OnEMI Technology IPO 2026: Dates, Subscription, GMP

What the IPO is about

OnEMI Technology Solutions Limited, the parent of digital lending brand Kissht, launched a book-built mainboard IPO to raise ₹925.92 crore. The offer opened on 30 April 2026 and closed on 5 May 2026, with listing scheduled on BSE and NSE. The company is described as a technology-enabled lender that provides digital credit solutions through its mobile application. It also offers personal loans through digital lending apps such as Kissht and Pay with Ring, and is engaged in lending activities including Loan Against Property.

The IPO became a closely tracked issue because demand was driven largely by qualified institutional buyers, while retail demand was comparatively moderate. Alongside subscription data, market participants also watched grey market premium (GMP) indicators for potential listing expectations, even though these are unofficial.

Price band, lot size, and minimum investment

The IPO price band was fixed at ₹162 to ₹171 per equity share (face value ₹1). The lot size was 87 shares and applications had to be made in multiples thereafter.

Based on the disclosed numbers:

• At ₹162 per share, one retail lot costs ₹14,094 (87 shares).
• At ₹171 per share, one retail lot costs ₹14,877 (87 shares).

For sHNI applicants, the minimum amount mentioned was ₹2,08,278 for 1,218 shares (14 lots).

Issue structure: fresh issue and OFS

OnEMI Technology Solutions (Kissht) IPO was described as a book-built issue aggregating up to ₹925.92 crore. The offer included both a fresh issue and an offer for sale (OFS).

The issue was reported as:

• Fresh issue: up to 4,97,07,602 shares aggregating up to about ₹850.00 crore
• OFS: up to 44,39,788 shares aggregating up to ₹75.92 crore

The total issue size was also stated as up to 5,41,47,390 equity shares. Separately, another share count (5,69,08,923 shares) appeared in the provided material for a 100% book building issue description, indicating that multiple summaries circulated for the same IPO. The ₹925.92 crore issue size remains consistent across the provided details.

How the proceeds will be used

The provided breakdown of utilisation highlighted three buckets:

• ₹637.50 crore to Si Creva (NBFC subsidiary) to augment the capital base for lending growth
• Remaining approximately ₹212.50 crore for general corporate purposes
• OFS proceeds of ₹75.92 crore to selling shareholders only

This split matters because only the fresh issue proceeds support business funding, while OFS proceeds do not flow to the company.

Subscription: strong QIB demand lifts the overall book

By the close, the IPO was reported as subscribed 9.49 times, with bids for 37.75 crore shares worth ₹6,456 crore against 3.97 crore shares on offer. Another snapshot in the material showed total subscription at 9.42 times as of 05 May’26, 05:02 PM, indicating that the final tally moved modestly after that time.

Category-wise subscription (as reported in the provided data) was:

• QIB: 24.87x
• NII: 6.52x
• Retail: 1.88x
• Total: 9.42x (at the cited timestamp), and 9.49x (final reported)

Grey market premium (GMP) signals

After the issue closed, grey market indicators in the material pointed to a modest premium. One report said the GMP rose to about 2.3%, or roughly ₹4 over the upper price band. Another line cited a GMP of ₹4.5.

These numbers implied an indicated price of about ₹175 to ₹175.5 when compared with the ₹171 upper band, based strictly on the GMP figures mentioned. GMP is not an exchange-traded metric and should be read as an informal sentiment indicator rather than a confirmed outcome.

Key dates: opening, allotment, listing, and UPI cut-off

The offer timeline provided multiple operational dates:

• IPO open date: 30 April 2026
• IPO close date: 5 May 2026
• Allotment date: 6 May 2026
• Tentative listing date: 8 May 2026 (BSE and NSE)

The material also mentioned an “IPO cut-off time (UPI mandate confirm)” of 8 May 2026 and separately showed “7 May 2026” as a listing date in one place. However, the schedule repeatedly stated listing as 8 May 2026, which is the date used across multiple sections.

Anchor investors and intermediaries

OnEMI Technology Solutions IPO raised ₹277.78 crore from anchor investors, with the anchor bid date stated as 29 April 2026. The material also described this as about ₹278 crore and referenced domestic and global names in the anchor book.

Book running lead managers named were JM Financial Ltd, Centrum Capital Ltd, HSBC Securities & Capital Markets (India) Pvt Ltd, Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd. KFin Technologies Ltd was listed as the registrar.

Business profile and operating setup

OnEMI operates as a technology-enabled lender under the Kissht brand, distributing digital loans via mobile applications. The material also referenced the Pay with Ring app and loan products including Loan Against Property. A key operating detail mentioned was the NBFC subsidiary Si Creva Capital, described as the entity maintaining the loan book at the ground level.

The material also referenced the company’s technology stack, including AI and machine learning, and cited integration with 47 partner banks.

Financial and risk indicators cited in the material

The provided content included select operating and financial datapoints:

• Revenue: ₹121 crore (FY23), ₹1,674 crore (FY24), ₹1,337 crore (FY25)
• Profit after tax (PAT): ₹11 crore (FY25); and ₹19 crore in FY26 first 9 months (as cited)
• Revenue in FY26 first 9 months: ₹1,570 crore (as cited)
• AUM: ₹487 crore (FY25, as cited)
• Registered user base: 5.32 crore (as cited)

Risk commentary in the material repeatedly highlighted a high share of unsecured lending. One section stated about 94% of the loan book is unsecured, while another cited 98% unsecured exposure. Both were presented as risk considerations, especially in the context of economic cycles and regulatory changes.

Summary table: key facts from the issue

Market impact and what investors tracked

The most visible market signal during the subscription window was the skew in demand across categories, with QIB subscription far ahead of retail. The final subscription of 9.49x, with bids worth ₹6,456 crore cited in the material, indicated solid overall participation, even though retail subscription was below 2x.

Another focus point was the reported GMP of ₹4 to ₹4.5, equivalent to roughly 2.3% to 2.63% over the ₹171 upper band. This suggested expectations of modest listing gains in the unofficial market, without implying certainty.

Analysis: what stood out from the disclosed numbers

From the disclosed proceeds allocation, the largest portion of the fresh issue was earmarked to strengthen Si Creva’s capital base for lending growth. That aligns with the company’s positioning as a lender where capital availability is central to scaling.

The financial datapoints provided showed rapid revenue growth between FY23 and FY24, followed by a decline in FY25, and then a rebound in the first nine months of FY26 (as cited). The material also contained differing valuation references, including a brokerage note citing 10.8x P/E and another commentary citing 18x P/E. These were presented as comparative viewpoints rather than a single agreed metric.

The repeated emphasis on unsecured exposure (94% to 98% in the provided text) is a key contextual risk marker because unsecured lending performance can be sensitive to borrower stress and policy tightening.

Conclusion

OnEMI Technology Solutions (Kissht) closed its ₹925.92 crore IPO with reported final subscription of 9.49x, driven by strong QIB interest, and a modest GMP range of about ₹4 to ₹4.5 in the unofficial market. The basis of allotment was finalised on 6 May 2026, and the shares are scheduled to list on BSE and NSE on 8 May 2026, as per the provided schedule.