OnEMI Technology IPO Receives Tepid Response on Day 1, Subscribed 0.25 Times; Gross Subscription Signals Flat Listing

OnEMI Technology IPO Sees Muted Response on First Day of Subscription

The initial public offering (IPO) of OnEMI Technology, which operates digital lending platform Kissht, opened for subscription on 29 April and received a subdued response from investors on the first day of bidding. According to exchange data, the issue was subscribed just 0.25 times by the end of Day 1, with bids received for 95 lakh shares against the 3.79 crore shares on offer.

The investor categories showed a mixed response, with the retail portion being subscribed 0.06 times, while the non-institutional investor (NII) segment was booked 0.11 times. However, the qualified institutional buyer (QIB) portion saw relatively better participation and was subscribed 0.69 times.

In preparation for the IPO, the promoters of OnEMI Technology infused nearly ₹40 crore into the company, with Founders Ranvir Singh and Krishnan Vishwanathan collectively investing at ₹201 per share, higher than the IPO price band of ₹162-171. This indicates confidence in the business.

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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.

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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, indicating that 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.