backed OnEMI to open IPO on April 30; price band at ₹162

Temasek-backed OnEMI to open IPO on April 30; price band at ₹162-171

OnEMI Technology Solutions IPO: The issue is a mix of a fresh issue of shares worth ₹850 crore and an offer-for-sale (OFS) of 44.39 lakh shares worth ₹75.9 crore by existing investors, including Temasek's Vertex, Ventureast Proactive Fund, and Ammar Sdn Bhd.

By CNBCTV18.com

Temasek Holdings-backed OnEMI Technology Solutions, the fintech firm operating under the brand Kissht, has announced the price band for its initial public offering (IPO), which will open on April 30.

The company has fixed the price band at ₹162 to ₹171 per share, according to its offer document. The issue comprises shares with a face value of ₹1 each.

The IPO will open for subscription on April 30 and close on May 5, while anchor investors will bid for the issue on April 29.

Investors can bid for a minimum lot size of 87 shares, translating into a minimum investment of ₹14,877 at the upper end of the price band.

OnEMI Technology Solutions aims to raise ₹925.92 crore through its maiden public offering.

The issue is a mix of a fresh issue of shares worth ₹850 crore and an offer-for-sale (OFS) of 44.39 lakh shares worth ₹75.9 crore by existing investors, including Temasek's Vertex, Ventureast Proactive Fund, and Ammar Sdn Bhd.

Out of the fresh issue proceeds, ₹637.5 crore will be used to augment the capital base of its subsidiary, Si Creva Capital Services, to support future business growth, while the remaining funds will be allocated for general corporate purposes.

At the upper end of the price band, the IPO is valued at ₹2,881.06 crore.

JM Financial, HSBC Securities, Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking are the book-running lead managers to the issue, while Kfin Technologies is the registrar.

The allotment is expected to be finalised on May 6, and the shares are likely to list on the NSE and BSE on May 8.

Incorporated in 2016, OnEMI Technology Solutions is a technology-driven lender offering digital loans for consumption and business needs.

It operates through its platforms Kissht and Ring, enabling consumer credit and EMI-based payments across online and offline merchants. Its NBFC arm, Si Creva Capital Services, manages loan disbursement, KYC, and collections.