Mumbai: The initial public offering (IPO) of OnEMI Technology Solutions, which operates the digital lending platform Kissht, will open for subscription on April 30, 2026. The issue, worth ₹925.92 crore, has attracted attention amid growing investor interest in fintech listings.
The IPO will close on May 5, with allotment expected on May 6 and listing on the BSE and NSE likely on May 8.
Issue structure and size
The public issue comprises a mix of fresh equity and an offer for sale (OFS):
- Fresh issue: 4.97 crore shares worth ₹850 crore
- Offer for sale: 0.44 crore shares worth ₹75.92 crore
The proceeds from the fresh issue are expected to support business expansion and operational growth.
Price band and lot size
The company has fixed a price band of ₹162 to ₹171 per share.
- Lot size: 87 shares
- Minimum investment (retail): ₹14,877
For other investor categories:
- sNII: 1,218 shares (14 lots) – ₹2,08,278
- bNII: 5,916 shares (68 lots) – ₹10,11,636
The IPO is being managed by JM Financial as the book running lead manager, while KFin Technologies is the registrar.
GMP trend and listing outlook
The grey market premium (GMP) for the Kissht IPO has remained modest ahead of the issue opening.
As of April 29, the GMP stands at around ₹4, suggesting a subdued listing outlook. Based on the upper price band of ₹171, the estimated listing price is approximately ₹175 — indicating a potential gain of about 2.34%.
Earlier, the GMP was slightly higher at ₹7.5 on April 27, reflecting a cooling in investor sentiment closer to the subscription date.
About the company
Founded in 2016, OnEMI Technology Solutions is a technology-driven digital lending platform offering credit solutions to consumers.
The company operates two key platforms:
- Kissht: Consumer lending platform
- Ring: Payments application
It enables EMI-based payment options for both online and offline merchants, while its NBFC partners handle loan disbursement and collections.
As of December 31, 2025:
- Registered users: 6.37 crore
- Customers served: 1.11 crore
- Assets under management (AUM): ₹5,955.75 crore
Investment perspective
The Kissht IPO presents a mixed outlook. On one hand, the company operates in a fast-growing digital lending segment with a large user base and scalable business model.
On the other hand, the current GMP signals limited listing gains in the short term, suggesting cautious investor sentiment.
Market participants are expected to closely track subscription demand, institutional participation, and broader market conditions over the coming days to assess the IPO’s listing potential.
Conclusion
While the Kissht IPO taps into India’s expanding fintech ecosystem, its near-term listing performance may depend on investor response during the subscription window. Long-term prospects, however, will hinge on execution, asset quality, and growth in digital credit adoption.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the Read Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
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