OnEMI Technology’s Rs 926 cr IPO opens with steady GMP. Check price band, review and other details

The IPO of OnEMI Technology Solutions opened for subscription on Thursday, April 30, drawing early attention from investors amid a modest grey market premium of around 3%, indicating a cautious but positive sentiment ahead of listing. The issue, priced in the range of Rs 162–171 per share, aims to raise about Rs 926 crore, comprising a fresh issue of Rs 850 crore and an offer for sale of Rs 76 crore. The IPO will close on May 5, with listing expected in early May.

OnEMI, which operates the consumer lending platform Kissht, is a technology-led digital lender offering personal and business loans through a fully digital model. The company manages the entire loan lifecycle, from onboarding to collections, and earns through interest income as well as fees from lending partners.

The company has built scale rapidly, with over 6.3 crore users on its platform and a strong customer engagement profile. Its digital-first model, combined with partnerships and data-driven underwriting, has enabled it to expand access to credit, particularly among underserved segments.


Financially, the company has shown a mixed trend. Revenue stood at around Rs 1,352 crore in FY25, down from Rs 1,700 crore in the previous year, while profit came in at Rs 160.6 crore. However, margins have improved sharply, with EBITDA margin rising to nearly 30% from just under 10% two years ago.

The IPO proceeds will primarily be used to strengthen the capital base of its NBFC subsidiary, Si Creva, to support future loan growth, along with general corporate purposes.

At the upper end of the price band, the company is valued at around 10-12 times earnings and about 0.9 times book value, which appears discounted compared to larger peers such as Bajaj Finance and SBI Cards.

However, the business model carries inherent risks. A significant portion of the loan book -- over 90% -- is unsecured, exposing the company to higher credit risk, especially in a challenging macro environment.

In addition, growth depends heavily on customer acquisition and retention, while regulatory changes in digital lending could impact operations. The company also requires continuous capital infusion to sustain its lending growth.

Should you subscribe?

Brokerages have largely maintained a cautious stance on the issue. Swastika Investmart has assigned a "neutral" rating, noting that while valuations appear attractive and the digital lending model is differentiated, risks around unsecured lending and inconsistent financial performance cannot be ignored.

"The valuation is reasonable compared to peers, but the high exposure to unsecured loans and regulatory risks warrant a cautious approach. Investors may consider waiting for more consistent growth visibility," the brokerage said.

Equivision also highlighted that while the company has demonstrated strong asset quality and scalable growth potential through its AI-led platform, the sustainability of growth and exposure to credit risks remain key monitorables.