OnEMI Tech IPO subscribed 60% on day 2

Synopsis

OnEMI Technology Solutions Ltd's initial public offering saw 60 percent subscription on its second day. The digital lending platform Kissht has already raised Rs 278 crore from anchor investors. The Rs 926 crore issue is open for bidding until May 5. The company aims to strengthen its subsidiary's capital base. Shares will be listed on BSE and NSE.

The initial public offering of OnEMI Technology Solutions Ltd, which operates digital lending platform Kissht, received 60 per cent subscription on day two of bidding on Monday.

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The IPO received bids for 2,38,94,028 shares against 3,97,62,250 shares on offer, as per NSE data.

The category for Qualified Institutional Buyers (QIBs) fetched 1.45 times subscription. The portion for non-institutional investors got subscribed 50 per cent and Retail Individual Investors (RIIs) received 16 per cent subscription.

OnEMI Technology Solutions Ltd on Wednesday said it has mobilised Rs 278 crore from anchor investors.

The Rs 926-crore issue will close on May 5. The price band has been fixed at Rs 162-171 per share, valuing the company at nearly Rs 2,900 crore at the upper band.

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The IPO has a fresh issue of equity shares aggregating to Rs 850 crore and an offer for sale (OFS) of 44,39,788 equity shares worth Rs 76 crore at the upper end by existing shareholders. This takes the total issue size to Rs 926 crore.

The selling shareholders include Ammar Sdn Bhd Investor, Vertex Ventures SEA Fund III Pte. Ltd, Vertex Growth Fund Pte. Ltd, Vertex Growth Fund II Pte. Ltd, Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, VenturEast Proactive Fund LLC, AION Advisory Services LLP, Ventureast Proactive Fund, and VenturEast SEDCO Proactive Fund LLC.

Proceeds from the fresh issue will be used to augment the capital base of its subsidiary Si Creva to meet future funding requirements, along with general corporate purposes.

Founded in 2016, Kissht provides digital credit solutions focused on young consumers in the mass market segment.

Shares of the firm are proposed to be listed on the BSE and the NSE.

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

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