OnEMI Technology Solutions IPO Review 2026: GMP, Price Band, Financials and Verdict

April 28, 2026
Posted by: sachet
Category: IPO

The OnEMI Technology Solutions IPO is one of the most anticipated fintech IPOs of 2026, opening for subscription on 30 April 2026 and closing on 5 May 2026. The OnEMI Technology Solutions IPO price band is set at Rs 162 to Rs 171 per share, with a total issue size of Rs 925.92 crore comprising a fresh issue of Rs 850 crore and an offer for sale of Rs 75.92 crore. Operating under the widely recognised Kissht and Ring brands, the OnEMI Technology Solutions IPO gives retail investors their first chance to participate in one of India’s leading digital lending platforms, backed by over 63.73 million registered users and an assets under management of Rs 5,955.75 crore as of December 31, 2025.

The OnEMI Technology Solutions IPO GMP as of 27 April 2026 stands at Rs 6 to Rs 7, indicating an expected listing premium of approximately 4 per cent over the upper price band of Rs 171. While the grey market signal for the OnEMI Technology Solutions IPO is mildly positive, investors should note that GMP is unofficial and highly volatile. A thorough review of the company’s financials, including a 20 per cent revenue decline in FY25, rising GNPA from 0.79 per cent in FY24 to 2.89 per cent in FY25, and negative operating cash flows in both FY24 and FY25, is essential before deciding whether to apply for the OnEMI Technology Solutions IPO.

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OnEMI Technology Solutions IPO Details at a Glance

IPO Open Date	30 April 2026
IPO Close Date	05 May 2026
Allotment Date	06 May 2026
Listing Date (Tentative)	08 May 2026 (BSE & NSE)
Price Band	Rs 162 to Rs 171 per share
Face Value	Rs 1 per share
Lot Size	87 shares
Minimum Investment (Retail)	Rs 14,877 (1 lot at upper band)
Issue Size	Rs 925.92 crore
Fresh Issue	Rs 850 crore (4.97 crore shares)
Offer for Sale	Rs 75.92 crore (44.39 lakh shares)
Issue Type	Book-Built Mainboard IPO
Listing Exchange	BSE and NSE
GMP (as of 27 April 2026)	Rs 6 to Rs 7 (approx +4%)
Registrar	KFin Technologies Limited
Lead Managers	JM Financial, HSBC Securities, Nuvama, SBI Capital, Centrum
QIB Quota	50%
NII Quota	15%
Retail Quota	35%

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About OnEMI Technology Solutions: The Kissht Story

OnEMI Technology Solutions, the company behind the OnEMI Technology Solutions IPO, was incorporated on 18 June 2016 and is headquartered at the 10th Floor, Tower 4, Equinox Park, LBS Marg, Kurla West, Mumbai 400070. The company was founded by Ranvir Singh (Founder and CEO) and Krishnan Vishwanathan (Co-Founder), both seasoned professionals with backgrounds in financial services and technology. The company was converted from a private limited company to a public limited company in 2025 ahead of this listing.

The business operates under two primary brands at the heart of the OnEMI Technology Solutions IPO story. Kissht is a digital lending platform offering personal loans to salaried and self-employed individuals, loans against property for MSME and salaried segments, and consumer EMI credit solutions for online and offline merchants. Ring is a payments application that provides EMI-based payment solutions enabling consumers to make purchases and split costs across instalments at partnered merchant outlets. The company’s NBFC subsidiary, Si Creva Capital Services, handles all regulated lending activities including loan disbursement, KYC verification and EMI collection, allowing the parent entity to operate as a pure technology provider.

As of December 31, 2025, the OnEMI Technology Solutions IPO company had 63.73 million registered users and served 11.17 million active customers. Its AUM stood at Rs 5,955.75 crore. The platform has a Play Store rating of 4.6 stars from over one million reviews and a net promoter score of 91, both significantly high benchmarks for a digital lending platform in India. The company employs 1,278 permanent employees as of March 31, 2025.

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OnEMI Technology Solutions IPO: Key Financials

Metric	FY23	FY24	FY25
Revenue from Ops (Rs Cr)	—	1,674.44	1,337.46
Total Income (Rs Cr)	—	1,700.30	1,352.60
Net Profit/PAT (Rs Cr)	—	197.29	160.62
Finance Costs (Rs Cr)	—	68.60	164.40
Employee Costs (Rs Cr)	—	~181	193.24
AUM (Rs Cr)	—	2,670	4,087
GNPA (%)	0.05	0.79	2.89
Net NPA (%)	Nil	Nil	0.25
Registered Users (Mn)	—	—	53.23
P/E (Post-issue, annualised)			10.84x
P/B (Post-issue)			0.91x
RoNW (%)			15.97%

Note: FY25 data from DRHP. 9MFY26 (April to December 2025) revenue was Rs 1,559.9 crore and PAT was Rs 199.26 crore, indicating strong recovery in the current fiscal year. All data sourced from RHP and DRHP. Verify before investing.

The financial picture for the OnEMI Technology Solutions IPO is complex. The FY25 numbers show a 20 per cent revenue decline from Rs 1,674.44 crore in FY24 to Rs 1,337.46 crore, driven by a fall in interest income, a sharp drop in penalty charges and deferral of processing fees for long-term loans. Net profit fell 18.6 per cent from Rs 197.29 crore in FY24 to Rs 160.62 crore in FY25. However, the 9MFY26 performance is materially better, with revenue of Rs 1,559.9 crore and PAT of Rs 199.26 crore in just nine months, suggesting FY26 annualised numbers will significantly exceed FY25. The OnEMI Technology Solutions IPO is therefore being priced on a recovery trajectory rather than the FY25 base year.

The most critical risk flag in the OnEMI Technology Solutions IPO financials is the sharp rise in GNPA from 0.05 per cent in FY23 to 0.79 per cent in FY24 to 2.89 per cent in FY25. For a lender where 94 per cent of AUM is unsecured, this trend is significant. Provision coverage fell to 91.48 per cent in FY25 from 100 per cent in both FY24 and FY23. Finance costs more than doubled from Rs 68.6 crore in FY24 to Rs 164.4 crore in FY25. The company also reported negative operating cash flow of Rs 661.43 crore in FY25, a concern that OnEMI Technology Solutions IPO investors must weigh carefully.

OnEMI Technology Solutions IPO GMP Today

The OnEMI Technology Solutions IPO GMP (Grey Market Premium) as of 27 April 2026 is Rs 6 to Rs 7, suggesting an expected listing price of approximately Rs 177, a premium of around 3.5 to 4 per cent over the upper price band of Rs 171. The OnEMI Technology Solutions IPO GMP reflects mild but stable grey market interest heading into the subscription window. It is important to understand that GMP data for the OnEMI Technology Solutions IPO is unofficial, sourced from unregulated grey markets, and can swing sharply based on market sentiment and speculation in the days ahead of listing. Do not apply for the OnEMI Technology Solutions IPO based solely on GMP data.

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Objects of the OnEMI Technology Solutions IPO

The fresh issue proceeds of Rs 850 crore from the OnEMI Technology Solutions IPO will be used primarily as follows:

Capital Augmentation of Si Creva: Rs 637.50 crore will be used to augment the capital base of the NBFC subsidiary Si Creva Capital Services to meet its future capital requirements arising from business growth. This is the primary and most critical use of proceeds from the OnEMI Technology Solutions IPO, directly enabling expanded lending capacity.
General Corporate Purposes: The remaining net proceeds from the OnEMI Technology Solutions IPO will be applied toward general corporate purposes including technology infrastructure, marketing, and operational scaling.
Offer for Sale: The OFS component of Rs 75.92 crore from the OnEMI Technology Solutions IPO represents an exit opportunity for existing investors including Ammar Sdn Bhd, Vertex Ventures, Vertex Growth Fund, Ventureast Proactive Fund, Endiya Seed Co-creation Fund and AION Advisory Services. The company receives no proceeds from the OFS.

Strengths of the OnEMI Technology Solutions IPO

Market Leadership in Digital Lending: OnEMI Technology Solutions, the OnEMI Technology Solutions IPO company, is one of India’s largest digital lending platforms with 63.73 million registered users as of December 2025. Kissht is among the most downloaded lending apps on the Play Store with a 4.6-star rating from over one million reviews, making the OnEMI Technology Solutions IPO a bet on an established brand with significant user trust.
Strong 9MFY26 Recovery: The OnEMI Technology Solutions IPO is being priced on a recovery trajectory. The 9MFY26 revenue of Rs 1,559.9 crore and PAT of Rs 199.26 crore already exceed the full-year FY25 numbers, indicating a significant business rebound that directly strengthens the investment case for the OnEMI Technology Solutions IPO.
AI-Driven Credit Underwriting: The company has built end-to-end technology ownership in its credit scoring and loan management infrastructure. Its AI-driven credit assessment using alternative data analytics enables it to serve new-to-credit customers underserved by traditional banks, a differentiated positioning that supports growth in the OnEMI Technology Solutions IPO’s total addressable market.
Proprietary Technology Stack: The company’s internally built lending technology infrastructure allows rapid product development and adaptation to regulatory and market changes. This technology moat reduces dependence on third-party platforms and improves unit economics over time, a key long-term strength of the OnEMI Technology Solutions IPO company.
Growing AUM with Longer Tenure Mix: AUM grew from Rs 2,670 crore in FY24 to Rs 4,087 crore in FY25, and to Rs 5,955.75 crore as of December 2025. The proportion of loans with tenure of six months or higher rose from 65 per cent in FY24 to 99.5 per cent in FY25, improving the revenue visibility and reducing the short-term product volatility that hurt FY25 numbers.

Risks of the OnEMI Technology Solutions IPO

Sharply Rising GNPA: The OnEMI Technology Solutions IPO company’s GNPA rose from 0.05 per cent in FY23 to 2.89 per cent in FY25. For context, HDFC Bank’s GNPA is 1.33 per cent and SBI’s is 1.82 per cent. For an unsecured lender, a GNPA of 2.89 per cent with declining provision coverage is a material risk that OnEMI Technology Solutions IPO investors cannot overlook.
Predominantly Unsecured AUM: As of March 31, 2025, 98.15 per cent of the OnEMI Technology Solutions IPO company’s AUM comprised unsecured loans. Unsecured lending carries structurally higher default and lower recovery risks compared to secured lending. If macroeconomic conditions deteriorate, borrower defaults can escalate rapidly and erode equity buffers faster than in a secured lending book.
Negative Operating Cash Flows: Both the parent entity OnEMI and its NBFC subsidiary Si Creva reported negative operating cash flows in FY24 and FY25. The parent reported negative operating cash flow of Rs 661.43 crore in FY25. This persistent negative cash generation from operations means the business depends on external debt and equity financing to sustain growth, creating refinancing risk.
RBI Inspection Concerns: The RBI inspected Si Creva Capital Services and highlighted weaknesses including missing policy requirements and questionable upgrades of bad loans. Regulatory scrutiny of the NBFC subsidiary is a governance risk that investors in the OnEMI Technology Solutions IPO should factor into their decision.
Revenue Concentration Risk: The company’s revenue declined over 20 per cent in FY25. Interest income fell from Rs 1,211 crore in FY24 to Rs 994.3 crore in FY25. While 9MFY26 shows recovery, the business’s historical volatility in revenue creates uncertainty around the predictability of earnings going forward, a key concern for OnEMI Technology Solutions IPO valuation.

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OnEMI Technology Solutions IPO Valuation and Peer Comparison

At the upper price band of Rs 171, the OnEMI Technology Solutions IPO values the company at a market capitalisation of approximately Rs 2,881 crore. The post-issue P/E on annualised 9MFY26 earnings is 10.84 times, and the P/B ratio is 0.91 times. These are relatively modest valuations for a fintech IPO in India. For reference, the OnEMI Technology Solutions IPO is being positioned as potentially the only pure-play listed entity in digital lending in India if listed, as the management claims there are no direct comparable listed peers on NSE or BSE today.

The OnEMI Technology Solutions IPO valuation at 0.91 times P/B is below book value, which could be seen as a value entry point if the business returns to sustainable growth. However, the rising GNPA trajectory and negative cash flows mean that the margin of safety implied by the sub-1x P/B needs to be contextualised within the quality of the book itself. Cash-surplus investors with a medium-to-long term view may find the OnEMI Technology Solutions IPO attractive at these valuations, while short-term listing gain seekers should temper expectations given the muted GMP.

How to Apply for the OnEMI Technology Solutions IPO

Step 1: Open your demat account with a SEBI-registered broker or bank. If you already have a demat account, ensure it is KYC-verified and linked to your bank account before the OnEMI Technology Solutions IPO opens on 30 April 2026.
Step 2: Log in to your broker’s app or trading platform and navigate to the IPO section. Select “OnEMI Technology Solutions IPO” from the list of open issues.
Step 3: Enter the number of lots (minimum 1 lot = 87 shares = Rs 14,877 at upper band). You can apply for up to 13 lots (1,131 shares = Rs 1,93,401) as a retail investor in the OnEMI Technology Solutions IPO.
Step 4: Enter your UPI ID if applying through ASBA UPI mode, or complete the ASBA application through your bank’s net banking. Approve the payment mandate before the cut-off time of 5:00 PM on 5 May 2026.
Step 5: Check the OnEMI Technology Solutions IPO allotment status on the KFin Technologies registrar website or on BSE/NSE on 6 May 2026 using your PAN, application number or DP Client ID.

OnEMI Technology Solutions IPO Review: Apply or Avoid?

The OnEMI Technology Solutions IPO presents a nuanced investment case. On the bull side, the OnEMI Technology Solutions IPO offers exposure to one of India’s most established digital lending brands at a below-book valuation, with a strong 9MFY26 recovery in revenue and profits suggesting FY25 was trough performance driven by deliberate product restructuring rather than structural decline. The 63.73 million registered user base and proprietary AI credit infrastructure are real, durable moats.

On the bear side, the OnEMI Technology Solutions IPO comes with elevated GNPA of 2.89 per cent, persistent negative operating cash flows, RBI inspection concerns at its NBFC subsidiary and an almost entirely unsecured AUM. The GMP at Rs 6 to Rs 7 suggests the market is not pricing in significant listing gains for the OnEMI Technology Solutions IPO, making it more of a long-term holding candidate than a listing-day trade. Well-informed investors with a medium-to-long-term view and comfort with fintech lending risk may consider applying for the OnEMI Technology Solutions IPO with moderate allocation. Investors seeking short-term listing gains should approach the OnEMI Technology Solutions IPO with caution given the muted grey market signal.

Whether you are a long-term fintech investor or evaluating the OnEMI Technology Solutions IPO for listing gains, conduct thorough due diligence using the RHP before applying for the OnEMI Technology Solutions IPO. The OnEMI Technology Solutions IPO allotment date is 6 May 2026.

Disclaimer: This article is purely for informational and educational purposes and should not be construed as investment advice or a recommendation to subscribe or avoid any IPO. Investments in the securities market are subject to market risk. Please read all related documents including the Red Herring Prospectus carefully before investing. Univest is a SEBI-registered Research Analyst (INH000009677).

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FAQs

Q1: What is the OnEMI Technology Solutions IPO?

Ans. The OnEMI Technology Solutions IPO is the initial public offering of OnEMI Technology Solutions Limited, the parent company of digital lending platform Kissht and payments app Ring. The OnEMI Technology Solutions IPO is a mainboard book-built issue of Rs 925.92 crore, comprising a fresh issue of Rs 850 crore and an OFS of Rs 75.92 crore. It opens on 30 April 2026 and closes on 5 May 2026, with listing expected on BSE and NSE on 8 May 2026.

Q2: What is the OnEMI Technology Solutions IPO price band and lot size?

Ans. The OnEMI Technology Solutions IPO price band is Rs 162 to Rs 171 per share. The lot size is 87 shares, with a minimum investment of Rs 14,877 at the upper price band for retail investors. Retail investors can apply for up to 13 lots, with a maximum investment of Rs 1,93,401 in the OnEMI Technology Solutions IPO.

Q3: What is the GMP of the OnEMI Technology Solutions IPO?

Ans. The OnEMI Technology Solutions IPO GMP as of 27 April 2026 is Rs 6 to Rs 7 per share, indicating an expected listing price of approximately Rs 177, representing a gain of around 3.5 to 4 per cent over the upper price band. GMP data for the OnEMI Technology Solutions IPO is unofficial and should not be the sole basis for investment decisions.

Q4: Should I apply for the OnEMI Technology Solutions IPO?

Ans. The OnEMI Technology Solutions IPO is best suited for medium-to-long term investors with comfort in fintech lending risk. The company shows strong 9MFY26 recovery but carries elevated GNPA of 2.89 per cent, negative operating cash flows and an almost entirely unsecured loan book. Short-term investors looking for listing gains should approach the OnEMI Technology Solutions IPO cautiously given the muted GMP of Rs 6 to Rs 7.

Q5: What is the allotment and listing date for the OnEMI Technology Solutions IPO?

Ans. The OnEMI Technology Solutions IPO allotment date is 6 May 2026, with shares credited to demat accounts by 7 May 2026. The tentative OnEMI Technology Solutions IPO listing date on BSE and NSE is 8 May 2026. Allotment status can be checked on the KFin Technologies registrar website using your PAN, application number or DP Client ID.

Q6: What are the key risks of the OnEMI Technology Solutions IPO?

Ans. The key risks of the OnEMI Technology Solutions IPO include a sharp rise in GNPA from 0.79 per cent in FY24 to 2.89 per cent in FY25, predominantly unsecured AUM at 98.15 per cent of total loans, persistent negative operating cash flows in FY24 and FY25, RBI inspection concerns at NBFC subsidiary Si Creva, and a 20 per cent revenue decline in FY25. These risks make the OnEMI Technology Solutions IPO more suited to investors with a long-term horizon and high risk tolerance.

Q7: Where can I track the OnEMI Technology Solutions IPO subscription status?

Ans. The OnEMI Technology Solutions IPO subscription status can be tracked live on the Univest Screener at univest.in/screeners, on the BSE and NSE websites under the IPO section, or through your broker’s app during the subscription window from 30 April to 5 May 2026.