OnEMI Technology Solutions IPO Day 3: Issue subscribed 60% so far. Check GMP, review, key details. Apply or skip?

OnEMI Technology Solutions IPO Subscription status: The initial public offering (IPO) of OnEMI Technology Solutions Ltd, which operates the digital lending platform Kissht, was subscribed 60% on the second day of bidding on Monday, 4 May.

According to BSE data, the issue received bids for 2,38,94,028 shares against the 3,97,62,250 shares on offer. The Qualified Institutional Buyers (QIBs) segment was subscribed to 1.45 times, while the non-institutional investor portion saw 50% subscription. The Retail Individual Investors (RIIs) category lagged, with a 16% subscription rate.

Earlier, the company had raised ₹278 crore from anchor investors. The ₹926-crore IPO is set to close on May 5, with a price band of ₹162–171 per share, valuing the company at around ₹2,900 crore at the upper end.

The smallest lot size is 87 shares, which necessitates a minimum investment of ₹14,877 for retail investors at the upper price level.

Approximately half of the offering is allocated to qualified institutional buyers (QIBs), 35% to retail investors, and the remaining 15% to non-institutional investors (NIIs).

OnEMI Technology Solutions IPO GMP today

OnEMI Technology Solutions IPO GMP is +1.5. Considering the upper end of OnEMI Technology Solutions price band and the current premium in the grey market, the estimated listing price of OnEMI Technology Solutions share price was indicated at ₹172.5 apiece, which is 0.88% higher than the IPO price of ₹171.

According to recent grey-market trends over the past 10 sessions, the current GMP ( ₹1.5) suggests a downward trend. The lowest GMP recorded is ₹0.00, while the highest is ₹7.50, according to experts.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

OnEMI Technology Solutions IPO review

Brokerages have offered a mixed but largely constructive view on the IPO of OnEMI Technology Solutions Ltd.

Anand Rathi Research noted that at the upper price band, the company is valued at a price-to-book (P/B) of 1.4x for FY25, implying a post-issue market capitalisation of around ₹2,881 crore. While highlighting that nearly 94% of its loan book is unsecured—indicating elevated credit risk—the brokerage said the company has successfully scaled its digital lending platform and is well-placed to benefit from evolving consumer behaviour. With a user base of about 53 million and strong growth potential in India’s underpenetrated credit market, it has been assigned a “Subscribe – Long Term” rating.

Swastika Investmart described the valuation as attractive at 10.8x P/E and 0.91x P/B, at a discount to peers like Bajaj Finance. It also highlighted the company’s large customer base of over 6.3 crore and a high Net Promoter Score of 91–95. However, it flagged risks from the high share of unsecured loans, potential regulatory tightening by the RBI, and inconsistent financial performance, suggesting that risk-averse investors may prefer to wait.

Meanwhile, Beacon Capital Advisors Pvt Ltd (Equivision) pointed out that despite a 20% revenue decline in FY25 due to pricing changes and a shift to longer-tenure loans, the company’s AUM grew about 57% year-on-year to ₹4,086.6 crore. It added that a balanced mix of on-book lending through its NBFC arm Si Creva and off-book partnerships has improved capital efficiency and scalability. The firm also highlighted stable asset quality metrics, strong provisioning, and a scalable, AI-driven technology platform as key strengths supporting long-term growth.

OnEMI Technology Solutions IPO details

The initial public offering (IPO) consists of a new issuance of equity shares totaling ₹850 crore, in addition to an offer-for-sale (OFS) of 44,39,788 equity shares, which is estimated at ₹76 crore at the highest value, from current shareholders. This results in a cumulative issue size of ₹926 crore.

The shareholders who are selling their stakes include Ammar Sdn Bhd Investor, along with Vertex Ventures SEA Fund III Pte. Ltd, Vertex Growth Fund Pte. Ltd, Vertex Growth Fund II Pte. Ltd, Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, VenturEast Proactive Fund LLC, AION Advisory Services LLP, Ventureast Proactive Fund, and VenturEast SEDCO Proactive Fund LLC.

The funds generated from the new issuance will be utilized to support the capital growth of its subsidiary, Si Creva, in order to address upcoming financial needs, along with other corporate purposes.

The primary managers for this issuance include JM Financial, HSBC Securities and Capital Markets, Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking, with KFin Technologies Ltd serving as the registrar.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.