OnEMI Technology Solutions Initial Public Offering Sees 24% Subscription on First Day

OnEMI Technology Solutions Ltd Sees 24% Subscription on First Day of IPO Bidding

The initial public offer (IPO) of OnEMI Technology Solutions Ltd, which operates digital lending platform Kissht, received a 24% subscription on the first day of bidding on Thursday. According to data from the National Stock Exchange (NSE), the IPO received bids for 94,33,584 shares against 3,97,62,250 shares on offer.

The subscription pattern for the IPO was as follows:

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OnEMI Technology Solutions had previously said it had mobilised Rs 278 crore from anchor investors on Wednesday. The Rs 926-crore issue will close on May 5, with a price band of Rs 162-171 per share, valuing the company at nearly Rs 2,900 crore at the upper band.

The IPO consists of 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 selling shareholders include Ammar Sdn Bhd Investor, Vertex Ventures SEA Fund III Pte. Ltd, and other entities.

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. Kissht, the digital lending platform, was founded in 2016 and provides digital credit solutions focused on young consumers in the mass market segment.

The shares of OnEMI Technology Solutions Ltd are proposed to be listed on the BSE and NSE. The book-running lead managers to the issue are JM Financial, HSBC Securities and Capital Markets, Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking, while KFin Technologies Ltd is the registrar.

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