OnEMI Technology Solutions IPO is a book-built issue with a total size of ₹925.92 crore. The entire issue consists of a fresh issue of 4.97 crore shares aggregating and offer for sale of 0.44 crore shares aiming to raise funds for the company’s business needs. The IPO opens for subscription on April 30, 2026, and will close on May 5, 2026.
The basis of allotment is expected to be finalised on May 6, 2026, and the shares are likely to be listed on NSE and BSE on May 8, 2026. The price band for the issue is set between ₹162 and ₹171 per share, offering investors an entry at different levels.
The minimum application size is 87 Shares, making the minimum investment for retail investors ₹14,877 at the upper band. For HNI investors, the minimum lot size is 14 lots, equivalent to 1,218 shares, amounting to ₹₹2,08,278.
JM Financial LImited is acting as the book running lead manager, while Kfin Technologies Limited has been appointed as the registrar to the issue.
OnEMI Technology Solutions IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funds will be used for augmenting the capital base of subsidiary, Si Creva, to meet its future capital requirements arising out of the growth of Subsidiary, Si Crevas, business
- Remaining funds will be used for general corporate purposes.
About OnEMI Technology Solutions Limited
OnEMI Technology Solutions Limited, operating under the brand Kissht, is a technology-enabled lending company in India that provides digital credit solutions through its mobile application for consumption and business purposes. The company offers loan products designed to meet varying customer needs across different use cases.
The company focuses on individuals in the mass market segment, particularly younger, digitally connected users with limited access to traditional credit. As of December 31, 2025, it had 63.73 million registered users and had served 11.17 million customers. Its lending portfolio included over 2.87 million active customers, with assets under management (AUM) of ₹59,557.53 million.
During the nine months ended December 31, 2025, the company’s customer base had an average age of 32 years and a median CIBIL score of 746. A majority of its customers reported monthly incomes between ₹25,000 and ₹75,000, and a significant portion resided in the top 50 cities in India.
The company’s mobile application is available on both Android and iOS platforms. As of March 31, 2026, it had user ratings of 4.6 on the Google Play Store based on over 1.25 million reviews, and 4.3 on the Apple App Store.
The company operates a granular loan book and aims to address gaps in access to credit faced by segments that have historically been underserved by conventional financial institutions, including challenges related to limited credit history and lack of tailored financial products.
Industry Outlook
- India’s macroeconomic growth trajectory, supported by urbanization, rising incomes, and expanding domestic demand, is expected to drive sustained growth in financial services and digital lending. The country is projected to become the world’s third-largest economy by 2029P.
- A declining dependency ratio and a young median age are increasing the size of the working-age population, contributing to higher disposable incomes and greater demand for credit, particularly among first-time borrowers.
- The mass-market segment is expanding and is projected to reach approximately 572 million people by Fiscal 2030, supported by economic mobility, education, and employment growth, creating a large addressable market for lenders.
- Increased adoption of digital channels is driving retail loan originations within the mass-market segment, with a significant share of borrowers accessing credit through mobile-based platforms and fintech solutions.
- Structural reforms such as GST implementation, digitization of public infrastructure, and expansion of social security systems are contributing to the formalization of the economy, improving credit visibility and underwriting capabilities.
- Growth in tax filings, digital records, and workforce formalization is enhancing data availability, enabling lenders to assess creditworthiness more effectively, particularly for customers with limited traditional credit histories.
- The financial services ecosystem, including insurance and lending, is becoming more diversified and competitive, supported by regulatory developments, increased participation of private players, and continued integration with global markets.
How To Apply for the OnEMI Technology Solutions IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the OnEMI Technology Solutions IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of OnEMI Technology Solutions IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of OnEMI Technology Solutions Limited
Registered office: 10 th Floor,Tower 4,Equinox Park, LBS Marg, Kurla (West),
Mumbai, Maharashtra, 400070
Phone: +91 22 6947 5600
E-mail: compliance@kissht.com
OnEMI Technology Solutions IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
OnEMI Technology Solutions IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 87 | ₹14,877 |
| Retail (Max) | 13 | 1,131 | ₹1,93,401 |
| S-HNI (Min) | 14 | 1,218 | ₹2,08,278 |
| S-HNI (Max) | 67 | 5,829 | ₹9,96,759 |
| B-HNI (Min) | 68 | 5,916 | ₹10,11,636 |
OnEMI Technology Solutions IPO Promoter Holding
The promoters of the company include Ranvir Singh and Krishnan Vishwanathan.
| Share Holding Pre-Issue | 32.30% |
| Share Holding Post Issue | 23.33% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for OnEMI Technology Solutions IPO
| KPI | 31-Dec-25 |
| ROE | 23.51% |
| Debt/Equity | 1.63 |
| RoNW | 21.18% |
OnEMI Technology Solutions IPO Registrar and Lead Managers
OnEMI Technology Solutions IPO Lead Managers
- JM Financial LImited
Registrar for OnEMI Technology Solutions IPO
Kfin Technologies Limited
- Contact Number: 04067162222, 04079611000
- Email Address: kissht.ipo@kfintech.com
Financial Performance of OnEMI Technology Solutions Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Total Income (in ₹ lakh) | 135,268.80 | 170,030.20 | 100,150.50 |
| Profit After Tax (in ₹ lakh) | 16,062.10 | 19,729.00 | 2,766.70 |
| Net Worth (in ₹ lakh) | 100,599.40 | 80,456.90 | 56,623.40 |
| Return on Equity (%) | 17.74 | 28.78 | 6.93 |
| Return on Assets (%) | 7.14 | 12.85 | 3.25 |
| Earnings Per Share (Diluted) (₹) | 12.79 | 15.54 | 2.5 |
| Cost to Income Ratio (%) | 54.3 | 45.54 | 65.82 |
OnEMI Technology Solutions Limited Peer Comparison
| Company Name | Revenue FY 2024-25 (₹ lakh) | ROA (%) | ROE (%) | PAT FY 2024-25 (₹ lakh) |
| OnEMI Technology Solutions Limited | 135,268.80 | 7.14 | 17.74 | 16,062.10 |
| Cholamandalam Investment and Finance Company Limited | 2,605,476.00 | 2.4 | 19.8 | 425,853.00 |
| HDB Financial Services Limited | 1,630,028.00 | 2.16 | 14.72 | 217,590.00 |
| SBI Cards & Payment Services Limited | 1,863,715.00 | 3.1 | 14.6 | 191,641.00 |
Strengths and Opportunities of OnEMI Technology Solutions Limited
- The company has built a large customer base, with 63.73 million registered users and 11.17 million customers as of December 31, 2025, supported by a multi-channel acquisition strategy.
- It follows a diversified acquisition model, combining digital channels such as search engines, social media, and affiliate platforms with an offline-to-online (O2O) approach through credit QR deployments.
- The company has established a merchant-led distribution network, with over 52,000 active merchants enabling customer onboarding and credit access at physical touchpoints.
- Its platform is integrated with an API-first architecture, allowing partnerships with third-party platforms and participation in the embedded finance ecosystem.
- The company demonstrates repeat customer engagement, with approximately 50.62% of AUM contributed by repeat users, indicating continued usage of its credit products.
- It has implemented a data-driven risk management framework, using machine learning models across underwriting, fraud detection, and collections.
- The risk infrastructure includes a dedicated data science team and multiple analytical models, supporting credit assessment beyond traditional scoring methods.
- The company maintains diversified funding access and institutional backing, along with an experienced management team, supporting operational scalability and capital availability.
Risks and Threats of OnEMI Technology Solutions Limited
- Anti-takeover provisions under Indian regulations, including SEBI Takeover Regulations and RBI approval requirements, may deter or delay a change in control, even if it could be beneficial to shareholders.
- The offer price determined through the book-building process may not reflect the post-listing market price, and the share price could decline after listing.
- Valuation metrics such as price-to-earnings ratio and market capitalization multiples may not be comparable with peers, which may affect investor perception and trading performance.
- The company’s key performance indicators may not improve or remain competitive relative to industry peers, which could impact market valuation.
- Transitioning to a publicly listed entity may increase compliance, reporting, and governance requirements, potentially straining management bandwidth and resources.
- The offer may not be completed if minimum subscription thresholds are not met or if listing approvals are not obtained, resulting in refund obligations.
- Future issuance of equity shares or convertible instruments may lead to dilution of existing shareholders’ ownership and could impact share price.
- Investors may face limitations in exercising pre-emptive rights under certain jurisdictions, which could result in dilution of their proportional ownership.
