OnEMI Technology commands 16% GMP ahead of listing today

The ₹926 crore IPO was subscribed 9.5 times during the three-day bidding window that closed on May 5. The issue received bids for over 37.76 crore shares against the 3.97 crore shares on offer.

By Meghna Sen

Shares of OnEMI Technology Solutions Ltd. are set to debut on the stock exchanges on Friday, May 8, after the IPO witnessed healthy participation from both institutional and retail investors.

In the grey market, the stock was commanding a premium of nearly 16% over the issue price, marking one of the first mainboard IPOs in recent months to attract a double-digit grey market premium.

However, grey market trends remain unofficial and can fluctuate sharply ahead of listing.

The ₹926 crore public issue was subscribed 9.5 times during the three-day bidding window that closed on May 5.

The IPO received bids for over 37.76 crore shares against the 3.97 crore shares on offer.

Qualified Institutional Buyers (QIBs) drove the demand, with their portion subscribed 24.87 times. The Non-Institutional Investor (NII) category was subscribed 6.57 times, while the Retail Individual Investor (RII) segment saw a subscription of 2.03 times.

OnEMI Tech IPO details

The company offered shares in a price band of ₹162-₹171 apiece, with investors required to bid for a minimum lot size of 87 shares, translating to an investment of ₹14,877 at the upper end of the band.

At the upper price band, OnEMI Technology Solutions commands a valuation of ₹2,881 crore.

Out of the total proceeds, ₹637.5 crore from the fresh issue will be infused into its NBFC subsidiary, Si Creva Capital Services, to support future business growth, while the remaining funds will be utilised for general corporate purposes.

Company overview

Founded in 2016, OnEMI Technology Solutions operates as a technology-driven lending platform focused on consumer and MSME financing.

The company runs lending platforms such as Kissht and Ring, which offer EMI-based credit solutions across online and offline merchant networks. Its NBFC arm, Si Creva Capital Services, manages underwriting, loan disbursement, KYC processes and collections.

On the financial front, the company reported total income of ₹1,584 crore and profit after tax of ₹199 crore for the nine months ended December 2025.

For FY25, net profit stood at ₹160.6 crore compared to ₹197.3 crore in the previous financial year.

JM Financial, HSBC Securities, Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking were the book-running lead managers, while Kfin Technologies was the registrar.