OnEMI Tech shares surge nearly 12 pc in market debut

Shares of OnEMI Technology Solutions Ltd, which operates digital lending platform Kissht, on Friday listed with a premium of nearly 12 per cent against the issue price of Rs 171. The stock started trading at Rs 191, up 11.69 per cent from the issue price on the BSE. At the NSE, it listed at Rs 190, registering a jump of 11.11 per cent. The company's market valuation stood at Rs 3,417.68 crore. The initial public offer of OnEMI Technology Solutions Ltd received 9.50 times subscription on the final day of bidding on Tuesday, mainly supported by strong participation from institutional buyers. The Rs 926 crore IPO had a price band of Rs 162-171 per share. The IPO had 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. 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.