Kissht IPO: OnEMI Technology shares make a strong market debut; shares list at 12% premium

Shares of OnEMI Technology Solutions (Kissht) made a strong stock market debut on Friday, May 08 as the new-age digital loan player was listed at Rs 191 on BSE, a premium of 11.70 per cent over its issue price of Rs 171. Similarly, the stock kicked-off its maiden trading session with a premium of 11.11 per cent over its issue price at Rs 190 on NSE.

Listing of OnEMI Technology Solutions has been on the expected lines. Ahead of its listing , OnEMI Technology Solutions has surged sharply as was commanding grey market premium (GMP) of Rs 27-28 per share, suggesting a listing pop of up to 15-16 per cent for the investors. As of the listing price, investors made a profit of Rs 1,740 on each lot alloted to them.

OnEMI Technology Solutions’ initial public offering was open for subscription from April 30 to May 5. The issue was priced in the band of Rs 162 to Rs 171 per share, with a lot size of 87 shares, and aimed to raise Rs 926 crore.

The IPO comprised a fresh issue of 4.97 crore shares worth Rs 850 crore and an offer for sale of up to 44.4 lakh shares worth Rs 76 crore. Overall, the issue was subscribed 9.50 times, attracting more than 1.53 lakh applications and bids worth Rs 6,458.17 crore.

The portion reserved for qualified institutional buyers was subscribed 24.87 times. The quota for non-institutional investors was subscribed 6.57 times, while the retail portion was subscribed 2.03 times.

Incorporated in 2016, Mumbai-based OnEMI Technology Solutions is a technology-enabled lender that offers digital loans through its mobile application for consumption and business needs. It operates under the digital lending platform ‘Kissht’ and the payments app ‘Ring’, and provides consumer credit solutions and EMI-based payments for online and offline merchants.

Brokerage firms were mostly positive on the Sachin Tendulkar-backed issue. JM Financial, Nuvama Wealth Management, SBI Capital Markets and HSBC Securities served as the book running lead managers for the IPO, while Kfin Technologies enacted as registrar of the issue.