OnEMI Technology Solutions IPO: Check GMP, Price Band, Financials, and More

Synopsis: OnEMI Technology’s Rs. 925.92 crore IPO opens April 30, featuring a fresh issue and OFS. The digital lending platform shows strong growth in assets and profitability, aiming to fund subsidiary expansion and support future operations. 

India’s primary market continues to remain active, with new-age fintech players tapping into investor interest through public offerings. Amid intensifying competition among fintech players, a new-age, technology-driven lending platform is gearing up for its IPO, aiming to tap into the growing demand for digital credit solutions and carve out its space in an increasingly crowded market.  

The issue reflects the broader trend of rapid expansion in India’s fintech ecosystem, supported by increasing smartphone penetration and evolving consumer borrowing habits. With a scalable business model and improved financial performance, the offering is expected to attract both retail and institutional investors.

Key details 

The OnEMI Technology IPO is a book-built public issue with a total size of Rs. 925.92 crores. It comprises a fresh issue of 4.97 crore equity shares aggregating to Rs. 850.00 crores, along with an offer for sale (OFS) of 0.44 crore shares worth Rs. 75.92 crores. 

The IPO will open for subscription on April 30, 2026, and close on May 5, 2026. The allotment of shares is expected to be finalised on May 6, 2026. Following the allotment process, the company’s shares are scheduled to be listed on both the NSE and BSE, with a tentative listing date of May 8, 2026. 

The price band for the issue has been fixed between Rs. 162 and Rs. 171 per share. JM Financial Ltd is acting as the book-running lead manager for the issue, handling the overall management and marketing of the IPO. Kfin Technologies Ltd. has been appointed as the registrar, responsible for processing applications, handling allotments, and managing investor records.

IPO Lot Size 

The IPO lot structure for OnEMI Technology has been designed to accommodate different categories of investors, with a minimum bid requirement and fixed multiples thereafter. Investors must apply for at least 87 shares, and any additional bids must be in multiples of this lot size.

For retail investors, the minimum application is 1 lot, which equals 87 shares and requires an investment of Rs. 14,877 at the upper price band. Retail investors can apply for a maximum of 13 lots, or 1,131 shares, amounting to Rs. 1,93,401. This cap ensures that applications within this range are categorised under the retail quota.

For high-net-worth individuals (HNIs), the investment thresholds are higher and divided into two categories. Small HNIs (S-HNI) must apply for a minimum of 14 lots, which is 1,218 shares, requiring Rs. 2,08,278. They can go up to a maximum of 67 lots, or 5,829 shares, with an investment of Rs. 9,96,759. Beyond this level, investors fall into the big HNI category.

Big HNIs (B-HNI) are required to apply for at least 68 lots, equivalent to 5,916 shares, with a minimum investment of Rs. 10,11,636. There is no defined upper limit for this category, allowing larger investors to bid for significantly higher quantities depending on their investment capacity.

Competitive Strengths of the company 

OnEMI Technology Solutions Ltd leverages several competitive strengths that position it for growth. The company has built a large customer base through a diversified multi-channel acquisition strategy and maintains strong asset quality with advanced, comprehensive risk management practices. 

It benefits from access to diversified and scalable funding sources and operates a scalable, cloud-native, AI-driven technology platform integrated across all key functions. Additionally, the company is led by experienced founders and management, supported by marquee investors, providing strong strategic and operational guidance. 

Financials of the company 

OnEMI Technology’s financials show strong overall growth, especially in scale and profitability. Total assets have increased sharply from Rs. 1,275 crore in FY23 to Rs. 3,569 crore as of December 2025, reflecting rapid business expansion.

Total income has shown some fluctuations, rising from Rs. 1,001 crore in FY23 to Rs. 1,700 crore in FY24, dipping in FY25, and then recovering to Rs. 1,584 crore for the nine months ended December 2025. Despite this, profitability has improved significantly, with PAT growing from Rs. 27.67 crore in FY23 to around Rs. 199 crore in the latest period, supported by strong EBITDA growth.

The company’s net worth has steadily increased, indicating stronger financial stability. However, borrowings have also risen sharply from Rs. 388 crore in FY23 to over Rs. 2,047 crore, which investors should monitor closely. 

GMP of the company 

The latest GMP for OnEMI Technology IPO stands at Rs. 5. Based on the upper price band of Rs. 171, the estimated listing price is around Rs. 176, indicating a potential gain of 2.92% per share. 

Objectives of the company 

The proceeds from the OnEMI Technology IPO are primarily intended to support the growth and expansion of its subsidiary, Si Creva. Out of the total net proceeds, Rs. 637.50 crores will be allocated toward augmenting the capital base of this subsidiary. 

This infusion is aimed at meeting future funding requirements as Si Creva scales its operations, indicating that the company is focusing on strengthening its core business vertical and supporting long-term growth.

In addition to this primary objective, a portion of the proceeds will also be used for general corporate purposes. While the exact allocation for this category is not specified, such uses typically include working capital requirements, operational expenses, brand building, strategic initiatives, and other business needs.

About the company 

OnEMI Technology Solutions Limited, incorporated in 2016, is a technology-driven lending platform in India that focuses on providing digital credit solutions for both consumers and businesses. The company primarily offers loans through its mobile applications, making access to credit faster and more convenient. 

It operates under the brands Kissht, a digital lending platform, and Ring, a payments app. Through these platforms, the company enables both online and offline merchants to offer customers easy credit and EMI-based payment options. The actual lending operations, including loan disbursement, KYC, and collections, are handled by its NBFC partner, Si Creva Capital Services.

As of December 31, 2025, the company has built a large user base of 63.73 million registered users and has served 11.17 million customers. Its assets under management (AUM) stood at Rs. 5,955.75 crore, reflecting the scale of its lending operations.

The company offers a range of financial products, including personal loans for salaried and self-employed individuals, loans against property, and MSME loans aimed at business expansion and working capital needs.

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