OnEMI Technology IPO crosses 5x subscription on Day 3. Check latest GMP

The initial public offering (IPO) of OnEMI Technology Solutions Limited (Kissht) has seen a sharp pick-up in demand on Day 3, with the issue subscribed over 5 times times so far, driven largely by strong institutional interest.

The Qualified Institutional Buyer (QIB) portion has been the key driver, subscribed 13.01 times, indicating strong participation from institutional investors. The non-institutional investor (NII) segment was subscribed 4.67 times, while retail participation remained relatively subdued at 0.74 times as of 3 PM.

The strong institutional momentum builds on a well-received anchor round, where the company had already raised Rs 277.78 crore from leading investors including HDFC Mutual Fund, ICICI Prudential Mutual Fund, WhiteOak Capital, Goldman Sachs and Citigroup.

The steady rise in subscription through the bidding period suggests improving investor interest, although demand continues to be led by institutions rather than retail investors.

Despite strong subscription numbers, grey market signals remain muted.

The latest GMP stands at around Rs 1.6, indicating an estimated listing price of Rs 172.6, a premium of about 0.94% over the upper price band of Rs 171. This suggests limited listing gains, even as the IPO sees strong demand from institutional investors.

KISSHT IPO ISSUE SIZE AND STRUCTURE

The IPO is a book-built issue of Rs 925.92 crore. It comprises a fresh issue of 4.97 crore shares worth Rs 850 crore and an offer for sale of 0.44 crore shares amounting to Rs 75.92 crore.

The issue opened for subscription on April 30, 2026 and will close on May 5, 2026.

The allotment of shares is expected to be finalised on May 6, 2026. The company is likely to list on the NSE and BSE on May 8, 2026.

PRICE BAND AND INVESTMENT DETAILS

The IPO has been priced in the band of Rs 162 to Rs 171 per share.

Investors can apply for a minimum lot size of 87 shares, which translates to an investment of Rs 14,877 at the upper price band.

For non-institutional investors, the minimum investment stands higher. sNII investors need to apply for at least 14 lots (1,218 shares), amounting to Rs 2,08,278, while bNII investors need to apply for 68 lots (5,916 shares), amounting to Rs 10,11,636.

BROKERAGE VIEW AND BUSINESS OUTLOOK

Leading brokerage houses have pointed to the company’s scalable digital lending platform, expanding customer base and improving profitability as key positives.

The company has shown strong operational growth, with assets under management rising from Rs 12,679 million in FY23 to Rs 59,557 million as of 9MFY26. Its customer base has also crossed 11 million, reflecting increasing adoption of its digital lending services.

JM Financial Ltd. is the book running lead manager to the issue, while Kfin Technologies Ltd. is the registrar.

The IPO has seen strong momentum by Day 3, mainly driven by institutional demand. However, the low GMP indicates that listing gains may remain limited, even as the issue heads towards closure with improved subscription levels.

- Ends