After garnering ₹926 crore through its initial public offering (IPO), shares of OnEMI Technology, the parent company of digital lending platform Kissht, made a positive debut on the domestic bourses on Friday. The fintech stock debuted at ₹191 on the BSE, a premium of 11.70% over the issue price of ₹171 apiece, with a market capitalisation of ₹3,218 crore.

On the NSE, OnEMI Technology shares opened at ₹190, up 11.11% over the IPO price. Meanwhile, the benchmark indices, BSE Sensex and NIFTY 50, were trading lower by 0.6% each.

The listing of the OnEMI Technology IPO was broadly in line with Street expectations, as the stock was commanding a grey market premium of 15.79% in the unlisted market. Ahead of the listing, the stock was trading at ₹198 in the grey market, up ₹27 over the issue price.

IPO subscribed 9.49 times

The IPO of OnEMI Technology, which opened for bidding from April 30 to May 5, was subscribed 9.49 times, receiving bids for 37.75 crore shares worth ₹6,456 crore against the 3.97 crore shares on offer.

Offered at a price band of ₹162-171 per share, the issue sailed through on the final day of bidding after receiving muted demand in the first two days, driven by strong demand from qualified institutional buyers (QIBs).

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 QIBs, up to 35% for retail investors, and the remaining 15% for NIIs.

Founded in 2016, OnEMI Technology primarily operates 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, the company had 53.23 million registered users and had served 9.16 million customers. It also reported more than 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 in the last fiscal year.

The firm’s balance sheet also expanded during 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 FY25.

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