Kissht IPO Fully Subscribed: Strong Investor Demand for OnEMI Tech

Kissht IPO Achieves Full Subscription Amidst Investor Interest

OnEMI Technology Solutions, the parent entity of the digital lending platform Kissht, has successfully seen its Initial Public Offering (IPO) fully subscribed. The public issue garnered significant attention, reaching a subscription level of 1.85X by the final day of bidding. This translates to bids for 7.35 crore shares against the 3.98 crore shares made available, signaling a positive reception from the investment community.

Institutional Investors Drive Demand for OnEMI Technology Solutions

The subscription figures reveal a notable preference from Qualified Institutional Buyers (QIBs), who led the demand. Their portion of the IPO was subscribed a remarkable 4.85 times, with bids for 5.48 crore shares against the 1.13 crore shares reserved for them. This strong uptake from institutional investors underscores their confidence in the company’s growth prospects and business model. Following suit, Non-Institutional Investors (NIIs) also showed considerable interest, bidding for 1.30 crore shares against the 85.36 lakh shares earmarked for them, resulting in an oversubscription of 1.53 times.

Retail Investor Participation Remains Subdued

In contrast to the strong performance from institutional and non-institutional segments, retail investors exhibited a more reserved response to the IPO. Their portion of the issue was subscribed to only 28%, with bids for 56.45 lakh shares against the 1.99 crore shares offered to them. This disparity in participation highlights a potential difference in risk appetite or valuation expectations between retail and institutional investors regarding the OnEMI Technology Solutions offering.

IPO Structure and Valuation of OnEMI Technology Solutions

The IPO of OnEMI Technology Solutions is structured as a combination of a fresh issue of shares worth up to ₹850 crore and an offer for sale (OFS) of up to 44.4 lakh shares. The company has strategically set its price band for the public issue between ₹162 and ₹171 per share. At the upper end of this price band, the IPO values the company at approximately ₹2,881 crore, which is equivalent to about $294.3 million. This valuation reflects the market’s assessment of the company’s current standing and future potential in the competitive fintech landscape.

Pre-IPO Funding and Founder Transactions

Prior to the public offering, Kissht successfully raised ₹277.8 crore from anchor investors, a move that typically generates positive sentiment and provides a stable base for the IPO. Furthermore, in a significant development in March, the company’s co-founders, Ranvir Singh and Krishnan Vishwanathan, acquired shares worth over ₹40 crore from existing investors through secondary transactions. These transactions not only demonstrate the founders’ conviction in the company but also suggest a restructuring of ownership ahead of the public listing.

Kissht’s Business Model and Financial Performance

Established in 2015, Kissht operates as a prominent lending technology platform, offering digital personal and business loans up to ₹5 lakh. The company has also diversified its product portfolio to include health-related insurance products and secured loans, such as loans against property, catering to a broader customer base. Financially, OnEMI Technology Solutions reported a profit of ₹199.3 crore on a revenue of ₹1,569.9 crore for the first nine months of FY26. While the recent nine-month performance shows strength, the company experienced a dip in FY25, with profits declining by approximately 18% to ₹160.6 crore from ₹197.3 crore in FY24. Operating revenue also saw a decrease of over 20% to ₹1,337.5 crore in FY25 from ₹1,674.5 crore in FY24, indicating a challenging period that the company aims to overcome with its current IPO strategy.