Kissht IPO: OnEMI Technologies' GMP zooms multifold, is a blockbuster debut on cards?

Shares of OnEMI Technology Solutions are to make their stock market debut on Friday, May 08 as the new-age loan provider is headed for a strong market debut, thanks to the positive market sentiments and manifold jump in its grey market premium following strong institutional interest.

Ahead of its listing , OnEMI Technology Solutions has surged sharply post the closure of the bidding. Last heard, it was commanding grey market premium (GMP) of Rs 27-28 per share, suggesting a mild listing pop of up to 15-16 per cent for the investors. It's GMP stood around Rs 3-4 apiece, when the issue had closed for bidding.

The IPO of OnEMI Technology Solutions ran for subscription between April 30 and May 05. It had offered its shares in the price band of Rs 162-171 per share with a lot size of 87 shares. It eyed to raise a total of Rs 926 crore via IPO, which included a fresh share sale of 4.97 crore shares worth Rs 850 crore and an offer-for-sale (OFS) of up to 44.4 lakh shares worth Rs 76 crore.

The issue was overall subscribed 9.50 times with over 1.53 lakh applications, fetching bids for Rs 6,458.17 crore. The portion for qualified-institutional bidders (QIBs) was subscribed 24.87 times. The quotas for non-institutional investors (NIIs) and retail bidders were subscribed 6.57 times and 2.03 times, respectively.

Incorporated in 2016, Mumbai-based OnEMI Technology is a technology-enabled lender, offering digital loans through its mobile application for various consumption and business needs. It operates under digital lending platform 'Kissht' and payments app 'Ring' - OnEMI empowers online and offline merchants with seamless consumer credit solutions and EMI-based payments.

Brokerage firms were mostly positive on this Sachin Tendulkar-backed issue, suggesting JM Financial, Nuvama Wealth Management, SBI Capital Markets and HSBC Securities were the book running lead managers of OnEMI Technology Solutions and Kfin Technologies was the registrar of the issue.