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OnEMI Technology Solutions IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
OnEMI Technology Solutions Limited operates a digital lending platform (Kissht) focused on India’s mass market. It provides personal loans, loan against property (LAP), and instant EMI solutions through its apps like Kissht and Pay with Ring. The company earns revenue through interest income, loan origination, customer acquisition services, and fintech partnerships with lenders.
OnEMI Technology Solutions an Book Built Issue, amounting to ₹
925.92 Crore,consisting an fresh issue of
4.97 crore shares aggregating to ₹
850.00 crore and offer for sale of
0.44 crore shares aggregating to ₹
75.92 crore The subscription period for the OnEMI Technology Solutions IPO opens on April 30, 2026, and close on May 05, 2026. The allotment is expected to be finalized on or about May 06, 2026, Wednesday, and the shares will be listed on the BSE with a tentative listing date set on or about Friday, May 08, 2026.
The Share Price Band of OnEMI Technology Solutions IPO is set at ₹162 to ₹171 per share per equity share. The Market Capitalisation of the OnEMI Technology Solutions at IPO price of ₹171 per equity share will be ₹
2881.06 Cr The lot size of the IPO is
87 shares. Retail investors are required to invest a minimum of ₹
14,877, 1 lots (
87 Shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
14 lots (
1,218 shares), amounting to ₹
208,278.
JM Financial Limited, HSBC Securities and Capital Markets (India) Private Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited, Centrum Broking Limited, the book running lead manager of the OnEMI Technology Solutions Ltd. while KFin Technologies Limited is the registrar for the issue.OnEMI Technology Solutions Limited IPO GMP Today
The Grey Market Premium of OnEMI Technology Solutions IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
OnEMI Technology Solutions Limited IPO Live Subscription Status Today: Real-Time Update
As of 06:30 PM on 05 May, 2026, the OnEMI Technology Solutions IPO live subscription status shows that the IPO subscribed 9.96 times on its Final Day of subscription period. Check the OnEMI Technology Solutions IPO Live Subscription Status Today at NSE.
OnEMI Technology Solutions Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
OnEMI Technology Solutions IPO allotment date is May 06, 2026, Wednesday, OnEMI Technology Solutions IPO Allotment will be out on May 06, 2026, Wednesday, and will be live on Registrar Website from the allotment date.
KFin Technologies Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select OnEMI Technology Solutions IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of OnEMI Technology Solutions Limited IPO
OnEMI Technology Solutions to utilise the Net Proceeds towards the following objects:
1. ₹6,375.00 Million is required for Augmenting the capital base of our Subsidiary, Si Creva, to meet its future capital requirements arising out of the growth of our Subsidiary, Si Creva’s, business
2. General Corporate Purposes.
Refer to OnEMI Technology Solutions Limited RHP for more details about the Company.
OnEMI Technology Solutions Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| April 27, 2026 | ₹ 171 | ₹ 171 | ₹0(0.0%) | 27 April 2026; 11:30 AM |
OnEMI Technology Solutions IPO Details
| Market Capitalization | ₹2881.06 Cr. |
| IPO Date | April 30, 2026 to May 05, 2026 |
| Listing Date | May 08, 2026 |
| Face Value | ₹1 Per Share |
| Price Band | ₹162 to ₹171 per share |
| Issue Price | ₹171 per share |
| Employee Discount | NA |
| Lot Size | 87 Equity Shares |
| Total Issue Size | 5,41,47,390 Equity Shares (aggregating to ₹925.92 Cr) |
| Fresh Issue | 4,97,07,602 Equity Shares (aggregating to ₹850.00 Cr) |
| Offer for Sale | 44,39,788 Equity Shares (aggregating to ₹75.92 Cr) |
| Issue Type | Book Built Issue |
| Listing At | BSE & NSE |
| Share holding pre issue | 16,84,83,022 |
| Share holding post issue | 11,87,75,420 |
| Rating | Avoid |
OnEMI Technology Solutions IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
OnEMI Technology Solutions IPO Timeline (Tentative Schedule)
| IPO Open Date | Thu, Apr 30, 2026 |
| IPO Close Date | Tue, May 5, 2026 |
| Basis of Allotment | Wed, May 6, 2026 |
| Initiation of Refunds | Thu, May 7, 2026 |
| Credit of Shares to Demat | Thu, May 7, 2026 |
| Listing Date | Fri, May 8, 2026 |
| Cut-off time for UPI mandate confirmation | Wed, May 6, 2026 |
OnEMI Technology Solutions IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 27,073,695 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 8,122,109 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 18,951,587 | Not more than 35% of the Net Offer |
OnEMI Technology Solutions IPO Promoter Holding
| Share Holding Pre Issue | 32.30% |
| Share Holding Post Issue | 45.70% |
OnEMI Technology Solutions IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 87 | ₹14,877 |
| Retail (Max) | 13 | 1,131 | ₹193,401 |
| S-HNI (Min) | 14 | 1,218 | ₹208,278 |
| S-HNI (Max) | 67 | 5,829 | ₹996,759 |
| B-HNI (Min) | 68 | 5,916 | ₹1,011,636 |
OnEMI Technology Solutions IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 1,13,07,787 | 28,12,22,802 | 24.87x | 05 May 2026; 06:03 PM |
| Non Institutional Investors(NIIS) | 85,36,339 | 5,60,81,766 | 6.57x | 05 May 2026; 06:04 PM |
| Retail Individual Investors (RIIs) | 1,99,18,124 | 4,03,61,562 | 2.03x | 05 May 2026; 06:04 PM |
| Total | 3,79,03,174 | 37,76,66,130 | 9.96x | 05 May 2026; 06:04 PM |
About OnEMI Technology Solutions Limited
OnEMI Technology Solutions Limited operates a digital lending platform (Kissht) focused on India’s mass market. It provides personal loans, loan against property (LAP), and instant EMI solutions through its apps like Kissht and Pay with Ring. The company earns revenue through interest income, loan origination, customer acquisition services, and fintech partnerships with lenders.
The company primarily serves retail borrowers and lending partners such as banks/NBFCs, enabling loan origination and distribution. It operates through a fully digital infrastructure rather than physical manufacturing facilities. Its technology platform includes AI-based underwriting, CRM systems, loan management systems (LMS), and collection tools, ensuring efficient lending operations and scalability.
The product portfolio includes personal loans, EMI financing, and LAP products, which cater to underserved customers lacking access to traditional credit. These products help clients (borrowers) fulfill consumption and business needs, supporting their financial lifecycle. The company operates a single business segment with no dependency on any single customer (>10% revenue), ensuring diversified revenue streams.
The company has expanded through strategic acquisitions and partnerships, including the acquisition of Si Creva’s business and continuous platform development. Future plans focus on technology investments, product expansion, and scaling loan book (AUM). It has shown strong growth with AUM rising significantly (e.g., ₹40.87 billion in FY25).
The company is led by promoters Ranvir Singh and Krishnan Vishwanathan. Key bankers to the issue include Axis Bank (Escrow) and ICICI Bank (Public Offer Account Bank).
Management & Vision
December 31, 2025, the company had 24, full time employees. The Banker to the Company is ICICI Bank Limited, AU Small Finance Bank Limited, YES Bank Limited,
Management & Vision
The company is led by Ranvir Singh (CEO) and Krishnan Vishwanathan (CFO), who have built a technology-first digital lending ecosystem. Their strategy focuses on expanding credit access to underserved mass-market customers using AI-driven underwriting and digital processes.
In the near term, management aims to scale AUM, improve profitability, and expand product offerings, especially in personal loans and LAP. Long-term goals include becoming a full-stack digital financial services platform with cross-selling capabilities.
Funding for expansion will be arranged through IPO proceeds (₹8,500 million fresh issue), borrowings, and partnerships with financial institutions. The company also uses securitisation and debt funding to support loan growth.
Industry Overview
OnEMI operates in the digital lending and fintech sector, which is rapidly growing in India.
- India’s personal loan market grew from ₹6.5 trillion (FY20) to ₹14.7 trillion (FY25) and is expected to reach ₹36.5–39.6 trillion by FY30, growing at 20–22% CAGR.
- The loan against property (LAP) market is projected to reach ₹30.6–33.2 trillion by FY30.
- Digital lending disbursals are expected to grow from ₹2.3 trillion (FY25) to ₹7.2 trillion (FY30).
Industry growth is driven by:
- Increasing digital adoption and fintech innovation
- Rising financial inclusion and credit demand
- Growth of AI-based underwriting and data analytics
Major players include:
- India: Bajaj Finance, SBI Cards, HDB Financial, KreditBee, Navi
- Global: Nu Bank, Kakao Bank
Overall, the industry offers strong double-digit growth with high scalability potential.
Key Risk Factors
- Regulatory Risk
The company operates in a highly regulated environment under RBI. Changes in digital lending rules, KYC norms, or interest caps can impact business operations, increase compliance costs, and affect profitability. - Macroeconomic Risk
Economic slowdown, inflation, or job losses can reduce borrower repayment capacity, leading to higher defaults and lower loan demand, directly impacting revenue and asset quality. - Technology Risk
The business depends heavily on technology platforms. Failure to adopt new technologies or system failures can affect customer experience, underwriting accuracy, and scalability. - Competition Risk
The digital lending space is highly competitive with NBFCs, banks, and fintech startups offering similar products, which may lead to pricing pressure and lower margins. - Third-party Dependency Risk
The company relies on third parties for customer acquisition, collections, and IT services. Any failure from these partners can impact operations and reputation. - Credit Risk
As a lender, the company faces risk of loan defaults, especially in unsecured personal loans, which may impact profitability and asset quality. - Funding Risk
The business requires continuous capital for loan disbursement. Any difficulty in raising funds or increase in borrowing cost (currently ~15.43%) can impact growth.
Key Strengths & Opportunities
- Strong Digital Platform
The company has a fully integrated end-to-end lending platform with AI and ML capabilities, enabling fast loan approvals and efficient operations, reducing turnaround time from weeks to minutes. - High Growth in AUM
The company has shown strong growth with AUM CAGR of 79.53% (FY23–FY25), indicating strong demand and scalability of its business model. - Mass Market Focus (Underserved Segment)
It targets customers underserved by banks, providing a large untapped opportunity with high growth potential in Tier 2/3 markets. - Diversified Product Portfolio
The company offers personal loans, LAP, EMI financing, and merchant-based credit solutions, enabling cross-selling and increasing customer lifetime value. - Technology-driven Risk Management
Use of AI-based underwriting and 10+ billion data points helps improve credit assessment, reduce NPAs, and enhance portfolio quality. - Strong Industry Tailwinds
Rapid growth in digital lending, fintech adoption, and financial inclusion provides a long runway for expansion and market share gain.
OnEMI Technology Solutions Limited Financial Information (Restated Consolidated)
Amount in (₹ in Million)
| Period Ended | Dec 31, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 12,423.23 | 9,953.15 | 7,944.96 | 5,561.73 |
| Total Assets | 35,687.78 | 27,011.04 | 17,965.25 | 12,752.00 |
| Total Borrowings | 20,475.17 | 15,075.81 | 7,842.96 | 3,878.86 |
| Fixed Assets | 65.29 | 62.56 | 73.82 | 89.82 |
| Cash | 1,894.51 | 1,327.23 | 2,850.37 | 5,699.68 |
| Cash flow from operating activities | -1,377.63 | -6,614.26 | -6,374.34 | 1,114.78 |
| Cash flows from investing activities | -1,458.75 | -332.28 | 404.22 | -724.53 |
| Cash flow from financing activities | 3,403.66 | 5,423.40 | 3,120.81 | 4,435.90 |
| Net Borrowing | 18,580.66 | 13,748.58 | 4,992.59 | -1,820.82 |
| Revenue | 15,839.28 | 13,526.88 | 17,003.02 | 10,015.05 |
| EBITDA | 4,884.53 | 4,033.68 | 3,589.58 | 977.11 |
| PAT | 1,992.69 | 1,606.21 | 1,972.90 | 276.67 |
| PAT Margin | 12.58% | 11.87% | 11.60% | 2.76% |
| EPS | 15.16 | 12.79 | 15.54 | 2.5 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 12.79 |
| EPS Post IPO (Rs.) | 9.53 |
| Adjusted 12M EPS Post IPO (Rs.) | 15.77 |
| P/E Pre IPO | 13.37 |
| P/E Post IPO | 17.94 |
| Adjusted 12M P/E Post IPO | 10.84 |
| ROE | 17.74% |
| ROCE | - |
| P/BV | 0.74 |
| Debt/Equity | 1.5 |
| RoNW | 15.97% |
| EBITDA Margin | - |
| PAT Margin | 11.87% |
OnEMI Technology Solutions Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| OnEMI Technology Solutions | 9.53 | 17.94 | 17.74% | - | 0.74 | 1.5 | 15.97% |
| Bajaj Finance | 26.82 | 34.36 | 19.2 % | 11.4 % | 5.94 | 3.85 | - |
| Cholamandalam Investment And Finance Company | 50.60 | 30.99 | 19.7 % | 10.3 % | 5.58 | 7.23 | - |
| Hdb Financial Services | 27.32 | 24.70 | 13.9 % | 9.15 % | 3.40 | 4.80 | - |
| Sbi Cards And Payment Services | 20.14 | 33.28 | 14.8 % | 10.4 % | 4.65 | 3.33 | - |
OnEMI Technology Solutions Limited Contact Details
OnEMI Technology Solutions Limited
Phone: +91 22 6947 5600
Email: compliance@kissht.com
Website: http://www.kissht.com/
OnEMI Technology Solutions IPO Registrar and Lead Manager(s)
KFin Technologies Limited
Phone: +91 40 6716 2222 /18003094001
Email: kissht.ipo@kfintech.com
Website: http://www.kfintech.com/
- JM Financial Ltd.
- HSBC Securities & Capital Markets (India) Pvt.Ltd.
- Nuvama Wealth Management Ltd.
- SBI Capital Markets Ltd.
- Centrum Capital Ltd.
OnEMI Technology Solutions IPO Review
OnEMI Technology Solutions Limited operates a digital lending platform (Kissht) focused on India’s mass market. It provides personal loans, loan against property (LAP), and instant EMI solutions through its apps like Kissht and Pay with Ring. The company earns revenue through interest income, loan origination, customer acquisition services, and fintech partnerships with lenders.
The Company is led by Promoter, i.e.,KALPESH DHANJIBHAI PATEL, KANUBHAI PATEL AND VASANTKUMAR NARAYANBHAI PATEL
The Revenues from operations for the Period ended on Dec 31 2026, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 15,839.28 Lakh, ₹ 13,526.88 Lakh, ₹ 17,003.02 Lakh, and ₹ 10,015.05 Lakh, The EBITDA for the Period ended on Dec 31 2026, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 4,884.53 Lakh, ₹ 4,033.68 Lakh, ₹ 3,589.58 Lakh, and ₹ 977.11 Lakh, The Profit after Tax for the Period ended on Dec 31 2026, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 1,992.69 Lakh, ₹ 1,606.21 Lakh, ₹ 1,972.90 Lakh, and ₹ 276.67 Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 12.79 and post-issue EPS of ₹ 9.53 for FY25. The pre-issue P/E ratio is 13.37x,while the post-issue P/E ratio is 17.94x against the Industry P/E ratio is 4.88x The company's ROE for FY25 is 17.74% and RoNW is 15.97%The Annualised EPS is ₹ 10.84x and P/E is ₹ 19.23x , These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of OnEMI Technology Solutions showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the OnEMI Technology Solutions Limited, IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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