indian stock market holidays in 2026:

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Gut triumphs data in spotting multibaggers, says Harini Dedhia of Tamohra

by Hansraj Agrawal | Apr 30, 2026 | Share Market

A famous adage you see pinned up in many investors’ offices is, “In God we trust, all else must bring data.” This adds to the pop culture visual of investment analysts being number crunching, excel wiz kids.

While that may be the case for some, investing outside of the large-cap universe, or rather companies that haven’t hit maturity, is more guided by intuition or feeling rather than by calculations alone. This is a consequence of two realities.

First, what can be measured is usually already in the price. There is no such thing as an information edge for a common, minority investor. What minimal opportunity can be created based on data points that can be measured are in times of extreme fear or greed, where liquidity or the lack of it results in mispricing of assets. Such arbitrage opportunities cannot last long. One, therefore, cannot have a strategy solely based on this. Not at scale anyway.

Second, what can be measured is in the past, and stock markets are a future discounting machine. Investing in small and midcaps (or emerging companies) based only on the past is akin to driving a supercar by looking at the rearview only. Accidents are bound to happen. Feeling, instead of measuring, is what is required to gauge structural tailwinds that create the multibaggers your investment returns demand of you.

Investing in Eicher Motors in 2010 would have required believing in the pursuit of biking as a hobby, and therefore a world-class cruiser finding its feet with an aspiring young population; and in the vision of the then MD, Siddharth Lal, to pull it off. No data points, no numbers suggested that anything of that order had happened in India before.

Another example is one of the best performing small-cap stocks in the last two years, which is a pharma Contract Development and Manufacturing Organisation (CDMO) company that has seen profits rise from ₹70 crore to ₹300 crore in just two years. Stock price mirrored this performance. To continue being invested in the company today, the question to ask would be whether this company is capable of making a ₹1000 crore profit after tax (PAT). Three buckets (of stars) would have to align for the same.

a) Sectors- Is the company already in or expanding into sectors where there are significant tailwinds? Do these sectors have a long runway in India or for Indian companies? Customers spends only have visibility for one or two years. Nothing is given beyond that. There would have to be some form of leap of faith on the part of the investor to believe that these tailwinds sustain. Informed guesstimate but a guess nonetheless.

b) Mindset- Does the promoter have the mindset to scale it to ₹1,000 crore? Zero to one and one to a hundred require fundamentally different mindsets. Some evolve with time, but most don’t. Zero to one requires scrappy management, while one to one hundred requires institutionalising processes for scaling up. Even within those phases, there are multiple steps of evolution for a company. In his vision, from ₹300 to ₹1,000 crore, is he still thinking local? Is he looking to cater to emerging demand in India and benefit from PLI schemes? Is he thinking of competing at a global scale and selling to the top two battery manufacturers globally and then entering India at the top of the value chain? Is he thinking in blocks of ₹20-30 crore or ₹200-300 crore now?

c) Execution- It goes without saying that this mindset, without being married to execution, would be fruitless. In evaluating whether there is execution capability to marry the mindset and capitalise on the tailwind, there is a fair bit of measuring involved. A great starting point to judge execution is by looking at what has been delivered in the past. It still requires some amount of instinct to judge whether they would manage well at scale, but at least measuring gives a starting point.

In judging whether a small/ mid/ emerging company can grow and continue doing so for a long time, it is this SME framework that comes in handy. Unfortunately, measuring only covers a part of execution. It is the investor’s gut call on the other two that matter most, and that develops only with time and a dose of luck. Measuring alone and relying simply on financial models can lead us to a point of being precisely wrong when all you need for a great investment is to be directionally right.
(Disclaimer: This article is by Harini Dedhia, head of research, Tamohra Investment Managers. Views are her own.)

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Taiwan's equity market overtakes Canada's to become world's sixth largest

by Hansraj Agrawal | Apr 29, 2026 | Share Market

1 min read Last Updated : Apr 29 2026 | 10:59 PM IST

Taiwan’s equity market has overtaken Canada’s to become the world’s sixth largest, driven by strong demand for artificial intelligence-linked shares and the rapid rise of chip giant Taiwan Semiconductor Manufacturing Co.

The total market capitalization of Taiwan-listed companies has surged more than 35% this year to $4.47 trillion, while Canada’s has climbed about 5% to $4.44 trillion, data compiled by Bloomberg show. TSMC, which makes up nearly 45% of the local equity benchmark, has seen its market value swell to $1.8 trillion during the period.

The crossover shows how index composition is shaping national equity fortunes. Taiwan’s tech-heavy market has ridden a wave of global craze for semiconductors and AI, while Canada’s resource- and finance-driven benchmark has delivered more modest returns amid volatile commodity prices and moderating economic growth.

First Published: Apr 29 2026 | 10:59 PM IST

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Gold slips as oil prices fuel inflation fears ahead of Fed chair remarks

by Hansraj Agrawal | Apr 29, 2026 | Share Market

Gold prices slipped on Wednesday, as rising oil prices fuelled concerns of persistent inflation, with markets watching closely for remarks from US Federal Reserve Chair Jerome Powell on the future path of interest rates.

Spot gold was down 0.3% at $4,579.34 per ounce, ‌as of 0919 GMT, after falling to its lowest level since April 2 in the previous session. US gold futures for June delivery fell 0.4% to $4,592.60.

Efforts to end the Iran conflict were at an impasse, as US President Donald Trump was unhappy with the latest proposal from Tehran, which he said had informed the US it was in a “state of collapse” and figuring out its leadership situation.

“Market sentiment has shifted toward skepticism regarding a potential US-Iran agreement, reinforcing the ‘higher-for-longer’ interest rate narrative,” said Zain Vawda, analyst at MarketPulse by ‌OANDA.

The Fed is widely expected to hold interest rates steady at the end of its two-day meeting later today, while investors look out for comments from Powell on whether the central bank is looking for rate hikes later this year if inflation accelerates.

High interest rates weigh on gold’s attractiveness as it’s a non-yielding asset.

“Gold remains acutely sensitive to this shifting rate environment, which inflationary pressures from rising oil prices are currently exacerbating, Vawda said, adding that if the US and Iran can reach ‌a swift deal, bulls could return and push gold to finish the year between $5,300 and $5,500/oz.

Oil prices extended gains, as markets assessed a report stating that the ‌US will extend its blockade of Iranian ports, likely prolonging supply disruptions from the ‌key Middle East producing region. [O/R]

Global gold demand rose 2% year-on-year in the first quarter of 2026 as a surge in purchases of gold bars and coins, ‌along with an increase in buying by central banks, offset a 23% decline in jewellery demand, the World Gold Council said on Wednesday.

Spot silver fell 0.2% to $72.92 per ‌ounce, platinum fell 0.9% to $1,922.83, and palladium was down 0.6% at $1,451.46.

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Dhan rolls out 'Gold Vault' with MCX-linked pricing; MMT eyes India listing

by Hansraj Agrawal | Apr 29, 2026 | Share Market

Trading platform Dhan on Wednesday launched ‘Gold Vault’, a new offering that allows retail investors to buy physical gold and silver at live exchange-linked prices. The product enables users to participate in bullion futures contracts on Multi Commodity Exchange of India (MCX) and opt for physical delivery, with transactions backed by market infrastructure including clearing corporation MCX Clearing Corporation and institutional vaults, the brokerage said.

MakeMyTrip eyes India listing by June quarter, plans to hire banks

MakeMyTrip, an online travel platform listed on the Nasdaq, is considering a listing in Mumbai, according to people familiar with the matter. The company has engaged Axis Capital, Morgan Stanley, and JPMorgan Chase & Co. as advisors, and plans to add more banks for the proposed share sale, the people said. MakeMyTrip is targeting the June quarter (Q1) of 2026- 2027 (FY27) for the potential listing. A representative for the firm said that it is in the process of evaluating a potential listing in India, which could provide an additional avenue to access capital, including from domestic institutional and retail investors as well as enable it to provide India listed equity as potential consideration for growth initiatives.

Citius TransNet Invit lists at 6.2% premium on strong IPO demand

Units of Citius TransNet Investment Trust (Invit) gained 6.2 per cent on their trading debut on Wednesday, following strong demand for its initial public offering (IPO), which was subscribed over 11 times. The ₹1,105-crore issue was priced at ₹99-100 per unit. The unit last closed at ₹106.2. Proceeds of up to ₹1,000 crore will be used to acquire or redeem road assets held through special purpose vehicles, including SRPL Roads and select expressway projects.

Adani Enterprises’ Nifty weighting may marginally inch up

Shares of Adani Enterprises are likely to see incremental passive inflows after the conversion of partly paid (PP) shares into fully paid-up equity issued during ₹24,930-crore rights issue. The conversion has led to an increase in the company’s free float factor, which will result in a marginal weighting uptick of about 0.05 per cent in the benchmark Nifty 50 index, according to estimates by Nuvama Alternative. This adjustment is expected to trigger passive inflows of nearly ₹250 crore.

Bagmane Prime Office Reit’s ₹3,405-crore IPO to open on May 5

Blackstone-backed Bagmane Prime Office real estate investment trusts (Reit) will launch its ₹3,405-crore IPO from May 5 to 7 with a price band of ₹95-100 per unit. The issue comprises a fresh fund raise of ₹2,390 crore and an offer for sale of ₹1,015 crore. The Reit owns and manages premium Grade A+ office parks in Bengaluru. As of June 30, 2025, its portfolio included six business parks with an area of 20.3 million sq ft and a leasable area of 19.6 million sq ft, with occupancy of 97.9 per cent. Proceeds will be used to acquire Luxor at Bagmane Capital Tech Park and part-fund the acquisition of a

93 per cent stake in Bagmane Rio. bs reporter

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