OnEMI Technology Solutions Limited IPO opens on April 30, 2026 and closes on May 5, 2026. The IPO offers investors exposure to India’s growing digital lending ecosystem through its platform Kissht. This detailed IPO review covers financials, valuation, risks, and expert view to help investors make informed decisions.
IPO Details
Issue Opening Date: April 30, 2026
Issue Closing Date: May 5, 2026
Issue Size: ₹ 925.92 Cr
Fresh Issue: ₹ 850.00 Cr
Offer for Sale: ₹ 75.92 Cr
Face Value: ₹ 1
Price Band: ₹ 162 – ₹171
Lot Size: 87 shares
Minimum Investment: ₹ 14,877
Maximum Retail Investment: ₹ 1,93,401
Small HNI: ₹ 2,08,278
Big HNI: ₹ 10,11,636
Company Overview
Incorporated in 2016, OnEMI Technology Solutions Limited operates a digital lending platform under the brand Kissht. The company focuses on providing quick, accessible and personalized credit solutions to India’s mass market segment.
63.73 million registered users (as of Dec 2025)
11.17 million customers served
Net Promoter Score: 95
2.87 million active customers
AUM: ₹5,955.75 Cr
The platform targets young, digitally savvy individuals with an average age of 32 years and a median CIBIL score of 746. A significant portion of customers earn between ₹25,000 to ₹75,000 monthly.
Industry Overview
India’s retail lending sector is witnessing strong growth but remains underpenetrated compared to developed economies. The rise of digital lending platforms, AI underwriting and financial inclusion is driving rapid expansion.
Financial Highlights
Revenue CAGR (FY23–FY25): 16.6%
AUM CAGR: 79.53%
PAT CAGR: 140.95%
Despite strong long-term growth, both revenue and PAT declined between FY24 and FY25, raising concerns about consistency.
Objects of the Issue
₹637.5 Cr for capital infusion into subsidiary Si Creva
General corporate purposes
Offer for sale of 4,439,788 equity shares
Strengths of the Company
Large customer base through multi-channel acquisition
Advanced AI/ML-based underwriting improving asset quality
Diversified funding sources with 47 lenders
Scalable cloud-native technology platform
Experienced leadership backed by marquee investors
Risk Factors
Highly regulated sector
High unsecured loan exposure
Negative operating cash flows in past
Dependency on NBFC partners
Revenue volatility
Contingent liabilities of ₹1,793.49 Cr
Geographic concentration risk
Interest rate volatility impact
Higher default risk in unsecured lending
Valuation & Price Band
Implied Market Cap: ~₹2,881 Cr
P/BV: 0.74x
P/E: ~10x (annualized FY26)
Industry P/E: ~31x
The IPO appears attractively priced relative to industry peers, but risks associated with unsecured lending must be considered.
IPO Timeline
Opening Date: April 30, 2026
Closing Date: May 5, 2026
Our View / Recommendation
The company operates in a high-growth segment with strong technology capabilities and expanding customer base. However, risks such as unsecured lending exposure, regulatory challenges and earnings volatility cannot be ignored.
Recommendation: Long Term Investment for High Risk Investors
Frequently Asked Questions (FAQs)
What does the company do?
It provides digital loans through its platform Kissht.
What is the IPO price band?
₹162 to ₹171 per share.
What are the key risks?
Unsecured lending exposure, regulatory risks and revenue volatility.
What are the objectives of the issue?
Capital infusion into subsidiary and general corporate purposes.
Is it suitable for long-term investors?
Yes, but only for investors with high risk appetite.
Brief Financials
| PARTICULARS |
₹ in Million |
As at
Dec 30, 2025 |
FY ‘25 |
FY ‘24 |
FY ‘23 |
| Total Income |
15,839.28 |
13,526.88 |
17,003.02 |
10,015.05 |
| Total Expenditure |
13,174.86 |
11,364.24 |
14,328.61 |
9,775.52 |
| EBITDA |
4,884.53 |
4,033.68 |
3,589.58 |
977.11 |
| Profit before Tax |
2,664.42 |
2,162.64 |
2,674.41 |
239.53 |
| Profit after Tax |
1,992.69 |
1,606.21 |
1,972.90 |
276.67 |
| E.P.S. (Diluted) |
15.16 |
12.79 |
15.54 |
2.50 |
| P/E (x) (Diluted) |
- |
13.37 |
- |
- |
| RONW (%) |
21.18 |
15.97 |
24.52 |
4.89 |
| Net NPA (%) |
0.38 |
0.25 |
0 |
0 |
*Not Annualised
PRICE CHART (@ ₹ 171) (Retail Category)
| LOT SIZE |
| Amount |
| 87 |
14,877 |
| 174 |
29,754 |
| 261 |
44,631 |
| 348 |
59,508 |
| 435 |
74,385 |
| 522 |
89,262 |
| 609 |
104,139 |
| 696 |
119,016 |
| 783 |
133,893 |
| 870 |
148,770 |
| 957 |
163,647 |
| 1,044 |
178,524 |
| 1,131 |
193,401 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
1,218 |
208,278 |
| Big HNI |
5,916 |
1,011,636 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
6/5/2026 |
| Initiation of refunds/unblocking ASBA Fund |
7/5/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
7/5/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
8/5/2026 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
