OnEMI Technology Solutions IPO Day 2 Subscription Hits 24 Percent. GMP, Review and Should You Apply

May 4, 2026
Posted by: sachet
Category: IPO

The OnEMI Technology Solutions IPO entered Day 2 of its subscription window on May 1, 2026, with the overall issue subscribed 24%, up from 20% at the end of Day 1. The QIB category continues to lead with 58%+ subscription, while retail investors have been cautious with only 5% participation so far. The grey market premium (GMP) stands at approximately Rs 4 to Rs 5 per share, suggesting a modest listing gain of 2.3% to 2.9% over the upper price band of Rs 171.

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Table of Contents

OnEMI Technology Solutions IPO at a Glance

Parameter	Details
IPO Open Date	30 April 2026 (Thursday)
IPO Close Date	5 May 2026 (Tuesday)
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)
Maximum Investment (Retail)	Rs 1,93,401 (13 lots at upper band)
Issue Size	Rs 925.92 crore
Fresh Issue	Rs 850 crore (4.97 crore shares)
Offer for Sale (OFS)	Rs 75.92 crore (44.39 lakh shares)
Anchor Allocation	Rs 277.77 crore from 22 anchors at Rs 171
Allotment Date	6 May 2026
Listing Date	8 May 2026 (BSE and NSE)
Registrar	KFin Technologies Ltd
Lead Managers	JM Financial, SBI Capital, HSBC Securities, Nuvama, Centrum

OnEMI Technology Solutions IPO GMP on Day 2

The OnEMI Technology Solutions IPO GMP as of Day 2 stands at Rs 4 to Rs 5 per share in grey market circles. At the upper price band of Rs 171, this implies an expected listing price of Rs 175 to Rs 176, representing a potential gain of 2.3% to 2.9% over the issue price. The GMP has moderated slightly from pre-subscription levels of Rs 6 to Rs 7, reflecting cautious Day 1 retail participation and the broader market uncertainty from crude oil and geopolitical headwinds.

GMP Metric	Value
GMP as of Day 2 (1 May 2026)	Rs 4 to Rs 5 per share (approx)
Upper Price Band	Rs 171 per share
Expected Listing Price (GMP basis)	Rs 175 to Rs 176 per share
Implied Listing Gain	2.3% to 2.9% over issue price
GMP Trend	Softened from pre-open Rs 6 to Rs 7
Important Note	GMP is unofficial. Do not apply based on GMP alone.

OnEMI Technology Solutions IPO Subscription Status on Day 2

The OnEMI Technology Solutions IPO overall subscription stands at 24% (0.24x) by Day 2. The category-wise breakdown tells the real story: QIB participation at 58%+ is healthy for this stage of a large mainboard IPO, while retail and NII categories remain in build-up mode.

Investor Category	Day 1 Subscription	Observation
Qualified Institutional Buyers (QIB)	0.58x (58%)	Strongest category. Institutional due diligence complete.
Non-Institutional Investors (NII)	0.07x (7%)	HNI participation building. Typically surges on Day 4-5.
Retail Individual Investors (RII)	0.05x (5%)	Cautious retail. Normal for large mainboard Day 1.
Overall Subscription (Day 2)	0.24x (24%)	In line with typical large IPO trajectory.

Track live subscription data for the OnEMI Technology Solutions IPO on the Univest Screener.

Key Financials for the OnEMI Technology Solutions IPO

Financial Metric	FY23	FY24	FY25	9M FY26
Total Revenue / Income	Rs 1,001 cr	Rs 1,674 cr	Rs 1,352 cr	Rs 1,584 cr
Net Interest Income (NII)	Rs 691 cr (est.)	Rs 1,158 cr	Rs 860 cr	Recovering
Net Profit (PAT)	Rs 27.67 cr	Rs 197.29 cr	Rs 160.62 cr	Rs 199.26 cr
Net Interest Margin (NIM)	18.6%	16.8%	23.8%	Improving
Total AUM	Rs 1,268 cr	Rs 2,670 cr	Rs 4,087 cr	Rs 5,956 cr (Dec)
Gross NPA (GNPA)	0.05%	0.79%	2.89%	2.89% (Dec 25)
Net NPA (NNPA)	0%	0%	0.40%	0.40% (Dec 25)
Capital Adequacy (CRAR)	–	–	25.2%	26.7%
Operating Cash Flow	Positive	Negative	-Rs 661 cr	-Rs 138 cr
Borrowings	Rs 388 cr	–	Rs 2,047 cr	Rs 2,394 cr (Mar 26)

Key Risks Before Applying for the OnEMI Technology Solutions IPO

Before applying for the OnEMI Technology Solutions IPO, weigh these four risks carefully.

Elevated GNPA of 2.89%: For an unsecured digital lending book, gross non-performing assets at 2.89% are elevated compared to bank peers. If credit conditions tighten or the economic environment weakens, this could rise meaningfully.

Persistent Negative Operating Cash Flows: The company has historically reported negative operating cash flows as it scales the loan book. This means it depends on external capital raising to fund growth, making the fresh issue essential to continue operations at scale.

OnEMI Technology Solutions IPO Allotment and Listing Timeline

Event	Date
IPO Close Date	5 May 2026 (Tuesday)
Allotment Finalisation	6 May 2026 (Wednesday)
Share Credit to Demat	7 May 2026 (Thursday)
Listing on BSE and NSE	8 May 2026 (Friday)
Refund for Non-Allottees	7 May 2026
Allotment Check	KFin Technologies website using PAN or Application Number

Disclaimer: Investment in the share market is subject to market risk. This article is for informational and educational purposes only and does not constitute investment advice. GMP data is unofficial and sourced from grey market indicators. It does not guarantee actual listing price or returns. All financial data is sourced from publicly available information including the company’s Red Herring Prospectus, NSE/BSE filings, and SEBI-registered analyst research. Read the RHP carefully before investing. Consult a SEBI-registered financial advisor before making any investment decisions.

Frequently Asked Questions

What is the OnEMI Technology Solutions IPO GMP on Day 2?

The OnEMI Technology Solutions IPO GMP on Day 2 (1 May 2026) is approximately Rs 4 to Rs 5 per share, implying an expected listing price of Rs 175 to Rs 176 against the upper price band of Rs 171. This represents a potential listing gain of 2.3% to 2.9%. GMP is unofficial and does not guarantee actual listing price.

What is the Day 2 subscription status of the OnEMI Technology Solutions IPO?

The OnEMI Technology Solutions IPO is subscribed 24% (0.24x) overall by Day 2. QIB category leads at 0.58x. Retail is at 0.05x and NII at 0.07x. This trajectory is normal for a large Rs 926 crore mainboard IPO where institutional and HNI capital concentrates in the final 2 days.

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

The OnEMI Technology Solutions IPO price band is Rs 162 to Rs 171 per share. The lot size is 87 shares. Minimum retail investment is Rs 14,877 at the upper band (1 lot). Maximum retail investment is Rs 1,93,401 (13 lots). The IPO closes on May 5, 2026.

What does OnEMI Technology Solutions do?

OnEMI Technology Solutions operates India’s digital lending platforms Kissht (personal loans and consumer finance) and Ring (credit card-linked product). The OnEMI Technology Solutions IPO company had 63.73 million registered users and AUM of Rs 5,955.75 crore as of December 2025. Its NBFC subsidiary Si Creva holds the RBI lending licence.

When is the OnEMI Technology Solutions IPO listing date?

The OnEMI Technology Solutions IPO listing date is May 8, 2026 on both BSE and NSE. Allotment will be finalised on May 6. Shares will be credited to demat accounts on May 7. The registrar is KFin Technologies. Check allotment status using your PAN or application number on the KFin website.

What is the valuation of the OnEMI Technology Solutions IPO?

At the upper price band of Rs 171, the OnEMI Technology Solutions IPO is valued at P/ABV of 1.6x, P/E of 10.84x, and a post-issue market cap of Rs 2,881 crore. SBICAP Securities considered the P/ABV of 1.6x reasonable given the 140.9% net profit CAGR from FY23 to FY25 and the strong 9M FY26 recovery.

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

The four key risks in the OnEMI Technology Solutions IPO are: elevated GNPA of 2.89% on an unsecured loan book, persistent negative operating cash flows requiring capital infusion, RBI inspection concerns at NBFC subsidiary Si Creva, and the entirely unsecured nature of the AUM which is vulnerable in economic downturns.

How can I check the OnEMI Technology Solutions IPO allotment status?

The OnEMI Technology Solutions IPO allotment will be finalised on May 6, 2026. Check your status on the KFin Technologies registrar website (kfintech.com) using your PAN number, application number, or DP Client ID. Alternatively, check on BSE or NSE using your PAN.