OnEMI Technology Solutions shares jump 23 % over IPO price on debut

Shares of OnEMI Technology Solutions made a strong stock market debut on Friday, surging as much as 23 per cent above the issue price amid robust investor demand and strong institutional participation in the initial public offering.

The stock listed at ₹190 on the NSE, an 11 per cent premium over the IPO price of ₹171, while it debuted at ₹191 on the BSE, up 11.6 per cent. Shares later climbed to an intraday high of ₹210.80, marking a gain of over 23 per cent from the offer price.

The ₹926 crore IPO of OnEMI Technology Solutions, which operates digital lending platform Kissht, received 9.50 times subscription overall. The issue saw strong traction from institutional investors, with the qualified institutional buyers’ portion subscribed 24.87 times. The non-institutional investor segment was subscribed 6.57 times, while the retail portion saw 2.03 times subscription.

The company had also raised ₹278 crore from anchor investors ahead of the issue opening.

The IPO was priced in the range of ₹162-171 per share, valuing the company at nearly ₹2,900 crore at the upper end of the price band. The public issue comprised a fresh issue of shares worth ₹850 crore and an offer for sale of 44.39 lakh equity shares aggregating to ₹76 crore by existing shareholders.

Proceeds from the fresh issue will primarily be used to strengthen the capital base of subsidiary Si Creva to support future funding requirements, along with general corporate purposes.

Founded in 2016, Kissht offers digital credit solutions focused on young consumers in the mass-market segment.

Shivani Nyati, Head of Wealth at Swastika Investmart, said the company witnessed a strong debut on Dalal Street with listing gains of around 11-12 per cent for investors. She attributed the healthy market response to strong institutional participation and broad-based investor interest across categories.

Nyati added that the stock may remain volatile following the sharp listing gains and advised investors to keep a stop loss at ₹178 to manage downside risk.