OnEMI Technology Solutions, operating under the brand Kissht, is set to launch its ₹926-crore initial public offering (IPO) today, with a price band established between ₹162 and ₹171 per share. The IPO encompasses a fresh issue of up to ₹850 crore alongside an offer-for-sale, which includes up to 4,439,788 shares from various investors such as Ammar Sdn Bhd, Vertex Ventures SEA Fund III Pte. Ltd, and other associated funds.
The IPO will be open until May 5, allowing investors to bid for a minimum of 87 equity shares and additional shares in multiples of 87.
This offering will utilize a book-building process, whereby no more than 50 percent of the net offering is designated for qualified institutional buyers, with 15 percent and 35 percent allocated to non-institutional bidders and retail individual bidders, respectively.
Anchor Investors
Prior to its IPO, OnEMI Technology Solutions successfully raised ₹277.7 crore from anchor investors by allocating 1,62,44,216 equity shares at ₹171 each. Among the notable institutions involved are Citigroup Global Markets Mauritius Private Ltd, BNP Paribas Financial Markets – ODI, and investment management firms associated with Goldman Sachs.
From the total allocation to anchor investors, 92,58,801 shares were distributed among seven domestic mutual funds across 13 schemes. The book-running lead managers for the offering include JM Financial Ltd, HSBC Securities and Capital Markets (India) Private Limited, and others, with KFin Technologies Ltd serving as the registrar.
Use of Proceeds
The net proceeds from the fresh issue, particularly ₹637.50 crore, are intended to strengthen the capital base of the subsidiary Si Creva to support its growth-related capital requirements, along with general corporate purposes.
OnEMI Technology Solutions is primarily targeting young individuals within India’s emerging middle class, noted for being digitally connected yet underrepresented in credit markets. As of December 31, 2025, the company boasted 63.73 million registered users and provided services to 11.17 million customers, achieving a net promoter score of 95. Its mobile app has also received favorable ratings, with a score of 4.6 on the Play Store based on over 1.25 million user reviews as of March 31, 2026.
SBI Securities Views
Valuation insights indicate that OnEMI Technology Solutions is positioned as a technology-driven digital lending platform. The company has seen a compound annual growth rate (CAGR) of 15.8 percent in net interest income (NII), 29.6 percent in pre-provision operating profit (PPOP), and 140.9 percent in net profit after tax (NPAT) from FY23 to FY25. Its net interest margin (NIM) stood at 18.6 percent for FY23, projected to decline to 16.8 percent in FY24, and rise to 23.8 percent in FY25. The company recorded gross non-performing assets (GNPA) and net non-performing assets (NNPA) of 2.9 percent and 0.4 percent as of December 2025, respectively, reflecting a quality client base with low default risk. At the upper price band of ₹171, the post-issue price-to-adjusted book value (P/ABV) multiple is calculated at 1.6x.
Published on April 30, 2026
