OnEMI Technology IPO: Issue subscribed 0.25 times on Day 01

The initial public offering (IPO) of OnEMI Technology, which operates digital lending platform Kissht, opened for subscription today, 30 April, and received a muted response from investors on the first day of bidding.

By the end of Day 1, the issue was subscribed just 0.25 times, with bids received for 95 lakh shares against the 3.79 crore shares on offer, according to exchange data.

Among investor categories, the retail portion was subscribed 0.06 times, while the non-institutional investor (NII) segment was booked 0.11 times. The qualified institutional buyer (QIB) portion saw relatively better participation and was subscribed 0.69 times.

Ahead of the issue opening, the promoters infused nearly ₹40 crore into the company, sources told PTI. Founders Ranvir Singh and Krishnan Vishwanathan collectively invested at ₹201 per share, higher than the IPO price band of ₹162-171, signalling confidence in the business, the report added.

OnEMI Technology IPO details

The IPO comprises a fresh issue of 4.97 crore shares aggregating to ₹850 crore and an offer for sale (OFS) of 0.44 crore shares worth ₹75.92 crore, taking the total issue size to ₹925.92 crore.

The price band for the issue has been fixed at ₹162 to ₹171 per share. As much as 50% of the net issue has been reserved for qualified institutional buyers (QIBs), while 15% has been earmarked for non-institutional investors (NIIs). The remaining 35% is reserved for retail investors.

The IPO lot size is 87 shares, with investors required to bid for a minimum of one lot. At the upper price band of ₹171, the minimum investment for retail investors stands at ₹14,877. Retail investors can bid for a maximum of 13 lots, amounting to ₹1,93,401.

The book-running lead managers to the issue are JM Financial, HSBC Securities and Capital Markets, Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking, while KFin Technologies is the registrar.

Proceeds from the fresh issue will be used to augment the capital base of its subsidiary, Si Creva, to meet future funding requirements, along with general corporate purposes.

Meanwhile, the grey market premium (GMP) of OnEMI Technology as of today was ₹4, which indicates the stock might list slightly above its issue price.

About OnEMI Technology

Established in 2016, Kissht specialises in providing digital credit solutions targeted at young consumers in the mass market. As of 31 March 2025, the platform had 53.23 million registered users and had served 9.16 million customers.

The company has reported a sharp scale-up in operations, with assets under management (AUM) rising from around ₹1,267 crore in FY23 to ₹5,955 crore in the first nine months of FY26. Revenue from operations increased from ₹984 crore to ₹1,675 crore during the same period.

Profitability also improved significantly, with profit after tax (PAT) rising from ₹27.7 crore in FY23 to ₹197 crore in FY24.

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