OnEMI Technology IPO fully subscribed on Day 3; check GMP and other details

The retail investor portion has been booked 1.25 times so far, while the non institutional investors (NII) quota was subscribed 6.31 times. Qualified Institutional Buyers' (QIB) category was also booked 24.82 times.

By Meghna Sen

The initial share sale of OnEMI Technology Solutions, the fintech firm behind the Kissht platform, was fully subscribed during its third and final day of public bidding on Tuesday, May 5. The ₹925.92-crore IPO was booked 9 times so far on Day 3.

The maiden public issue of the company received bids for nearly 35.93 crore shares, as against an offer size of 3.97 crore shares, according to data from NSE as of 4 pm.

The company is selling shares in a fixed price band of ₹162-₹171 per share, with a face value of ₹1. Investors can bid for a minimum lot of 87 shares, translating to an investment of ₹14,877 at the upper band.

Meanwhile, shares of OnEMI Technology are commanding a premium of 1.17% in the unlisted market today. However, grey market premiums are indicative and can change rapidly.

The company aims to raise ₹925.92 crore through the offering, which includes a fresh issue of ₹850 crore and an offer-for-sale of 44.39 lakh shares worth ₹75.9 crore by existing investors, including Temasek's Vertex, Ventureast Proactive Fund, and Ammar Sdn Bhd.

Of the fresh issue proceeds, ₹637.5 crore will be infused into its NBFC arm, Si Creva Capital Services, to support growth, while the rest will be used for general corporate purposes.

At the upper price band, the company is valued at ₹2,881.06 crore.

Incorporated in 2016, OnEMI Technology Solutions is a technology-led lending platform offering consumer and MSME loans.

It operates through its platforms Kissht and Ring, enabling EMI-based financing across online and offline merchants. Its NBFC arm, Si Creva Capital Services, handles underwriting, disbursement, KYC, and collections.

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