OnEMI Technology IPO Sees Overwhelming Demand, Subscribed 9.50 Times on Final Day

OnEMI Technology Solutions Sees Strong Demand in Initial Public Offer

OnEMI Technology Solutions, the parent company of digital lending platform Kissht, witnessed a significant surge in demand for its initial public offer (IPO) on the final day of bidding on Tuesday. According to data from the National Stock Exchange (NSE), the Rs 926-crore IPO received bids for 37,76,71,176 shares, surpassing the offered amount of 3,97,62,250 shares.

The subscription pattern indicates a strong support from institutional buyers, with the category for qualified institutional buyers (QIBs) attracting 24.87 times subscription. In contrast, the quota for non-institutional investors received 6.57 times the subscription, while the portion meant for retail individual investors (RIIs) subscribed 2.03 times.

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OnEMI Technology Solutions Ltd announced on Wednesday that it has mobilized Rs 278 crore from anchor investors. The company has fixed a price band of Rs 162-171 per share, valuing it at nearly Rs 2,900 crore at the upper end.

The IPO has a fresh issue of equity shares aggregating to Rs 850 crore and an offer for sale (OFS) of 44,39,788 equity shares worth Rs 76 crore at the upper end by existing shareholders. This takes the total issue size to Rs 926 crore. The 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.

Established in 2016, Kissht provides digital credit solutions focused on young consumers in the mass market segment. The company is proposing to list its shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The issue has been managed by JM Financial, HSBC Securities and Capital Markets, Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking, with KFin Technologies Ltd serving as the registrar.