OnEMI Technology IPO opens tomorrow: GMP, price band, and Analyst view

Synopsis

OnEMI Technology Solutions' Rs 925.92 crore IPO opens April 30, closing May 5, with a price band of Rs 162-171. The digital lending platform, operating under Kissht and Ring, aims to strengthen its subsidiary's capital base. The issue shows modest grey market interest, trading at a Rs 4 premium.

The Rs 925.92 crore initial public offering (IPO) of OnEMI Technology Solutions is set to open for subscription on April 30, 2026, and will close on May 5, 2026. The issue has generated modest grey market interest ahead of launch, with shares trading at a premium of around Rs 4, or 2.5%, over the upper price band of Rs 171, indicating a potential listing price near Rs 175.

The IPO consists of a fresh issue of 4.97 crore shares aggregating to Rs 850 crore, along with an offer for sale (OFS) of 0.44 crore shares worth Rs 75.92 crore.

The price band has been fixed at Rs 162–171 per share. Investors can bid for a minimum lot size of 87 shares, requiring a minimum investment of Rs 14,877 at the upper end of the price band.

The allotment is likely to be finalized on May 6, 2026, with a tentative listing scheduled for May 8, 2026, on both the NSE and BSE.

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

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OnEMI Technology IPO Grey Market Premium (GMP)

In the unlisted market, the IPO is currently commanding a premium of Rs 4 per share, suggesting a subdued but positive investor sentiment ahead of listing.

About OnEMI Technology

Founded in 2016, OnEMI Technology Solutions Limited operates as a technology-driven digital lending platform in India. The company provides loans through its mobile-based platforms under the brands Kissht and Ring, catering to both consumption and business financing needs.

It enables seamless consumer credit solutions for online and offline merchants, while its NBFC partner, Si Creva Capital Services, manages loan disbursement, KYC, and EMI collections.

As of December 31, 2025, the company had 63.73 million registered users and had served 11.17 million customers. Its assets under management (AUM) stood at Rs 59,557.53 million.

The firm’s product offerings include personal loans, loan against property, and MSME financing for working capital and expansion.

Objects of the Issue

A major portion of the IPO proceeds i.e. Rs 637.50 crore, will be used to strengthen the capital base of its subsidiary, Si Creva Capital Services, to support future growth. The remaining funds will be allocated for general corporate purposes.

Financial Performance

For the nine months ended December 31, 2025, the company reported revenue of Rs 1,583 crore and a net profit of Rs 199.27 crore.

For FY25, revenue stood at Rs 1,352 crore, while net profit came in at Rs 161 crore, reflecting steady growth in operations.

Brokerage View

According to SBICAP Securities Research, OnEMI Technology Solutions has demonstrated strong financial performance over recent years. The company recorded a CAGR of 15.8% in net interest income (NII), 29.6% in pre-provision operating profit (PPOP), and 140.9% in net profit (NPAT) between FY23 and FY25.

Margins have also remained healthy, with net interest margins (NIM) reported at 18.6%, 16.8%, and 23.8% across FY23, FY24, and FY25, respectively.

Asset quality appears robust, with gross NPA at 2.9% and net NPA at 0.4% as of December 2025, suggesting a relatively low default risk.

At the upper price band of Rs 171, the IPO is valued at a post-issue price-to-adjusted book value (P/ABV) multiple of 1.6x, which analysts consider reasonable given the company’s growth trajectory.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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