Kissht’s IPO has reached 60% subscription at the close of its second day of bidding, reflecting strong demand from qualified institutional buyers and moderate interest from other investor categories in India’s lending technology market.
- IPO subscribed 60% after two days, driven primarily by QIBs.
- Retail investor participation remains low at around 16%.
- IPO price band values Kissht near $294 million at the upper range.
What happened
Kissht’s public issue, managed by its parent OnEMI Technology Solutions, garnered bids on 2.38 crore shares out of 3.97 crore offered by the end of the second day of subscription. Institutional investors displayed strong enthusiasm, with the qualified institutional buyer (QIB) segment oversubscribing their reserved quota by 1.45 times, placing bids for 1.63 crore shares against 1.13 crore shares available.
Non-institutional investors (NIIs) subscribed to 50% of their reserved shares, while retail investors showed comparatively limited interest, subscribing to only 16% of their allotted shares. The IPO includes a fresh issue component worth ₹850 crore and an offer-for-sale of up to 44.4 lakh shares, with a price band set between ₹162 and ₹171.
Why it matters
Kissht operates as a digital lending technology platform, offering personal and business loans as well as insurance products, serving over 11 million registered customers as of December 2025. The company’s business model combines loan interest, processing fees, and commissions from insurance distribution, making it a notable player in India’s fintech ecosystem.
The current IPO aims to strengthen Kissht’s market presence with an implied valuation nearing ₹2,881 crore ($294.3 million) at the upper end of the price band. This offering comes on the back of a ₹277.78 crore anchor investment and amid a backdrop of fluctuating financial performance, including a recent decline in profitability and operating revenues compared to previous years.
What to watch next
Investor interest trends over the remaining subscription period will offer insights into market confidence in India’s lending tech sector and Kissht’s growth prospects. Monitoring retail investor participation, which remains subdued, will be critical to assessing broad public engagement with the listing.
Future financial disclosures post-IPO will also be key to evaluating the effectiveness of the capital raise in driving revenue growth and profitability improvement. Observers will look for how Kissht leverages the raised funds to compete within the expanding and competitive fintech lending market in India.