Kissht Parent OnEMI Technology Solutions Sees 60% Subscription on Day 3 as ₹925.92 Crore IPO Nears Close

Key facts

• OnEMI Technology Solutions IPO totals ₹925.92 crore, comprising a fresh issue of ₹850 crore and an OFS of ₹75.92 crore.
• The price band is set at ₹162 to ₹171 per share, with a lot size of 87 shares, requiring a minimum investment of ₹14,877.
• Anchor investors committed ₹277.78 crore on April 29, acquiring 1,62,44,216 shares at ₹171 apiece, the top of the price band.
• Seven domestic mutual funds, including HDFC Mutual Fund and ICICI Prudential, picked up 57% of the anchor round via 13 schemes.
• The IPO closes on May 5, 2026; allotment is expected on May 6, and listing on NSE and BSE is scheduled for May 8.
• Kissht's operating revenue fell over 20% to ₹1,337.5 crore in FY25, while net profit dropped 18.6% to ₹160.6 crore.
• In the nine months of FY26 ending December 31, 2025, the company reported a PAT of ₹199.3 crore on revenue of ₹1,569.9 crore.
• Proceeds from the fresh issue will be used to augment the capital base of its unit Si Creva and for general corporate purposes.

A Calculated Bet Amid Market Volatility

OnEMI Technology Solutions, the parent company of digital lending platform Kissht, is pressing ahead with its initial public offering even as geopolitical tensions in West Asia and public market volatility rattle investors. The IPO, which opened for subscription on May 3, 2026, has entered its third and final day with 60% of the issue subscribed so far, according to exchange data. The company's decision to list now is not a matter of timing the market but of internal readiness."Internal readiness, not external timing, should drive listing decisions," Singh said, arguing that the firm's financial discipline and product diversification make it resilient enough to go public even in uncertain conditions.

Anchor Investors Signal Confidence

A day before the IPO opened, anchor investors committed ₹277.78 crore to the offering, acquiring 1,62,44,216 equity shares at ₹171 per share — the upper end of the price band. Of the total anchor allocation, 92.6 lakh shares, or 57%, were picked up by seven domestic mutual funds through 13 schemes. Among the participating funds were HDFC Mutual Fund, ICICI Prudential, Whiteoak Capital, and Bandhan Bank. The strong anchor interest stands in contrast to the company's recent financial performance, which saw a dip in both revenue and profit. However, Singh and the management team argue that the headline numbers mask a deliberate strategic pivot toward longer-tenure, higher-yield loans and tighter underwriting standards.

The Numbers Behind the Pivot

Kissht's operating revenue fell over 20% in fiscal year 2025, from ₹1,674.5 crore in FY24 to ₹1,337.5 crore. Net profit slid 18.6%, from ₹197.3 crore to ₹160.6 crore. The decline was largely driven by the Reserve Bank of India's decision to raise risk weights on unsecured loans from 100% to 125%, increasing the cost of capital for digital lenders. In response, Kissht pulled back from low-value, short-tenure loans that had been driving growth and reevaluated its digital lending partnerships. The result, is a leaner but more profitable business. In the nine months of fiscal year 2026 ending December 31, 2025, the company reported a profit after tax of ₹199.3 crore on revenue of ₹1,569.9 crore — a trajectory that suggests the strategy is beginning to pay off.

IPO Structure and Use of Funds

The total issue size is ₹925.92 crore, comprising a fresh issue of equity shares valued at ₹850 crore and an offer for sale of 44,39,788 equity shares aggregating to ₹75.92 crore by existing shareholders. The price band is fixed at ₹162 to ₹171 per share, with a lot size of 87 shares, requiring a minimum investment of ₹14,877. Proceeds from the fresh issue will be used to augment the capital base of its unit Si Creva, to meet future funding requirements, and for general corporate purposes. The book-running lead managers for the issue are JM Financial Limited, HSBC Securities and Capital Markets (India) Private Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited, and Centrum Broking Limited. KFin Technologies Limited is the registrar.

Regulatory Scrutiny and Industry Context

The IPO comes at a time of heightened regulatory scrutiny for India's digital lending industry. The RBI's tightening of norms for unsecured loans has forced many players to recalibrate their business models. Kissht, which operates its own non-banking financial company, has had to navigate these changes while maintaining growth. Founded in 2016, OnEMI Technology Solutions operates under the brand names Kissht and Ring, offering digital credit solutions focused on young consumers in the mass market segment. The company's ability to sustain scale post-listing will depend on its disciplined growth, diversified products, and risk controls.

Timeline: Allotment and Listing

The bidding window for the OnEMI Technology Solutions IPO will close on Tuesday, May 5, 2026. The allotment process is expected to be finalised on Wednesday, May 6, and the shares are tentatively scheduled to list on both the National Stock Exchange and the Bombay Stock Exchange on Friday, May 8. Investors can check the allotment status on the NSE's website by selecting the 'Equity & SME IPO bid details' option. The company's decision to list on both exchanges is expected to provide liquidity and broad market access.

Outlook: A Test of Discipline Over Hype

Kissht's IPO is a test of whether a digital lender can win investor confidence by prioritising profitability over growth in a challenging regulatory environment. The strong anchor interest suggests that institutional investors are willing to bet on the company's revised strategy, but the retail response — reflected in the 60% subscription on day three — remains cautious. For Singh and his team, the real story is not the dip in FY25 numbers but the recovery in FY26. If the company can sustain its current profit trajectory, the IPO could mark a turning point for a sector that has been under pressure from both regulators and market sceptics.

The bottom line

• OnEMI Technology Solutions (Kissht) IPO closes on May 5, 2026, with a total issue size of ₹925.92 crore.
• Anchor investors, including seven domestic mutual funds, committed ₹277.78 crore at the top price band of ₹171 per share.
• The company's FY25 revenue fell 20% to ₹1,337.5 crore due to RBI's tighter unsecured loan norms, but FY26 nine-month PAT rose to ₹199.3 crore.
• Proceeds from the fresh issue will boost the capital base of unit Si Creva and fund general corporate purposes.
• Listing on NSE and BSE is scheduled for May 8, 2026, with allotment expected on May 6.
• The IPO tests whether a disciplined, profitability-focused digital lender can attract public market support amid regulatory headwinds.