On the first day of its IPO subscription, OnEMI Technology Solutions, the parent of lending tech company Kissht, has recorded a 20% overall subscription. Qualified institutional buyers showed the most enthusiasm, subscribing their quota by 58%, while retail and non-institutional investors lagged behind.
- 20% overall IPO subscription on day one
- Qualified institutional buyers lead with 58% subscription
- IPO values company around ₹2,881 crore at top price band
What happened
OnEMI Technology Solutions, the parent company of lending tech platform Kissht, launched its initial public offering (IPO) which saw a 20% subscription of shares by mid-day on the first day. Investors placed bids for 79.66 lakh shares against the total offer of 3.98 crore shares on offer.
The demand was most robust among qualified institutional buyers (QIBs), who subscribed to 58% of their allotted shares, bidding for 65.50 lakh shares out of the 1.13 crore shares reserved for them. Non-institutional and retail investors lagged behind, with subscriptions of 7% and 4% respectively.
Why it matters
The IPO price band set between ₹162 to ₹171 places the company’s valuation at about ₹2,881 crore ($294 million) at the upper price. This public offering is crucial for Kissht as it plans to bolster the capital base of its non-banking financial company (NBFC) Si Creva and fund its broader corporate expenses including IT and capital expenditure.
Pre-IPO anchor investors, including top institutional players like HDFC Mutual Fund, ICICI Prudential, and Bandhan Bank, have already committed ₹277.8 crore in stakes. This early institutional support suggests confidence in the company's future growth potential despite subdued retail demand.
What to watch next
Investor appetite beyond day one, especially from retail and non-institutional segments, will be a key indicator of market sentiment toward lending technology stocks amid evolving fintech regulations in India. The relatively low retail subscription on day one could point to caution among smaller investors.
Financially, Kissht reported a profit after tax of ₹199.3 crore for the first nine months of FY26 but showed decline in full-year profitability and revenue for FY25 compared to FY24. Monitoring upcoming quarterly results and operational updates will be vital to assess the company's ability to sustain growth and expansion plans funded by this IPO.