OnEMI Technology Solutions Limited, the company behind the popular digital lending platform Kissht, has launched its much-awaited Initial Public Offering (IPO) in the Indian primary market. The IPO, valued at approximately ₹925.92 crore, has attracted strong attention from retail and institutional investors due to the growing popularity of digital lending and fintech services in India.

The IPO subscription window opened on April 30, 2026, and will remain open until May 5, 2026. The allotment process is expected to be completed on or around May 6, 2026, while the shares are likely to be listed on the BSE on May 8, 2026.

The IPO comes at a time when India’s fintech ecosystem continues to expand rapidly, driven by rising smartphone penetration, digital payments adoption and increasing access to online credit services.

However, despite the excitement surrounding the issue, the Grey Market Premium (GMP) remains flat at around ₹0, indicating cautious sentiment among unofficial market participants.

IPO Structure and Key Details

The OnEMI Technology Solutions IPO is a Book Built Issue comprising both a fresh issue and an Offer for Sale (OFS).

Fresh Issue

The company is issuing approximately 4.97 crore fresh shares, aggregating to around ₹850 crore.

The proceeds from the fresh issue are expected to be used for:

• Business expansion
• Technology investments
• Lending operations
• Strengthening capital base
• General corporate purposes

Offer for Sale (OFS)

The IPO also includes an Offer for Sale of 0.44 crore shares, aggregating to approximately ₹75.92 crore.

Under the OFS portion, existing shareholders partially dilute their stake in the company.

IPO Price Band and Valuation

The company has fixed the price band for the IPO between ₹162 and ₹171 per share.

At the upper price band of ₹171 per equity share, the estimated market capitalisation of the company stands at approximately ₹2,881.06 crore.

The IPO lot size has been fixed at 87 shares.

Minimum Investment Requirements

For retail investors:

• Minimum application size: 1 lot
• Shares per lot: 87 shares
• Minimum investment amount: approximately ₹14,877

For High-Net-Worth Individuals (HNIs):

• Minimum application: 14 lots
• Total shares: 1,218 shares
• Minimum investment: approximately ₹2,08,278

IPO Management Details

Several leading investment banking and financial institutions are managing the IPO.

The Book Running Lead Managers are:

• JM Financial Limited
• HSBC Securities and Capital Markets (India) Private Limited
• Nuvama Wealth Management Limited
• SBI Capital Markets Limited
• Centrum Broking Limited

Meanwhile, KFin Technologies Limited has been appointed as the registrar to the issue.

About OnEMI Technology Solutions Limited

OnEMI Technology Solutions Limited is a fintech company operating in the digital lending sector.

The company is best known for its lending platform Kissht, which provides:

• Personal loans
• Instant EMI financing
• Loan Against Property (LAP)
• Consumer lending solutions

The company also operates through platforms like:

• Kissht
• Pay with Ring

Its services are primarily targeted toward India’s mass-market consumers, including individuals who may have limited access to traditional banking credit.

Business Model Explained

The company follows a digital-first lending model.

It generates revenue through multiple sources, including:

Interest Income

The company earns interest on loans provided to customers through its platform.

Loan Origination Fees

It earns fees for originating loans and connecting borrowers with lending partners.

Customer Acquisition Services

The company helps financial institutions acquire customers digitally and earns service income.

Fintech Partnerships

OnEMI collaborates with banks, NBFCs and other lenders for loan distribution and financial services.

This diversified revenue structure allows the company to build multiple income streams within the fintech ecosystem.

India’s Growing Digital Lending Market

India’s digital lending industry has witnessed rapid growth in recent years.

Several factors are driving this expansion:

• Rising smartphone usage
• Affordable internet access
• UPI adoption
• Growing demand for instant credit
• Expansion of digital banking

Consumers increasingly prefer quick and paperless loans over traditional lengthy bank approval processes.

Fintech platforms like Kissht are benefiting from this shift.

Importance of Instant EMI Solutions

One of the company’s major offerings is instant EMI financing.

This allows customers to:

• Purchase products on EMI
• Access short-term credit instantly
• Make digital purchases without traditional credit cards

The growing popularity of online shopping and digital commerce is supporting demand for such financing products.

Loan Against Property Segment

Apart from unsecured personal loans, the company also provides Loan Against Property (LAP) products.

LAP products are generally considered more stable because they are backed by collateral.

This segment may help the company diversify risk compared to relying entirely on unsecured lending.

Flat Grey Market Premium Raises Questions

Despite operating in a high-growth fintech sector, the IPO’s Grey Market Premium remains around ₹0.

This suggests that grey market traders are currently not expecting major listing gains.

A flat GMP can indicate:

• Balanced demand and supply
• Investor caution
• Concerns about valuation
• Profitability-related worries
• Broader market uncertainty

However, GMP is unofficial and does not always predict actual stock performance after listing.

The company itself has clarified that GMP information is meant only for educational and informational purposes.

Fintech Sector Under Investor Spotlight

India’s fintech industry continues to attract investor interest because of its long-term growth potential.

The sector includes:

• Digital payments
• Online lending
• Insurance technology
• Wealth management
• Buy Now Pay Later (BNPL)
• Embedded finance

Digital lending platforms especially gained popularity after the pandemic due to increased online financial activity.

However, investors are now focusing more on:

• Profitability
• Asset quality
• Credit risk management
• Regulatory compliance
• Sustainable growth

rather than just rapid expansion.

Risks Investors Should Consider

While the company operates in a promising industry, there are several risks investors should evaluate carefully.

Credit Risk

Digital lenders face the risk of customer loan defaults, especially in unsecured lending.

Higher defaults can impact profitability significantly.

Regulatory Risks

The fintech sector is closely monitored by:

• Reserve Bank of India (RBI)
• Financial regulators
• Data protection authorities

Any regulatory tightening may affect business operations.

Competition

The digital lending market is highly competitive.

The company competes with:

• Banks
• NBFCs
• Fintech startups
• Buy Now Pay Later companies
• Payment platforms

Technology Dependence

As a digital platform, the company relies heavily on:

• Mobile applications
• Data systems
• Cybersecurity infrastructure
• Technology uptime

Operational disruptions could affect customer trust.

Strengths of OnEMI Technology Solutions

Despite risks, the company also possesses several strengths.

Strong Digital Presence

Platforms like Kissht have gained recognition in the fintech market.

Large Addressable Market

India’s underbanked and credit-hungry population creates strong long-term demand potential.

Diversified Revenue Sources

The company earns through:

• Lending
• Partnerships
• Customer acquisition
• EMI financing

Fintech Ecosystem Expansion

The digital finance ecosystem in India is expected to grow steadily over the coming years.

IPO Market Environment in India

The Indian IPO market has remained active in 2026 despite market volatility.

Fintech IPOs continue to receive attention due to India’s digital economy growth story.

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