- Price band
- ₹162 – ₹171
- Issue size
- ₹926 Cr
- Lot size
- 87 sh
- Bidding
- 30 Apr – 5 May
- Grey market
- —
Face value ₹1.00
92% fresh capital
Lists 8 May 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
OnEMI Technology Solutions runs the Kissht and Ring consumer-finance apps, with the loans written by its NBFC subsidiary Si Creva Capital Services; the record states 63.73 million registered users and assets under management of Rs 5,955.75 Cr as at 31 December 2025. Revenue was Rs 1,001.51 Cr in FY23 and Rs 1,700.30 Cr in FY24, then Rs 1,352.69 Cr in FY25, a fall of 20.44%, while EBITDA over the same three years was Rs 97.71 Cr, Rs 358.96 Cr and Rs 403.37 Cr. The Rs 925.92 Cr issue (Rs 850 Cr fresh, Rs 75.92 Cr offer for sale) was priced at Rs 162-171 and the book on the closing day, 5 May 2026, stood at 9.96 times overall. It listed at Rs 190 against the band top of Rs 171 and last traded at Rs 309.15 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
A trade-off in both directions
63% of the scoring model was backed by disclosed data for OnEMI Technology, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2016 · Mumbai, Maharashtra
OnEMI Technology Solutions runs two consumer finance apps in India: Kissht, which lends money, and Ring, which lets shoppers pay in instalments at online and offline stores. Through Kissht it offers unsecured personal loans, business loans to small merchants and MSMEs, and loans secured against property. The loans themselves are written by Si Creva Capital Services, the group's NBFC subsidiary, which holds the lending licence; OnEMI also arranges loans that sit on partner lenders' books. Borrowers apply on a phone, are scored by the company's own underwriting models, and are funded without visiting a branch. As of 31 December 2025 the company reported 63.73 million registered users, 11.17 million customers served, and assets under management of Rs 5,955.75 crore.
Income is interest and fees on loans its NBFC subsidiary Si Creva holds on its own books, plus commissions on loans originated for partner lenders. The main costs are borrowing and credit losses, so the business is the spread between lending yield and funding cost. Total income was Rs 1,352.69 crore in FY25 with PAT of Rs 160.62 crore; for the nine months to 31 December 2025, income was Rs 1,583.93 crore and PAT Rs 199.27 crore. Growth consumes capital — borrowings reached Rs 2,047.52 crore by 31 December 2025 — and about 94% of AUM is unsecured, leaving the book exposed to funding costs and credit cycles. Rs 637.50 crore of the fresh issue was earmarked to recapitalise Si Creva.
The company on paper
- Legal name
- OnEMI Technology Solutions Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 18 Jun 2016
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U72900MH2016PLC282573
- Sector
- Financials · Digital consumer and MSME lending through an in-house NBFC
- Registered office
- Mumbai, Maharashtra
- Promoters
- Ranvir Singh, Krishnan Vishwanathan
- Promoter holding, pre-issue
- 32.3%
- Promoter holding, post-issue
- 23.3%
- Website
- kissht.com
The numbers
Financial performance
Revenue has compounded at 16.2% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
92% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹850 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹75.92 Cr
- Total issue size
- ₹926 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 9.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹171.00
- Listed at
- ₹190.00
- Listing gain
- up 11.1%
- Since listing
- up 60.4%
- Against the issue price
- up 78.2%
Trading at ₹304.75 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 87
- At cut-off price
- ₹171.00
- Amount blocked
- ₹14,877
One lot is 87 shares at ₹14,877. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~47%
chance of one lot, per application
- Retail subscription
- 2.13×
- Applicants per share available
- 2.1× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹190.00
listed at, 11.1% against the issue price
- Issue price
- ₹171.00
- Premium said
- —
- If allotted 87 shares
- ₹1,653
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA increased at each step the record carries, from Rs 97.71 Cr in FY23 to Rs 358.96 Cr in FY24 and Rs 403.37 Cr in FY25, and was Rs 488.45 Cr for the nine months to 31 December 2025. Set against revenue of Rs 1,001.51 Cr, Rs 1,700.30 Cr, Rs 1,352.69 Cr and Rs 1,583.93 Cr, those are EBITDA margins of 9.76%, 21.11%, 29.82% and 30.84%.
- Net worth increased at each step the record carries, from Rs 566.23 Cr at FY23 to Rs 804.57 Cr at FY24, Rs 1,005.99 Cr at FY25 and Rs 1,254.34 Cr at 31 December 2025.
- Revenue for the nine months to 31 December 2025 was Rs 1,583.93 Cr, above the Rs 1,352.69 Cr reported for the whole of FY25, and nine-month PAT of Rs 199.27 Cr was above full-year FY25 PAT of Rs 160.62 Cr. Nine months is not a year: annualised pro rata, that revenue figure would be Rs 2,111.91 Cr, which is my annualisation of the Rs 1,583.93 Cr nine-month number and not a reported figure.
- The issue totalled Rs 925.92 Cr, of which Rs 850 Cr was fresh capital and Rs 75.92 Cr, or 8.20%, an offer for sale. The record states that Rs 637.50 Cr of the fresh issue, 75.00% of it, was earmarked to recapitalise Si Creva, the subsidiary that holds the lending licence.
What to weigh against it
- Revenue fell from Rs 1,700.30 Cr in FY24 to Rs 1,352.69 Cr in FY25, down 20.44%, and PAT from Rs 197.29 Cr to Rs 160.62 Cr, down 18.59%.
- Borrowings increased at each step the record carries, from Rs 387.89 Cr at FY23 to Rs 784.30 Cr at FY24, Rs 1,507.58 Cr at FY25 and Rs 2,047.52 Cr at 31 December 2025. Against net worth of Rs 566.23 Cr, Rs 804.57 Cr, Rs 1,005.99 Cr and Rs 1,254.34 Cr, borrowings were 0.69, 0.97, 1.50 and 1.63 times net worth.
- The record's business description states that about 94% of assets under management is unsecured, and that the main costs are borrowing and credit losses; AUM is given as Rs 5,955.75 Cr at 31 December 2025.
- Promoter holding is recorded at 32.30% before the issue and 23.33% after, a fall of 8.97 percentage points.
Easy to miss in the prospectus
- The record carries no valuation block, no peer set, no anchor book and no category allocation, and expenses, total assets and operating cash flow are null for all four financial periods, so nothing in the record reconciles the EBITDA and PAT lines or reports asset quality.
- Subscription is recorded for the closing day only, 5 May 2026: QIB 25.97 times, NII 6.90 times, retail 2.13 times and 9.96 times overall. The earlier days of the 30 April to 5 May 2026 window are not in the record.
- The latest financial period in the record ends on 31 December 2025, while the last price, Rs 309.15, is dated 23 October 2026; no figures in the record cover the months in between.
Straight from the filing
Read it yourself
No official copy of the offer document has been linked here yet.
The paperwork
Who is running the issue
- Lead managers
- JM Financial Limited, HSBC Securities and Capital Markets (India) Private Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited, Centrum Broking Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Built from 13 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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