InvITs: the middle path between equity risk and debt stabili...
30 Apr 2026
OnEMI Technology Solutions (Kissht) is launching its ₹926-crore initial public offering today at a price band of ₹162-171. The IPO comprises a fresh issue of up to ₹850 crore and an offer-for-sale of up to 4,439,788 shares by investors including Ammar Sdn Bhd, 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 IPO closes on May 5. Investors can bid for a minimum of 87 equity shares and in multiples of 87 equity shares thereafter.
The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer is allocated to qualified institutional buyers, and not more than 15 per cent and 35 per cent of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
Anchor investors
OnEMI Technology Solutions, a technology-enabled lender in India offering digital loans through its mobile application for various consumption and business needs, has garnered ₹277.7 crore from anchor investors ahead of its IPO. The company informed the bourses that it allocated 1,62,44,216 equity shares at ₹171 per share to anchor investors.
Some of the marquee institutions that participated in the anchor include Citigroup Global Markets Mauritius Private Ltd, BNP Paribas Financial Markets – ODI, ACM Global Fund VCC, New York State Teachers Retirement System-Managed by Goldman Sachs Asset Management L.P. and Goldman Sachs Funds - Goldman Sachs India Equity Portfolio, amongst others.
Among equity-oriented schemes, the company has allocated shares to HDFC Mutual Fund - HDFC Banking and Financial Services Fund, ICICI Prudential Regular Savings Fund, Whiteoak Capital Multi Asset Allocation Fund and Bandhan Large & Mid Cap Fund, amongst others.
Out of the total allocation of 1,62,44,216 equity shares to the anchor investors, 92,58,801 were allocated to seven domestic mutual funds through 13 schemes.
JM Financial Ltd, HSBC Securities and Capital Markets (India) Private Limited, Nuvama Wealth Management Ltd, SBI Capital Markets Ltd and Centrum Broking Ltd are the book-running lead managers, and KFin Technologies Ltd is the registrar of the offer.
Use of proceeds
The net proceeds from the fresh issue portion of the offer to the extent of ₹637.50 crore are proposed to be utilised towards augmenting the capital base of its subsidiary, Si Creva, to meet its future capital requirements arising out of the growth of Si Creva’s business, and for general corporate purposes.
The company is focused on young individuals within the mass market segment, which according to the 1Lattice Report, represents India’s emerging middle class and is aspirational, digitally connected and underpenetrated in credit. As of December 31, 2025, the company had 63.73 million registered users and served 11.17 million customers along with a net promoter score of 95. Further, it had received a rating of 4.6 on Play Store based on over 1.25 million user reviews as of March 31, 2026. In December 2025, the company also launched its mobile application on the iOS operating system. As of March 31, 2026, it had received a rating of 4.3 on App Store.
SBI Securities views
Valuation: OnEMI Technology Solutions Ltd is a technology-driven digital lending and consumer credit platform which offers loans through its digital (Kissht) as well as offline channels. Historically, the company has recorded a NII/PPOP/NPAT CAGR of 15.8 per cent/29.6 per cent/140.9 per cent respectively, over the FY23-FY25 period. It reported a NIM of 18.6 per cent/16.8 per cent/23.8 per cent during FY23/FY24/FY25 respectively. GNPA/NNPA of 2.9 per cent/0.4 per cent as of Dec’25 indicates a high-quality client base with low default risk. At the upper price band of ₹171, the issue is valued at a post-issue P/ABV multiple of 1.6x.
Published on April 30, 2026
