OnEMI Technology Solutions IPO GMP Day 2: Subscription Status, Grey Market Premium and Listing Outlook ,  1 May 2026

OnEMI Technology Solutions IPO GMP Day 2 data is in, and as of 1 May 2026, the grey market premium for the OnEMI Technology Solutions IPO stands at approximately Rs 5 per share, suggesting an expected listing gain of around 2.9 per cent over the upper price band of Rs 171. The OnEMI Technology Solutions IPO entered Day 2 of its subscription window after a cautious Day 1 on 30 April, where overall subscription stood at approximately 0.20x (20 per cent) against the total issue, with the QIB category leading at 0.58x as of 3:20 PM on Day 1.

If you are deciding whether to apply for the OnEMI Technology Solutions IPO before the 5 May 2026 closing date, this article covers everything you need, from the Day 2 subscription numbers and live GMP to the company’s financials, key risk factors and what analysts think about the listing prospects. The OnEMI Technology Solutions IPO is a Rs 925.92 crore mainboard book-built issue comprising a fresh issue of Rs 850 crore and an OFS of Rs 75.92 crore, priced at Rs 162 to Rs 171 per share with a lot size of 87 shares.

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OnEMI Technology Solutions IPO at a Glance

OnEMI Technology Solutions IPO GMP Day 2 ,  1 May 2026

OnEMI Technology Solutions IPO GMP today on Day 2 is approximately Rs 5 per share as tracked in grey market circles. At the upper price band of Rs 171, this GMP implies an expected listing price of Rs 176, a gain of approximately 2.9 per cent over the issue price. The GMP for the OnEMI Technology Solutions IPO has moderated slightly from the pre-subscription grey market level of Rs 6, reflecting the cautious Day 1 subscription numbers and the broader market uncertainty.

It is important to note that GMP is an unofficial, unregulated indicator of grey market demand for the OnEMI Technology Solutions IPO. It reflects informal speculative sentiment and does not constitute any guarantee of actual listing price or returns. The GMP for the OnEMI Technology Solutions IPO can change significantly between now and the 8 May 2026 listing date based on subscription trend, overall market direction and FII flow dynamics.

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OnEMI Technology Solutions IPO Subscription Status ,  Day 1 End and Day 2 Update

OnEMI Technology Solutions IPO subscription on Day 1 (30 April 2026) closed at approximately 0.20x overall, with 81.22 lakh equity shares bid for against the 3.97 crore shares offered for subscription by 3:20 PM on Day 1. The category-wise breakdown as of Day 1 afternoon is as follows:

The Day 1 subscription pattern of the OnEMI Technology Solutions IPO is broadly in line with what is expected for a large Rs 926 crore mainboard fintech IPO. Large mainboard IPOs regularly see subdued Day 1 and Day 2 numbers, particularly in the retail and NII categories, as most high net worth and institutional investors wait until the final session on Day 3 (or in this case Day 4 and 5, as the OnEMI Technology Solutions IPO has a five-day subscription window from 30 April to 5 May 2026) before committing capital with leverage. The QIB participation of 0.58x in the OnEMI Technology Solutions IPO on Day 1 afternoon is the strongest category signal, as institutional buyers conduct full due diligence before entering.

Day 2 subscription data for the OnEMI Technology Solutions IPO will update through 1 May 2026 as bids come in during market hours (10 AM to 5 PM IST). The closing window extends through 5 May 2026, giving investors three additional days to apply. Investors who are comfortable with the OnEMI Technology Solutions IPO’s fundamental story but were waiting to see subscription momentum can use Day 2 to 4 as their application window before the final-day rush on 5 May 2026.

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About OnEMI Technology Solutions: Business Overview

OnEMI Technology Solutions Limited, the company behind the OnEMI Technology Solutions IPO, was incorporated on 18 June 2016 in Mumbai and converted to a public limited company in July 2025 ahead of this listing. The OnEMI Technology Solutions IPO company is promoted by Ranvir Singh (Founder and CEO) and Krishnan Vishwanathan (Co-Founder), both seasoned professionals in financial services and technology. The company operates India’s digital lending platform Kissht and the payments app Ring through its NBFC subsidiary Si Creva Capital Services Pvt Ltd, which holds the RBI lending licence and manages KYC, loan disbursement and EMI collections.

The OnEMI Technology Solutions IPO company serves 63.73 million registered users and 11.17 million active customers as of December 31, 2025, with an AUM of Rs 5,955.75 crore. Its Kissht app carries a Play Store rating of 4.6 stars from over one million reviews and a net promoter score of 91. The company has a presence across over 17,000 pin codes in India, with customer acquisition through digital channels, merchant partnerships and e-commerce platforms. The OnEMI Technology Solutions IPO proceeds of Rs 637.50 crore (from the Rs 850 crore fresh issue) will be used primarily to augment the capital base of Si Creva Capital Services to support future AUM growth.

OnEMI Technology Solutions Financial Performance

The financial trajectory underlying the OnEMI Technology Solutions IPO shows a one-year FY25 revenue dip followed by a strong 9MFY26 recovery:

The most important financial signal for the OnEMI Technology Solutions IPO is the 9MFY26 performance: revenue of Rs 1,583.93 crore and PAT of Rs 199.27 crore in just nine months (April to December 2025) already exceeds the full-year FY25 figures of Rs 1,352.60 crore and Rs 160.62 crore respectively. This 9MFY26 recovery confirms that FY25’s 20 per cent revenue decline was a deliberate product restructuring, not structural deterioration. The OnEMI Technology Solutions IPO is priced on this recovery trajectory at P/E of 10.84 times, P/B of 0.91 times and P/ABV of 1.6 times, which SBICAP Securities considers reasonable given the growth trajectory.

However, investors in the OnEMI Technology Solutions IPO must note that the Si Creva subsidiary carries total outstanding borrowings of Rs 2,394.40 crore as of March 31, 2026, including debentures, term loans, working capital loans, securitisation liabilities and commercial papers. Any inability to service these borrowings or a rise in borrowing costs could adversely affect the OnEMI Technology Solutions IPO company’s financial condition.

How OnEMI Technology Solutions Plans to Use IPO Proceeds

• Capital Augmentation of Si Creva Capital Services: Rs 637.50 crore from the OnEMI Technology Solutions IPO fresh issue will be used to strengthen the capital base of the NBFC subsidiary, enabling expanded lending capacity and meeting RBI regulatory capital requirements as AUM grows. This is the primary and most critical deployment of the OnEMI Technology Solutions IPO proceeds.
• General Corporate Purposes: The remaining net proceeds from the OnEMI Technology Solutions IPO will be applied toward technology infrastructure, marketing, and operational scaling.
• OFS Proceeds: The Rs 75.92 crore OFS from the OnEMI Technology Solutions IPO represents an exit for existing investors including Ammar Sdn Bhd, Vertex Ventures and other early investors. The company receives no proceeds from the OFS portion of the OnEMI Technology Solutions IPO.

Key Risks to Consider Before Applying for the OnEMI Technology Solutions IPO

• Rising GNPA: The OnEMI Technology Solutions IPO company’s GNPA rose from 0.79 per cent in FY24 to 2.89 per cent in FY25, and stands at 2.9 per cent as of December 2025. For a lender where 98.15 per cent of AUM is unsecured, a GNPA approaching 3 per cent is a material risk that investors in the OnEMI Technology Solutions IPO must weigh carefully against the 9MFY26 recovery numbers.
• High Subsidiary Debt: Si Creva Capital Services carries total outstanding borrowings of Rs 2,394.40 crore as of March 31, 2026. The OnEMI Technology Solutions IPO proceeds of Rs 637.50 crore go toward augmenting this NBFC’s capital base, underscoring the capital-intensive nature of the lending business that powers the Kissht platform.
• Negative Operating Cash Flows: Both the parent entity and Si Creva reported negative operating cash flows in FY24 and FY25, reflecting the capital-intensive growth model of the OnEMI Technology Solutions IPO company. Continued negative cash generation from operations means the business depends on external financing to fund AUM growth.
• RBI Inspection Risk: The RBI inspected Si Creva Capital Services and highlighted weaknesses in policy requirements and loan upgrade practices. Regulatory scrutiny of the NBFC subsidiary is a governance risk that OnEMI Technology Solutions IPO investors should factor into their application decision.
• Muted GMP Signal: The grey market premium of Rs 5 (2.9 per cent gain) for the OnEMI Technology Solutions IPO suggests the market does not expect a dramatic listing pop. If broader market sentiment weakens before 8 May 2026, the OnEMI Technology Solutions IPO listing could be flat or at a discount to the issue price of Rs 171.

India’s Digital Lending Sector: Why OnEMI Technology Solutions IPO Is Well Timed

The structural backdrop for the OnEMI Technology Solutions IPO is compelling. India’s digital lending market is expanding rapidly, with new-to-credit customers driving demand for technology-first, mobile-native lending platforms. The Reserve Bank of India’s digital lending guidelines have created a regulatory framework that favours compliance-ready platforms like the OnEMI Technology Solutions IPO company, which operate through a licensed NBFC rather than as unregulated marketplace lenders.

The OnEMI Technology Solutions IPO company’s AUM grew from Rs 2,670 crore in FY24 to Rs 4,087 crore in FY25 and to Rs 5,955.75 crore by December 2025, a 123 per cent increase over 18 months. This reflects the underlying demand for digital credit solutions among India’s aspirational middle class, particularly in the EMI-based consumer credit segment where Kissht has built a strong franchise. The shift toward longer-tenure loans (from 65 per cent of AUM with tenure of 6 months or higher in FY24 to 99.5 per cent in FY25) improves revenue predictability and reduces the short-term income volatility that drove FY25’s headline revenue decline. These structural tailwinds support the medium-to-long term thesis for the OnEMI Technology Solutions IPO.

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Analyst Views and Brokerage Recommendations on the OnEMI Technology Solutions IPO

Marwadi Financial Services ,  Subscribe: Marwadi Financial Services has assigned a Subscribe rating to the OnEMI Technology Solutions IPO, citing the company’s driving asset quality through advanced and comprehensive risk management alongside a large customer base acquired through a diversified multi-channel acquisition strategy. The brokerage notes that the OnEMI Technology Solutions IPO is available at reasonable valuation compared to its peers given India’s rapidly expanding digital lending opportunity.

SBICAP Securities ,  Constructive View: SBICAP Securities has noted that the OnEMI Technology Solutions IPO company has demonstrated strong financial performance over recent years, with a CAGR of 15.8 per cent in net interest income and 140.9 per cent in net profit between FY23 and FY25. SBICAP considers the P/ABV of 1.6 times for the OnEMI Technology Solutions IPO to be reasonable given the company’s growth trajectory, with NIM of 23.8 per cent in FY25 and net NPA of 0.4 per cent as key valuation anchors.

The broad consensus across analysts is that the OnEMI Technology Solutions IPO offers a reasonable entry into digital lending at a conservative valuation (P/B below 1 times and P/E of 10.84 times on annualised 9MFY26 earnings), but that the asset quality trajectory and negative cash flow history require ongoing monitoring. The OnEMI Technology Solutions IPO is broadly viewed as a medium-to-long term subscription rather than a listing-gain trade, given the GMP of Rs 5 and the cautious Day 1 subscription data.

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Should You Apply for the OnEMI Technology Solutions IPO on Day 2?

The honest answer depends on your investment objective. If you are applying for the OnEMI Technology Solutions IPO to capture listing gains based on GMP, the current Rs 5 GMP (2.9 per cent implied gain) does not offer a compelling risk-reward, particularly given the elevated India VIX environment and the muted Day 1 subscription numbers. A 2.9 per cent expected listing gain barely covers the capital blocked for the 5-day subscription window.

If you are applying for the OnEMI Technology Solutions IPO for medium-term returns over a 6 to 18-month horizon on the thesis that India’s digital lending market will drive Kissht’s AUM and earnings growth, the fundamental case is more compelling. The P/B of 0.91 times (below book value) and P/E of 10.84 times on annualised 9MFY26 earnings represent a conservative entry point for a company with 63.73 million registered users, proprietary AI credit infrastructure and a 4.6-star app with over one million reviews. The OnEMI Technology Solutions IPO is the only pure-play digital lending platform available for listing in India, which gives it a unique positioning premium over time.

Key watch point for Day 2 and Day 3 of the OnEMI Technology Solutions IPO: whether NII (HNI) subscription picks up meaningfully from the 0.07x Day 1 level. NII subscription in a large mainboard IPO above 5 to 10 times by Day 3 typically indicates stronger confidence from informed investors. Very low NII at Day 1 is not unusual for Rs 900-crore-plus mainboard issues, but any acceleration through Day 2 and Day 3 will be a constructive signal for the OnEMI Technology Solutions IPO listing outlook.

OnEMI Technology Solutions IPO Allotment and Listing Timeline

To check OnEMI Technology Solutions IPO allotment status on 6 May 2026, visit the KFin Technologies registrar website at ipostatus.kfintech.com and enter your PAN number, application number or DP Client ID. You can also check the OnEMI Technology Solutions IPO allotment status on the BSE or NSE IPO allotment status pages using your PAN.

Frequently Asked Questions about OnEMI Technology Solutions IPO GMP Day 2

Q1: What is the OnEMI Technology Solutions IPO GMP today on Day 2?

Ans. The OnEMI Technology Solutions IPO GMP on Day 2 (1 May 2026) is approximately Rs 5 per share. This implies an expected listing price of Rs 176 at the upper price band of Rs 171, representing a potential gain of around 2.9 per cent. The OnEMI Technology Solutions IPO GMP has moderated from the pre-subscription level of Rs 6, reflecting the cautious Day 1 subscription data and broader market uncertainty. GMP is unofficial and should not be the sole basis for applying to the OnEMI Technology Solutions IPO.

Q2: What was the Day 1 subscription of the OnEMI Technology Solutions IPO?

Ans. The OnEMI Technology Solutions IPO Day 1 subscription (30 April 2026) closed at approximately 0.20x (20 per cent) overall. The QIB category was the strongest at approximately 0.58x, while NII stood at 0.07x and retail at 0.05x by 3:20 PM. These numbers are not unusual for a large Rs 926 crore mainboard IPO on Day 1, as institutional and HNI investors typically apply in the final days of the subscription window. The OnEMI Technology Solutions IPO subscription window remains open until 5 May 2026.

Q3: What is the price band of the OnEMI Technology Solutions IPO?

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

Q4: When is the OnEMI Technology Solutions IPO listing date?

Ans. The OnEMI Technology Solutions IPO listing date is 8 May 2026 on both BSE and NSE. Allotment for the OnEMI Technology Solutions IPO is expected on 6 May 2026, with shares credited to demat accounts on 7 May 2026. Refund initiation for unsuccessful applicants will also occur on 7 May 2026.

Q5: What does OnEMI Technology Solutions do?

Ans. OnEMI Technology Solutions, the OnEMI Technology Solutions IPO company, is a technology-enabled digital lending platform operating the Kissht digital lending app and Ring payments application. It offers personal loans, loans against property and consumer EMI credit solutions to 63.73 million registered users as of December 2025, with loan disbursement handled by its NBFC subsidiary Si Creva Capital Services Pvt Ltd. The OnEMI Technology Solutions IPO is India’s first pure-play listed digital lending platform.

Q6: Should I apply for the OnEMI Technology Solutions IPO?

Ans. The OnEMI Technology Solutions IPO is most suitable for medium-to-long term investors comfortable with fintech lending risk. The P/B of 0.91 times and P/E of 10.84 times on 9MFY26 annualised earnings offer a conservative entry point. The GMP of Rs 5 for the OnEMI Technology Solutions IPO makes it less attractive for short-term listing gain investors. For long-term investors, the 63.73 million user base, AI credit infrastructure and below-book valuation are positive factors. Read the RHP and consult a SEBI-registered financial advisor before applying for the OnEMI Technology Solutions IPO.

Q7: What are the key risks of the OnEMI Technology Solutions IPO?

Ans. The key risks of the OnEMI Technology Solutions IPO include a GNPA of 2.89 per cent in FY25 (up from 0.79 per cent in FY24), predominantly unsecured AUM at 98.15 per cent of total loans, Si Creva’s outstanding borrowings of Rs 2,394.40 crore, persistent negative operating cash flows in FY24 and FY25, and RBI inspection concerns at the NBFC subsidiary. These risks make the OnEMI Technology Solutions IPO most appropriate for investors with a medium-to-long term horizon and comfort with fintech lending risks.

Q8: How can I check the OnEMI Technology Solutions IPO allotment status?

Ans. The OnEMI Technology Solutions IPO allotment status can be checked on 6 May 2026 on the KFin Technologies registrar website at ipostatus.kfintech.com using your PAN, application number or DP Client ID. Allotment status can also be checked on the BSE or NSE IPO allotment status pages. The OnEMI Technology Solutions IPO allotment follows the standard SEBI computerised lottery process for retail oversubscription.

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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