OnEMI Technology Solutions IPO listing in focus. Here's what GMP signals ahead of debut

OnEMI Technology Solutions IPO, which opened for subscription on 30 April and closed on 5 May, is all set to make its stock market debut on Friday, 8 May. The ₹900-crore IPO will list on both exchanges — BSE and NSE.

The allotment of the OnEMI Technology Solutions IPO was finalised on Wednesday, 6 May.

The IPO of OnEMI Technology witnessed an overall subscription of 9.5 times, according to NSE data. The Retail Individual Investors (RIIs) portion was subscribed 2.03 times, while the Non-Institutional Investors (NIIs) segment saw 6.57 times subscription. Meanwhile, the Qualified Institutional Buyers (QIBs) category garnered a strong 24.87 times bids.

OnEMI Technology Solutions IPO GMP today

Ahead of the listing, the grey market premium (GMP) for the OnEMI Technology Solutions IPO stood at ₹21.25. Based on the upper end of the IPO price band and the prevailing grey market premium, the estimated listing price for OnEMI Technology Solutions shares is pegged at ₹192.25 apiece, reflecting a strong premium of 12.43% over the issue price of ₹171.

The highest GMP of OnEMI Technology Solutions IPO is ₹28; meanwhile, the lowest GMP recorded during this period was ₹0.

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

OnEMI Technology Solutions IPO details

The IPO comprised a fresh issue of equity shares worth ₹850 crore, along with an offer-for-sale (OFS) of 44,39,788 equity shares by existing shareholders, valued at nearly ₹76 crore at the upper price band. The total issue size aggregates to ₹926 crore.

The OFS included stake sales by Ammar Sdn Bhd Investor, 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.

Proceeds from the fresh issue will primarily be used to strengthen the capital base of its subsidiary, Si Creva, to meet future funding requirements, besides supporting general corporate purposes.

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