OnEMI Technology Solutions Limited, the fintech company operating digital lending platforms:

Kissht

and

Pay with Ring

has launched its:

Book Built IPO

worth approximately:

₹925.92 crore

The IPO consists of:

• A fresh issue of 4.97 crore shares aggregating to ₹850 crore
• An offer for sale (OFS) of 0.44 crore shares aggregating to ₹75.92 crore

The IPO subscription period opens on:

April 30, 2026

and closes on:

May 05, 2026

The allotment is expected to be finalized on:

May 06, 2026

while the tentative listing date on the:

BSE

is scheduled for:

May 08, 2026

The IPO is attracting strong market attention due to India’s rapidly expanding digital lending and fintech ecosystem.

About OnEMI Technology Solutions Limited

OnEMI Technology Solutions Limited operates in the:

Digital lending and fintech sector

The company primarily serves India’s:

Mass-market consumers

through digital financial products and lending services.

Its flagship platforms include:

• Kissht
• Pay with Ring

The company provides:

• Personal loans
• Loan against property (LAP)
• Instant EMI financing solutions

through mobile applications and digital channels.

Business Model of the Company

The company earns revenue from multiple fintech-related sources.

Interest Income

A significant portion of revenue comes from interest earned on lending products.

Loan Origination Services

The company earns fees through loan processing and origination activities.

Customer Acquisition Services

OnEMI also generates income by acquiring and onboarding customers for financial institutions and lending partners.

Fintech Partnerships

The company collaborates with lenders and financial institutions to distribute financial products digitally.

Growing Digital Lending Market in India

India’s digital lending sector has witnessed rapid expansion due to factors such as:

• Smartphone penetration
• Digital payments adoption
• Rising financial inclusion
• Growing demand for consumer credit
• Expansion of fintech ecosystems

Mass-market borrowers increasingly prefer digital credit products because of:

• Faster approvals
• Paperless processing
• App-based access
• EMI flexibility

Companies like OnEMI are attempting to capitalize on this growing demand.

IPO Details

IPO Size

The total IPO size stands at:

₹925.92 crore

This includes both fresh issue and offer for sale components.

Fresh Issue

The fresh issue component aggregates to:

₹850 crore

Offer For Sale (OFS)

The OFS component aggregates to:

₹75.92 crore

The OFS allows certain existing shareholders to partially divest their holdings.

Price Band

The IPO price band has been fixed at:

₹162 to ₹171 per equity share

Market Capitalisation

At the upper price band of ₹171 per share, the estimated market capitalization of the company will be approximately:

₹2,881.06 crore

Lot Size and Investment Requirements

Retail Investors

The minimum lot size is:

87 shares

Retail investors are required to invest a minimum of:

₹14,877

for:

1 lot

This relatively lower minimum investment may attract wider retail participation.

HNI Investors

High-Net-Worth Individuals (HNIs) must apply for a minimum of:

14 lots

equivalent to:

1,218 shares

requiring an investment of approximately:

₹2,08,278

IPO Management and Registrar

The IPO is being managed by multiple leading investment banking firms.

Book Running Lead Managers

The lead managers include:

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

Registrar

The registrar to the issue is:

KFin Technologies Limited

Grey Market Premium (GMP) Analysis

According to available market information, the:

Grey Market Premium (GMP)

for the OnEMI Technology Solutions IPO is currently estimated at:

₹0

This suggests neutral sentiment in the unofficial grey market.

Understanding GMP

Grey Market Premium is an unofficial indicator reflecting expected listing sentiment before shares officially trade on stock exchanges.

However:

• GMP is unregulated
• It depends on demand and supply
• It does not guarantee listing gains or losses

Investors are generally advised to focus more on fundamentals rather than unofficial GMP trends.

Strengths of OnEMI Technology Solutions

Strong Presence in Digital Lending

The company operates in one of India’s fastest-growing fintech segments.

Demand for digital credit products continues rising across urban and semi-urban markets.

Focus on Mass-Market Consumers

Serving India’s mass-market population provides access to a large addressable customer base.

Financial inclusion initiatives and digital adoption may further expand this opportunity.

Diversified Lending Products

The company offers multiple financial products including:

• Personal loans
• EMI financing
• Loan against property

which helps diversify revenue streams.

Technology-Driven Platform

App-based lending platforms can potentially improve:

• Customer acquisition
• Loan processing efficiency
• Scalability
• Data-driven underwriting

Risks Associated With the IPO

Regulatory Risks

The fintech and digital lending sector is closely monitored by:

Reserve Bank of India (RBI)

Regulatory changes related to:

• Lending norms
• Data privacy
• Digital credit
• Consumer protection

could impact business operations.

Credit Risk Exposure

Digital lending businesses face risks related to:

• Loan defaults
• Asset quality deterioration
• Economic slowdowns

Mass-market lending may carry higher credit risk compared to secured lending segments.

Competitive Industry

The digital lending industry includes strong competition from:

• Banks
• NBFCs
• Fintech startups
• Payment platforms

Competitive pressure may affect profitability and customer acquisition costs.

Dependence on Technology Infrastructure

The business relies heavily on:

• Mobile platforms
• Data systems
• Digital infrastructure

Technology disruptions or cybersecurity incidents could affect operations and reputation.

India’s Fintech Sector Continues Expanding

India has emerged as one of the world’s fastest-growing fintech markets.

Growth drivers include:

• UPI ecosystem expansion
• Digital payments growth
• Smartphone penetration
• Financial inclusion initiatives

Fintech companies are increasingly offering integrated digital financial services beyond traditional banking.

Consumer Lending Demand Rising

The demand for:

Instant credit and EMI financing

has grown significantly among younger consumers and digitally active users.

Buy-now-pay-later models and app-based financing solutions have become increasingly popular across India’s consumer economy.

Use of IPO Proceeds

The company is expected to utilize the fresh issue proceeds for:

• Business expansion
• Capital requirements
• Technology enhancement
• Lending operations
• General corporate purposes

Investors often monitor how effectively fintech firms deploy capital post-listing.

IPO Timeline

Investor Considerations

Investors evaluating the OnEMI Technology Solutions IPO may consider:

• Growth potential in digital lending
• Competitive fintech landscape
• Regulatory environment
• Valuation levels
• Asset quality performance
• Scalability of technology platforms

Fintech businesses often offer high-growth potential but may also carry elevated operational and regulatory risks.

Key Takeaways From OnEMI Technology Solutions IPO

₹925.92 Crore IPO Size

The issue includes both fresh issue and offer for sale components.

Operates Kissht and Pay with Ring

The company focuses on digital lending and EMI financing solutions.

Price Band Fixed at ₹162–₹171

The estimated market capitalization is ₹2,881.06 crore at the upper band.

GMP Currently Neutral

The grey market premium is estimated at ₹0.

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