OnEMI IPO 2026: ₹926-crore issue opens April 30

OnEMI sets dates for maiden public issue

OnEMI Technology Solutions, the Temasek Holdings-backed fintech that operates the digital lending platform Kissht, is set to open its initial public offering (IPO) for subscription on April 30. The issue will close on May 5, with the anchor book slated to open for one day on April 29. As per the timelines shared, the allotment is expected to be finalised by May 6. The shares are scheduled to list on BSE and NSE on May 8. The IPO is being positioned as a maiden public issue for the Mumbai-based company incorporated in 2016.

The company has indicated that it aims to raise about ₹926 crore through the offering, with ₹925.92 crore cited as the issue size in the details provided. The offering combines a fresh issue to raise growth capital and an offer-for-sale (OFS) that provides partial exits to some existing investors. The transaction will be watched as another test of investor appetite for lending-led fintech models seeking public market capital.

Price band and implied valuation

OnEMI has fixed a price band of ₹162-171 per share. At the upper end of the band, the IPO values the company at about ₹2,881 crore (₹2,881.06 crore cited in the offer details). The face value of the shares is ₹1 each.

For retail participants, the minimum bid is one lot of 87 shares and multiples thereafter. At the upper end of the price band, the minimum application amount works out to ₹14,877. These details frame the ticket size for retail investors while the valuation figure provides context on how the market is being asked to price the business at listing.

Issue structure: fresh issue and OFS

The IPO comprises a fresh issue of ₹850 crore and an OFS of ₹75.92 crore. The OFS component includes the sale of 44.39 lakh shares by existing investors. Selling shareholders named include Temasek’s Vertex Holdings, Ventureast Proactive Fund, and Ammar Sdn Bhd.

Separately, earlier disclosures and reporting around the draft filings referenced a larger proposed fresh issue of up to ₹1,000 crore, along with an OFS of nearly 88.79 lakh equity shares (also described as nearly 8.8 million shares in another report). Those details relate to draft-stage plans. The current launch details place the live transaction at ₹850 crore fresh issue and ₹75.92 crore OFS.

Where the IPO money will be used

From the fresh issue proceeds, ₹637.5 crore is earmarked to augment the capital base of its subsidiary, Si Creva, to meet future capital requirements arising out of business growth. The remaining proceeds from the fresh issue are intended for general corporate purposes.

Si Creva is described as a middle-layer NBFC that offers unsecured personal loans to salaried and self-employed individuals. Another description in the provided information states that the NBFC arm, Si Creva Capital Services, handles loan disbursement, KYC and collections. The capital infusion into the lending subsidiary is therefore central to OnEMI’s stated use of funds.

Business snapshot: Kissht, Ring and merchant credit

OnEMI Technology Solutions is described as a technology-enabled lender in India that offers digital loans through its mobile application for various consumption and business needs. It operates under the Kissht brand, and also runs the Ring platform, described as a payments app. The company offers consumer credit solutions and EMI-based payments that support both online and offline merchants.

The operational design, as described, links origination and distribution on digital channels with lending and servicing through its NBFC arm. For investors, this structure is important because it clarifies where credit risk sits and how the company manages core lending functions such as KYC and collections.

Promoters and shareholding details

The promoters of OnEMI Technology Solutions are Ranvir Singh and Krishnan Vishwanathan. They hold a 32.3% stake in the company, with the remaining 67.7% owned by public shareholders, as stated in the provided details.

Vertex Holdings, described as a subsidiary of Temasek Holdings, is the largest shareholder with a 22.68% stake held through three subsidiaries. Ammar Sdn Bhd held a 12.13% stake at the time of filing the RHP on April 25. These ownership details provide visibility into the cap table ahead of the listing.

Financial performance and reported metrics

For the nine months ended December 2025, OnEMI Technology Solutions reported profit of ₹199.2 crore and revenue of ₹1,559.9 crore. In the Hindi-language details provided, the April to December 2025 period shows total income of ₹1,583.93 crore and net profit of ₹199.27 crore, and also cites total borrowings of ₹2,047.52 crore during the same period.

For FY2025, the Hindi-language details cite income of ₹1,352.69 crore and net profit of ₹160.62 crore. Another report included in the provided material states that operating revenue was ₹1,337 crore in FY25 compared with ₹1,674 crore in FY24, with net profit at ₹160 crore in FY25. Taken together, the figures in circulation point to profitability at the reported level, alongside substantial borrowing typical of lending models.

Timeline: filings, SEBI clearance and deal managers

OnEMI filed its IPO papers with SEBI in August 2025, and the draft papers were cleared by the regulator in January 2026. The live offer timetable now pegs the subscription window between April 30 and May 5, with listing targeted for May 8.

The book-running lead managers include JM Financial, HSBC Securities and Capital Markets (India), Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking. KFin Technologies is named as the registrar in the offer details. These intermediaries will manage book-building, allocation and post-issue processes.

Allocation mix and what investors track

The Hindi-language details state that up to 50% of the net offer is reserved for qualified institutional buyers (QIBs), up to 35% for retail investors, and 15% for non-institutional investors (NIIs). The anchor book is scheduled for April 29, which typically helps establish an institutional base before the wider subscription window opens.

From a market-impact perspective, this IPO is primarily a capital-raising event for the company’s lending subsidiary, with ₹637.5 crore of the fresh issue directed to Si Creva’s capital base. The valuation of about ₹2,881 crore at the top end of the band and the offer mix between fresh issue and OFS are the key factual markers investors will use to assess the deal’s structure and intent.

Key IPO details at a glance

Financial metrics cited in the provided details

Conclusion

OnEMI Technology Solutions will open its IPO on April 30 with a ₹162-171 price band, aiming to raise about ₹926 crore through a ₹850 crore fresh issue and a ₹75.92 crore OFS. A large portion of the fresh proceeds, ₹637.5 crore, is set to go into strengthening the capital base of its NBFC subsidiary, Si Creva, while the remainder is allocated to general corporate purposes. The anchor book on April 29 and the expected listing on May 8 set the near-term milestones for the deal. Investors tracking the offer will focus on the final subscription numbers, the allotment outcome by May 6, and how the capital allocation supports the company’s stated lending growth needs.