The ₹925.92-crore initial public offering (IPO) of OnEMI Technology Solutions Limited sailed through on the final day of bidding, driven by strong demand from qualified institutional buyers (QIBs). The issue saw muted demand in the first two days of bidding, with subscription at 0.25 times on Day 1 and 0.63 times on Day 2, before getting fully subscribed by around 12:30 PM on the final day.

Offered at a price band of ₹162–171 per share, the IPO was subscribed 9.49 times, receiving bids for 37.75 crore shares worth ₹6,456 crore against 3.97 crore shares on offer. Strong institutional participation helped lift the overall subscription, even as retail interest remained relatively moderate.

According to exchange data, the QIB portion was subscribed 24.87 times, with bids for 28.12 crore shares against 1.13 crore shares on offer. Within this segment, foreign institutional investors (FIIs) bid for 7.36 crore shares, while mutual funds and other institutions also saw robust participation.

The non-institutional investor (NII) segment was subscribed 6.57 times, led by strong interest from high-net-worth individuals (HNIs), where the ₹10 lakh-plus category was subscribed 8.18 times. The retail individual investor (RII) portion was subscribed 2.02 times.

The company had reserved up to 50% of the net offer for QIB, up to 35% for retail investors, and remaining 15% for NIIs.

In the grey market, the IPO’s premium rose after the issue closed, with shares trading at a premium of about 2.3%, or ₹4, over the upper price band, indicating expectations of modest listing gains.

Founded in 2016, OnEMI operates primarily through its digital platforms Kissht, which offers instant personal and small business loans, and Ring, a payments and credit app. The company enables both online and offline merchants to offer EMI-based payment solutions to customers, while Si Creva manages loan disbursement, KYC processes, and collections.

As of March 31, 2025, it had 53.23 million registered users and had served 9.16 million customers. It also reported over 1.9 million active borrowers and assets under management (AUM) of ₹4,086.6 crore.

However, its financial performance showed some moderation in FY25. Total income declined to ₹1,352.7 crore from ₹1,700.3 crore in the previous year, while profit after tax fell 19% to ₹160.6 crore. Despite this, the company’s net worth rose to ₹1,006 crore last fiscal.

The firm’s balance sheet has also grown over the year, with total assets increasing to ₹2,701 crore as of March 2025, compared with ₹1,796 crore a year earlier. Borrowings stood at ₹1,507.6 crore at the end of fiscal 2025-26.