Kissht parent OnEMI's IPO to open next week; ₹1,000 crore fresh issue on offer

The initial public offering (IPO) of OnEMI Technology Solutions, the parent of digital lending platform Kissht, is set to open for subscription next week. The Mumbai-based company is expected to announce its price band and issue size details tomorrow, sources close to the development told Fortune India.

As per the IPO document filed with the Securities and Exchange Board of India (Sebi), the issue comprises a fresh equity issuance of ₹1,000 crore along with an offer for sale (OFS) of up to 0.89 crore equity shares by existing shareholders.

OnEMI had filed its draft red herring prospectus (DRHP) with the Sebi in August last year and received regulatory approval in January 2026.

The company plans to utilise ₹750 crore from the fresh issue to strengthen the capital base of its NBFC arm, Si Creva Capital Services, to support future lending requirements. The remaining ₹250 crore will be used for general corporate purposes.

The company has reserved up to 50% of the net offer for qualified institutional buyers, up to 35% for retail investors, and remaining 15% for non-institutional investors.

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 significantly, 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.

The IPO will be managed by JM Financial, HSBC Securities and Capital Markets (India), Nuvama Wealth Management, SBI Capital Markets, and Centrum Capital as book-running lead managers, while Kfin Technologies has been appointed as the registrar.