OnEMI Technology Solutions IPO Opens Today: GMP Rs 6, Price Band Rs 162-171 and Full Analyst View

The OnEMI Technology Solutions IPO opens today on 30 April 2026, giving retail and institutional investors their first opportunity to subscribe to one of India’s most prominent digital lending fintech platforms. 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 offer for sale of Rs 75.92 crore, with the price band fixed at Rs 162 to Rs 171 per share. The issue closes on 5 May 2026, with allotment expected on 6 May 2026 and a tentative listing on both BSE and NSE on 8 May 2026. The OnEMI Technology Solutions IPO gives investors access to the company behind the widely used Kissht digital lending app and the Ring payments platform, backed by 63.73 million registered users and an AUM of Rs 5,955.75 crore as of December 31, 2025.

The OnEMI Technology Solutions IPO GMP today stands at Rs 6, implying an expected listing price of approximately Rs 177, a premium of around 3.5 per cent over the upper price band of Rs 171. This is a moderate grey market signal, reflecting cautious but positive investor sentiment ahead of the OnEMI Technology Solutions IPO subscription opening. Anchor investor bidding took place on 29 April 2026 ahead of today’s retail and institutional subscription window. Promoters Ranvir Singh and Krishnan Vishwanathan have invested Rs 40 crore in the company at a premium ahead of the listing, signalling confidence in the OnEMI Technology Solutions IPO at the Rs 171 price level.

OnEMI Technology Solutions IPO Details at a Glance

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About OnEMI Technology Solutions: The Company Behind the OnEMI Technology Solutions IPO

The OnEMI Technology Solutions IPO company was incorporated on 18 June 2016 as a private limited company in Mumbai and was converted to a public limited company on 8 July 2025 ahead of its listing. The company is promoted by Ranvir Singh, who serves as Founder and CEO, and Krishnan Vishwanathan, Co-Founder, both seasoned professionals with deep backgrounds in financial services and technology. Post the OnEMI Technology Solutions IPO, their combined promoter holding will fall from 32.30 per cent to 23.33 per cent.

The business behind the OnEMI Technology Solutions IPO operates under two primary brands. Kissht is a digital lending platform offering instant personal loans, loans against property for MSME and salaried segments, and consumer EMI credit solutions at online and offline merchants. Ring is a payments application enabling consumers to split purchases into EMIs across a growing network of partnered merchants. The actual loan disbursement, KYC verification and EMI collection are handled by Si Creva Capital Services Pvt Ltd, the NBFC subsidiary that holds an RBI lending licence, allowing the OnEMI Technology Solutions IPO parent entity to operate as a pure technology and distribution provider without carrying the lending book directly.

As of December 31, 2025, the OnEMI Technology Solutions IPO company had 63.73 million registered users and served 11.17 million active customers, with its Kissht app carrying a Play Store rating of 4.6 stars from over one million reviews and a net promoter score of 91. As an early adopter of machine learning-based underwriting since 2019 and AI-based credit models since 2025, the company leverages advanced algorithms to flag high-risk profiles early, optimising collections and enhancing underwriting precision. The company employs 1,278 permanent employees as of March 31, 2025.

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OnEMI Technology Solutions IPO: Financial Performance

Note: FY25 data from the Red Herring Prospectus. 9MFY26 data covers April to December 2025. All figures sourced from RHP and DRHP. Verify before investing.

The financial trajectory behind the OnEMI Technology Solutions IPO is one of strong recovery and accelerating profitability in the current fiscal year. The 9MFY26 revenue of Rs 1,583 crore and PAT of Rs 199.27 crore already exceed the full-year FY25 numbers of Rs 1,352 crore and Rs 161 crore respectively, confirming that the FY25 revenue decline was a one-year disruption driven by product restructuring rather than a structural deterioration. The OnEMI Technology Solutions IPO is therefore being priced on a recovery trajectory, with the annualised 9MFY26 earnings significantly ahead of the FY25 base.

SBICAP Securities Research notes that the OnEMI Technology Solutions IPO company recorded a CAGR of 15.8 per cent in net interest income, 29.6 per cent in pre-provision operating profit, and 140.9 per cent in net profit between FY23 and FY25. Net interest margins have improved from 18.6 per cent in FY23 to 16.8 per cent in FY24 and 23.8 per cent in FY25, a consistently healthy margin profile for a digital lender. GNPA stands at 2.9 per cent and net NPA at 0.4 per cent as of December 2025. SBICAP Securities considers the OnEMI Technology Solutions IPO valuation at a P/ABV of 1.6 times at the upper price band of Rs 171 to be reasonable given the company’s growth trajectory.

OnEMI Technology Solutions IPO GMP Today

The OnEMI Technology Solutions IPO GMP today as of 29 April 2026 is Rs 6, indicating an expected listing price of approximately Rs 177, a gain of around 3.5 per cent over the upper price band of Rs 171. The OnEMI Technology Solutions IPO GMP has been stable in the Rs 6 range in the days leading up to today’s opening, a signal of modest but consistent positive grey market sentiment.

It is important to understand that GMP data for the OnEMI Technology Solutions IPO is unofficial, sourced from unregulated grey markets, and can shift sharply based on subscription sentiment, market conditions and broader market direction during the subscription window. Do not make your application decision for the OnEMI Technology Solutions IPO based solely on GMP data. A detailed review of the financials, risks and valuation is essential before subscribing.

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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 allocated as follows:

• 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 Si Creva Capital Services Pvt Ltd, enabling expanded lending capacity and meeting future regulatory capital requirements arising from AUM growth. This is the primary and most critical use of the OnEMI Technology Solutions IPO proceeds.
• General Corporate Purposes: The remaining net proceeds from the OnEMI Technology Solutions IPO will be used for general corporate purposes including technology infrastructure, marketing, and operational scaling.
• Offer for Sale Proceeds: The OFS component of Rs 75.92 crore from the OnEMI Technology Solutions IPO represents an exit opportunity for existing investors. The company receives no proceeds from the OFS portion.

Strengths of the OnEMI Technology Solutions IPO

• Market Leadership in Digital Lending: The OnEMI Technology Solutions IPO company is one of India’s largest digital lending platforms with 63.73 million registered users and 11.17 million active customers as of December 2025. The Kissht app’s 4.6-star Play Store rating from over one million reviews and NPS of 91 reflect deep user trust, a durable competitive moat for the OnEMI Technology Solutions IPO.
• Strong 9MFY26 Recovery: The 9MFY26 revenue of Rs 1,583 crore and PAT of Rs 199.27 crore already exceed full-year FY25 figures, confirming that the business has rebounded strongly. This recovery trajectory is the foundation of the OnEMI Technology Solutions IPO’s investment case at a P/ABV of 1.6 times.
• Promoter Confidence Signal: The founders invested Rs 40 crore in the OnEMI Technology Solutions IPO company at a premium ahead of the listing, an unusually strong insider confidence signal that adds credibility to the OnEMI Technology Solutions IPO pricing at Rs 171.
• AI-Driven Credit Underwriting: As an early adopter of ML-based underwriting since 2019 and AI credit models since 2025, the OnEMI Technology Solutions IPO company has built proprietary technology that enables faster, more accurate credit decisions for new-to-credit customers underserved by traditional banks.
• Reasonable Valuation: At the upper price band of Rs 171, the OnEMI Technology Solutions IPO is priced at a P/B of 0.91 times, below book value, and a P/E of 10.84 times on annualised 9MFY26 earnings. SBICAP Securities considers the P/ABV of 1.6 times reasonable given the company’s growth trajectory, suggesting the OnEMI Technology Solutions IPO is not priced for perfection.

Risks of the OnEMI Technology Solutions IPO

• Rising GNPA Trajectory: The OnEMI Technology Solutions IPO company’s GNPA rose from 0.05 per cent in FY23 to 0.79 per cent in FY24 to 2.89 per cent in FY25. For an unsecured lender, a GNPA of 2.89 per cent, even though net NPA is 0.4 per cent, is a material risk that investors in the OnEMI Technology Solutions IPO must weigh carefully.
• 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. Macroeconomic stress could rapidly escalate defaults.
• Negative Operating Cash Flows: Both the parent entity OnEMI Technology Solutions and its NBFC subsidiary Si Creva reported negative operating cash flows in FY24 and FY25. Persistent negative cash generation from operations means the business depends on external financing to sustain growth, creating refinancing risk.
• RBI Inspection Concerns at Si Creva: The RBI inspected the NBFC subsidiary 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 decision, given that Si Creva is the primary vehicle through which all lending activity occurs.
• FY25 Revenue Decline: Revenue fell approximately 20 per cent in FY25 from Rs 1,674 crore in FY24 to Rs 1,352 crore, driven by a restructuring of the product mix toward longer-tenure loans and changes in fee recognition. While 9MFY26 shows recovery, the historical volatility creates uncertainty.

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Analyst View on the OnEMI Technology Solutions IPO

SBICAP Securities Research has shared the most detailed brokerage view available on the OnEMI Technology Solutions IPO. The firm notes that the company has demonstrated strong financial performance over recent years, with a CAGR of 140.9 per cent in net profit between FY23 and FY25. The OnEMI Technology Solutions IPO is valued at a P/ABV of 1.6 times at the upper price band of Rs 171, which SBICAP Securities considers reasonable given the company’s growth trajectory and the absence of listed peers in the pure-play digital lending space in India. The analyst view on the OnEMI Technology Solutions IPO is cautiously positive, with the recovery in 9MFY26 metrics being the key factor supporting the valuation.

Key metrics supporting the analyst view on the OnEMI Technology Solutions IPO: NIM of 23.8 per cent in FY25 compares favourably to many NBFCs; net NPA of 0.4 per cent is well controlled despite the rise in GNPA; PPOP CAGR of 29.6 per cent confirms operating leverage is working; and the platform’s 63.73 million registered users create a significant distribution moat. The OnEMI Technology Solutions IPO GMP of Rs 6 today reflects a market expecting a moderate listing premium rather than a blockbuster listing, which is consistent with the cautiously positive brokerage view on the fundamental quality and pricing.

How to Apply for the OnEMI Technology Solutions IPO Today

Today is the first day of the OnEMI Technology Solutions IPO subscription window. Here is how to apply:

1. Step 1: Open your broker’s app or log in to your bank’s net banking. Navigate to the IPO section and search for “OnEMI Technology Solutions IPO” which will be live from 9:00 AM IST today, 30 April 2026.
2. Step 2: Select the number of lots for the OnEMI Technology Solutions IPO. Minimum is 1 lot (87 shares = Rs 14,877 at the upper band). Retail investors can apply for up to 13 lots (1,131 shares = Rs 1,93,401).
3. Step 3: Always bid at the cut-off price of Rs 171 for the OnEMI Technology Solutions IPO to maximise your allotment probability. Enter your UPI ID for the ASBA block mandate.
4. Step 4: Approve the UPI mandate in your payments app (Google Pay, PhonePe, BHIM or Paytm) promptly. The OnEMI Technology Solutions IPO mandate block must be approved before 5:00 PM on May 5, 2026.
5. Step 5: Check OnEMI Technology Solutions IPO allotment status on 6 May 2026 on the KFin Technologies registrar website or on BSE/NSE using your PAN, application number or DP Client ID.

OnEMI Technology Solutions IPO Subscription Status

The OnEMI Technology Solutions IPO subscription status will be updated live on the BSE and NSE websites throughout the three-day window from 30 April to 5 May 2026. The OnEMI Technology Solutions IPO has a retail quota of 35 per cent, QIB quota of 50 per cent and NII quota of 15 per cent. Track the OnEMI Technology Solutions IPO subscription status live on the Univest Screener for hourly updates on how each category is filling up. Strong QIB subscription in particular is an important signal of institutional endorsement for the OnEMI Technology Solutions IPO.

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OnEMI Technology Solutions IPO Review: Apply or Avoid?

The OnEMI Technology Solutions IPO presents a nuanced but broadly constructive investment case for medium-to-long term investors. On the bull side, the OnEMI Technology Solutions IPO offers exposure to one of India’s most established digital lending brands at below-book valuation (P/B of 0.91 times), with a strong 9MFY26 recovery that suggests FY25 was trough performance driven by deliberate product restructuring. The 63.73 million registered user base, AI-driven credit underwriting infrastructure, 4.6-star app rating and promoter pre-IPO investment of Rs 40 crore are all durable positive signals for the OnEMI Technology Solutions IPO.

On the cautionary side, the OnEMI Technology Solutions IPO carries elevated GNPA of 2.89 per cent, a predominantly unsecured AUM, persistent negative operating cash flows and an RBI inspection concern at the NBFC subsidiary. The GMP of Rs 6 today for the OnEMI Technology Solutions IPO suggests the market is not pricing in a blockbuster listing, making it more of a medium-term conviction holding candidate than a listing-day trade. Investors seeking exposure to India’s digital fintech lending growth story with a one to two year view may find the OnEMI Technology Solutions IPO attractive at these valuations. Short-term investors targeting listing gains should calibrate expectations based on the moderate GMP signal and approach the OnEMI Technology Solutions IPO accordingly.

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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. The OnEMI Technology Solutions IPO opens today 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. Retail investors can apply for a maximum of 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 today?

Ans. The OnEMI Technology Solutions IPO GMP today as of 29 April 2026 is Rs 6 per share, indicating an expected listing price of approximately Rs 177, representing a gain of around 3.5 per cent over the upper price band of Rs 171. GMP data for the OnEMI Technology Solutions IPO is unofficial and should not be the sole basis for investment decisions.

Q4: What is the allotment and listing date of 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.

Q5: Should I apply for the OnEMI Technology Solutions IPO?

Ans. The OnEMI Technology Solutions IPO is best suited for medium-to-long term investors comfortable with fintech lending risk. The company shows a strong 9MFY26 recovery and is priced below book value at P/B of 0.91 times, but carries elevated GNPA of 2.89 per cent and negative operating cash flows. The OnEMI Technology Solutions IPO GMP of Rs 6 today suggests moderate listing premium potential. Short-term listing gain investors should approach the OnEMI Technology Solutions IPO with calibrated expectations.

Q6: 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 (up from 0.79 per cent in FY24), 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 Capital Services, and a 20 per cent revenue decline in FY25. These factors make the OnEMI Technology Solutions IPO most suitable for investors with a medium-to-long term horizon.

Q7: How can I check 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, and through your broker’s app. The OnEMI Technology Solutions IPO subscription window is open from 30 April to 5 May 2026. Hourly subscription updates for all three categories (QIB, NII and Retail) are available on IPO tracking platforms throughout the bidding window.

Q8: What is Kissht and how does it relate to the OnEMI Technology Solutions IPO?

Ans. Kissht is the primary brand under which the OnEMI Technology Solutions IPO company operates its digital lending platform. OnEMI Technology Solutions Limited is the parent entity that runs both Kissht (digital loans including personal loans, LAP and MSME financing) and Ring (payments and EMI app). All loan disbursements are made through its NBFC subsidiary Si Creva Capital Services. When you subscribe to the OnEMI Technology Solutions IPO, you are investing in the technology and distribution parent entity that powers the Kissht and Ring platforms.

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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