OnEMI Tech IPO Sees Tepid Demand, Subscribed 29% On Day 2

The ₹926 crore initial public offering (IPO) of OnEMI Technology Solutions (Kissht) was subscribed 29% on the second day of bidding, indicating moderate investor interest so far.

The issue, which opened on Thursday, has received bids for 29% of its total 3.97 crore shares on offer. The IPO will close on May 5, with listing expected shortly thereafter.

Qualified institutional buyers (QIBs) led the demand, subscribing to 66% of their allocated 1.13 crore shares. Non-institutional investors (NIIs) bid for 20% of their quota of 85.36 lakh shares, while retail investors subscribed to 11% of their reserved portion of 1.99 crore shares.

The IPO has also seen participation from anchor investors, with the company raising ₹278 crore ahead of the public issue.

Issue Details and Valuation

The IPO is priced in the range of ₹162 to ₹171 per share, valuing the company at around ₹2,900 crore at the upper end of the price band. The issue comprises a fresh issue of ₹850 crore and an offer for sale (OFS) worth ₹76 crore by existing shareholders.

At the upper end of the price band, the minimum lot size of 87 shares requires a retail investment of ₹14,877. The allocation structure earmarks 50% for QIBs, 35% for retail investors and 15% for NIIs.

The IPO is currently commanding a modest grey market premium (GMP) of around 2–4%, suggesting cautious but positive sentiment. Based on the upper price band, the estimated listing price stands near ₹175, indicating a limited upside of about 2–3%.