Kissht IPO 2026: Price Band, Dates, GMP, Valuation

What the OnEMI (Kissht) IPO is offering

OnEMI Technology Solutions Limited, the company behind digital lending brands Kissht and Ring, is coming to the primary market with a book-built IPO of ₹925.92 crore. The IPO price band is set at ₹162–₹171 per share. The issue opens for subscription on April 30, 2026 and closes on May 5, 2026. Shares are proposed to be listed on both BSE and NSE, with listing scheduled for May 8, 2026.

For retail applicants, the lot size is 87 shares. Based on the upper price band of ₹171, the minimum retail investment works out to ₹14,877 for one lot. The company has appointed KFin Technologies Limited as the registrar for the issue.

Key dates: open, close, allotment, listing

The issue timeline is tightly packed across one week. Anchor investor bidding is scheduled to begin on April 29, 2026, a day ahead of the public issue opening. The allotment is expected to be finalised on May 6, 2026. The shares are scheduled to list on May 8, 2026 on BSE and NSE.

This calendar matters for applicants tracking mandate confirmation, UPI bidding cut-offs, and post-allotment fund release. It also shapes near-term sentiment because IPO demand data typically becomes visible during the subscription window.

Issue structure: fresh issue vs OFS

The IPO aggregates to ₹925.92 crore through a mix of fresh issue and Offer for Sale (OFS). The fresh issue component is ₹850.00 crore, while the OFS is ₹75.92 crore. The OFS is described as an exit route for existing investors, and the company does not receive proceeds from the OFS portion.

The OFS investors listed in the provided details include Ammar Sdn Bhd, Vertex Ventures, Vertex Growth Fund, Ventureast Proactive Fund, Endiya Seed Co-creation Fund and AION Advisory Services. The OFS size is also referenced as 44.39 lakh shares (about 4.4 million shares) in the issue details.

Where the fresh proceeds are planned to be used

From the fresh issue proceeds, ₹637.5 crore is planned to be used to augment the capital base of OnEMI’s subsidiary, Si Creva, to meet future capital requirements linked to business growth. The remaining fresh issue funds are earmarked for general corporate purposes.

Si Creva is described as a middle-layer NBFC that offers unsecured personal loans to salaried and self-employed individuals. The stated use of proceeds indicates a capital support plan for regulated lending operations.

Grey market premium (GMP) signals modest expectations

Grey market premium (GMP) data in the provided inputs points to a modest expected listing premium, while also showing day-to-day variation. One data point cites GMP at ₹6–₹6.5 (around 4%) as of April 29, 2026. Another line cites GMP at ₹4 (2.34%) as of April 29, 2026, implying a potential listing price of ₹175.

Separately, InvestorGain data is cited with a GMP of ₹7.5 on April 28, indicating a potential listing price of ₹178.5 and a premium of 4.39% on the upper price band. These figures are unofficial and are explicitly noted as speculative. Investors generally treat GMP as a sentiment indicator rather than a reliable predictor.

Company background: platform, brands, and incorporation details

OnEMI Technology Solutions Limited was incorporated on June 18, 2016 and is headquartered in Mumbai at Equinox Park, LBS Marg, Kurla West. It operates a technology-enabled lending platform in India and delivers digital credit solutions via its Kissht and Ring brands.

The company was founded by Ranvir Singh (Founder and CEO) and Krishnan Vishwanathan (Co-Founder). It was converted from a private limited company to a public limited company in 2025, ahead of the planned listing.

Operating scale: users and AUM disclosed

As of December 31, 2025, OnEMI reported 63.73 million registered users and 11.17 million active customers. Assets under management (AUM) were reported at ₹5,955.75 crore as of the same date.

The growth trajectory of AUM is also described in the inputs as rising from about ₹1,267 crore in FY23 to ₹5,955 crore in 9M FY26. These are the numbers presented in the article material and reflect a sharp expansion in the loan book over the stated period.

Financial and valuation snapshots mentioned in the IPO coverage

The IPO valuation metrics cited in the provided text include a market capitalisation of about ₹2,881 crore at the upper price band of ₹171. Another figure also appears: a valuation of ₹3,062 crore at the upper end of the band. Since both are present in the source material, readers should note that such differences can arise from different calculation bases (for example, pre-issue versus post-issue share counts) as reflected in various reports.

On profitability and revenue, the inputs provide multiple disclosures across different periods. One report says the company recorded profit of ₹199.2 crore and revenue of ₹1,559.9 crore for the nine months ended December 2025. Another line states revenue from operations grew from ₹984 crore in FY23 to ₹1,675 crore in 9M FY26, and also mentions net profit rising to ₹197 crore in the December quarter of FY26 from ₹27.7 crore in FY23. These figures are presented as stated in the supplied content and refer to different time windows.

The coverage also cites a post-issue P/E of 10.84 times on annualised 9M FY26 earnings and a P/B ratio of 0.91 times.

Founders’ pre-IPO investment at a higher price

Ahead of the IPO opening, founders Ranvir Singh and Krishnan Vishwanathan are stated to have invested ₹40 crore in the company at ₹201 per share. The same input notes that this price is higher than the IPO price band of ₹162–₹171.

The company statement described in the inputs frames this as a signal of commitment, particularly in a market where IPO valuation scrutiny is high. This disclosure is likely to be watched by prospective investors alongside subscription trends.

Issue mechanics: quotas, intermediaries, and how much to apply

The allocation split provided is QIB quota at 50%, NII quota at 15%, and retail quota at 35%. The lead managers listed include JM Financial, HSBC Securities, Nuvama, SBI Capital, and Centrum. KFin Technologies Limited is named as the registrar.

The retail minimum is one lot of 87 shares, requiring ₹14,877 at the upper price band. The material also states that small NIIs need to bid for 14 lots (₹2,08,278) and big NIIs can participate with at least 68 lots (₹10,11,636), based on the upper band.

Key IPO facts at a glance

Market impact and what investors are watching

In the short window before listing, IPO watchers will likely track three measurable signals highlighted in the provided inputs. The first is subscription demand during April 30 to May 5, which often influences near-term trading sentiment. The second is grey market pricing, which currently points to a modest expected premium in the 2% to 4% range depending on the day and source cited. The third is the valuation framing, with one set of reports citing around ₹2,881 crore at the upper band and another citing ₹3,062 crore.

Operationally, the issue’s stated use of proceeds emphasises strengthening the capital base of Si Creva, the lending subsidiary, with ₹637.5 crore allocated for that purpose. For a tech-enabled lender, this detail becomes central because growth depends on funding capacity, underwriting, and portfolio performance, and the fresh issue proceeds are explicitly linked to future capital requirements.

Conclusion

OnEMI Technology Solutions’ (Kissht) ₹925.92 crore IPO opens on April 30, 2026 with a ₹162–₹171 price band and a May 8, 2026 listing planned on BSE and NSE. Grey market data cited in the provided coverage suggests a modest listing premium, while the fresh issue proceeds are largely slated to strengthen the capital position of its NBFC subsidiary, Si Creva. The next confirmed milestones are the close of the issue on May 5 and the expected allotment finalisation on May 6.