OnEMI Technology Solutions Sees Strong Debut on NSE, Opens at ₹190 with 11.11% Premium

OnEMI Technology Solutions Makes Strong Debut on Bourses

OnEMI Technology Solutions, the digital lending platform operator, made a significant debut on the Indian stock exchanges on Friday, May 8. The company's share price opened at ₹190 per share on the National Stock Exchange (NSE), representing an 11.11% increase over the issue price of ₹171. On the Bombay Stock Exchange (BSE), the stock opened at ₹191 apiece, up 11.70% from the issue price.

The initial public offering (IPO) of OnEMI Technology Solutions received a subscription rate of 9.50 times on the final day of bidding on Tuesday, with significant interest from institutional investors. The company's IPO, valued at ₹926 crore, garnered bids for 37,76,71,176 shares compared to the 3,97,62,250 shares available, according to NSE data.

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The segment for qualified institutional buyers (QIBs) was particularly strong, while the non-institutional investor (NII) portion and retail individual investors (RIIs) subscribed to their allocated shares. OnEMI Technology Solutions Ltd announced on Wednesday that it has secured ₹278 crore from anchor investors.

The company's IPO price band has been fixed at ₹162-171 per share, valuing the company at nearly ₹2,900 crore at the upper band. The IPO reserved not more than 50% of the shares in the public issue for QIBs, not less than 15% for NII, and not less than 35% for retail investors.

The estimated listing price of OnEMI Technology Solutions share price was indicated at ₹198 apiece, which is 15.79% higher than the IPO price of ₹171, based on grey-market trends over the last 13 sessions. Experts indicate that the lowest GMP recorded is ₹0.00, with the highest reaching ₹28.

The initial public offering (IPO) consists of a new issuance of equity shares totalling ₹850 crore, along with an offer-for-sale (OFS) of 44,39,788 equity shares, estimated at ₹76 crore at the highest price, from current shareholders. This brings the total value of the issue to ₹926 crore. The funds generated from the new issuance will be allocated to support the capital growth of its subsidiary, Si Creva, to address upcoming funding needs and to serve several corporate objectives.

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The main managers for this issuance include JM Financial, HSBC Securities and Capital Markets, Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking, with KFin Technologies Ltd serving as the registrar.