IPO Open: April 30, 2026
IPO Close: May 5, 2026
Listing Date: May 8, 2026 (BSE & NSE)
Price Band: ₹162–₹171 per share
The OnEMI Technology Solutions IPO is now open for subscription, and it’s one of the most closely watched fintech IPOs of 2026. The company behind India’s popular digital lending app Kissht and payments platform Ring is finally giving retail investors a chance to participate in its growth story. In this comprehensive guide, we cover everything you need to know — from IPO dates and price band to financials, GMP, and whether you should apply.
What Is OnEMI Technology Solutions Limited?
OnEMI Technology Solutions Limited (CIN: U72900MH2016PLC282573) is a Mumbai-based, technology-first digital lending platform incorporated on June 18, 2016. The company operates under two prominent consumer brands:
- Kissht — A full-stack digital lending platform offering personal loans, loans against property (LAP), and MSME loans to salaried and self-employed individuals.
- Ring — A payments application enabling consumers to split purchases into EMIs across a wide merchant network.
All loan disbursements, KYC, and EMI collections are handled by its NBFC subsidiary, Si Creva Capital Services Pvt. Ltd., which holds an RBI lending licence. This structure means OnEMI Technology Solutions operates as a pure technology and distribution entity, while Si Creva carries the actual lending book — a model that allows for leaner capital usage at the parent level.
The promoters of the company are Ranvir Singh (Chairman and CEO) and Krishnan Vishwanathan (CFO).
OnEMI Technology Solutions IPO — Key Details at a Glance
| Parameter | Details |
|---|---|
| IPO Open Date | April 30, 2026 |
| IPO Close Date | May 5, 2026 |
| Listing Date | May 8, 2026 (BSE & NSE) |
| Price Band | ₹162 – ₹171 per share |
| Face Value | ₹1 per share |
| Issue Size | ₹925.92 crore |
| Fresh Issue | ₹850 crore (4.97 crore shares) |
| Offer for Sale (OFS) | ₹75.92 crore (44,39,788 shares) |
| Lot Size | 87 shares |
| Minimum Investment (Retail) | ₹14,877 (1 lot at upper band) |
| Maximum Investment (Retail) | ₹1,93,401 (13 lots) |
| Book Running Lead Manager | JM Financial Ltd. |
| Registrar | KFin Technologies Ltd. |
| Listing Exchanges | BSE and NSE |
| Anchor Investor Date | April 29, 2026 |
| Allotment Date | May 6, 2026 |
| Share Credit to Demat | May 7, 2026 |
OnEMI Technology Solutions IPO — Price Band & Lot Size
The Kissht IPO price band has been set at ₹162 to ₹171 per share, with a face value of ₹1 per equity share. At the upper price band:
- Retail investors can apply for a minimum of 1 lot (87 shares = ₹14,877) and a maximum of 13 lots (1,131 shares = ₹1,93,401).
- Small NII (sNII) investors need a minimum of 14 lots (1,218 shares = ₹2,08,278).
- Big NII (bNII) investors need a minimum of 68 lots (5,916 shares = ₹10,11,636).
OnEMI Technology Solutions IPO — GMP Today
The OnEMI Technology Solutions IPO GMP (Grey Market Premium) as of early May 2026 stands at approximately ₹5–₹6 per share, implying an expected listing price of around ₹176–₹177, representing a potential gain of approximately 3–4% over the upper price band of ₹171.
The grey market premium reflects mild but stable investor sentiment ahead of listing. However, GMP is an unofficial, unregulated market indicator — it changes rapidly based on speculation and should not be the sole basis for investment decisions. Always read the Red Herring Prospectus (RHP) carefully and consult your financial advisor before applying.
Objects of the OnEMI Technology Solutions IPO — How Will the Funds Be Used?
The fresh issue of ₹850 crore will be deployed towards:
- Augmenting the capital base of subsidiary Si Creva Capital Services — ₹637.50 crore (approximately 75%) will be infused into Si Creva to meet its capital requirements under RBI’s NBFC Capital Adequacy norms, supporting its loan book growth. As at December 31, 2025, Si Creva’s Tier-I capital adequacy ratio stood at a healthy 25.93%.
- General Corporate Purposes — the remaining amount, subject to a cap of 25% of gross proceeds, will be used for general business purposes.
The company will not receive any proceeds from the OFS portion; those funds go directly to the Selling Shareholders, which include prominent investors such as Vertex Ventures, VenturEast, Endiya Seed, AION Advisory, and Ammar Sdn Bhd.
About the Business: Kissht & Ring — What Does OnEMI Do?
Digital Lending with Kissht
Founded in 2016, Kissht has built one of India’s most comprehensive digital lending platforms. It targets India’s aspirational upper mass market — young, digitally savvy, credit-seeking individuals who are underserved by traditional banks. Kissht has reduced personal loan turnaround time from weeks to minutes, powered by a fully digital journey from application to repayment tracking.
Kissht’s sourcing strategy is deliberately diversified, spanning:
- Digital marketing and app-based acquisition
- Merchant partnerships
- Credit QR-based offline-to-online (O2O) customer acquisition — one of the few new-age digital lenders in India deploying this model at scale as of December 2025
- Aggregators and exclusive branches
Kissht has also expanded into Loans Against Property (LAP) for MSME borrowers, marking a strategic move into secured lending that diversifies its portfolio and supports AUM growth.
Ring Payments Platform
Ring enables consumers to convert purchases into easy EMIs across a growing network of online and offline merchant partners, deepening Kissht’s ecosystem play beyond simple loans.
The Brand & Its Ambassador
Kissht has onboarded Sachin Tendulkar as its brand ambassador — a move that has significantly elevated brand trust and recognition across demographics, from older audiences who connect with his cricketing legacy to younger digital natives.
OnEMI Technology Solutions — Key Business Metrics
| Metric | Value (as of Dec 31, 2025) |
|---|---|
| Registered Users | 63.73 million |
| Active Customers Served | 11.17 million |
| Assets Under Management (AUM) | ₹5,955.75 crore (₹59,557.53 million) |
| Play Store Rating | 4.6 stars (1 million+ reviews) |
| Net Promoter Score (NPS) | 91 |
| Pre-IPO Share Capital (Equity) | 11,87,75,420 shares |
OnEMI Technology Solutions — Financial Performance
OnEMI has delivered strong financial growth in recent years. Here are the key financial highlights derived from the company’s Restated Consolidated Financial Information:
AUM Growth — Best in Class Among Peers
OnEMI achieved an AUM CAGR of 79.53% between FY2023 and FY2025 — the highest among its new-age digital lending peers.
| Company | AUM FY23 (₹ Cr) | AUM FY25 (₹ Cr) | AUM CAGR |
|---|---|---|---|
| OnEMI Technology Solutions (Kissht) | 1,268 | 4,087 | 79.53% |
| Fibe (Social Worth Technologies) | — | 5,287 | 64.11% |
| KreditBee (Finnov) | — | 10,102 | 47.49% |
| Moneyview (Whizdm) | — | 16,715 | 47.87% |
| Navi Finserv | — | 11,695 | 31.23% |
Profitability — Exceptional PAT Growth
OnEMI recorded the highest PAT CAGR of 140.95% between FY23 and FY25 among its peers:
| Year | PAT |
|---|---|
| FY2023 | ₹28 crore |
| FY2024 | ₹197 crore |
| FY2025 | ₹161 crore |
| 9M FY2026 (till Dec 2025) | ₹199 crore |
Return Ratios & Margins
- RoAA (Return on Average AUM): 4.80% in FY2025 — second highest among new-age peers
- Net Interest Margin (NIM): 18.6% (FY23), 16.8% (FY24), 23.8% (FY25)
- NII CAGR (FY23–FY25): 15.8%
- PPOP CAGR (FY23–FY25): 29.6%
- NPAT CAGR (FY23–FY25): 140.9%
Asset Quality
- Gross NPA: 2.9% (as of December 2025)
- Net NPA: 0.4% (as of December 2025)
These figures suggest relatively low credit risk and robust portfolio quality, bolstered by the company’s AI and ML-based underwriting models.
IPO Valuation Snapshot
| Parameter | Value |
|---|---|
| P/E Ratio | ~10.84x |
| EPS (Basic) | ₹15.77 |
| Price-to-Book (P/B) | ~0.91x (below book value) |
| RoNW | 15.97% |
| Market Cap (Upper Band) | ~₹2,881 crore |
| P/ABV (post-issue) | ~1.6x (per SBICAP Securities) |
A P/B below 1x is notable — it means the company is currently offered at below its book value, which some analysts consider a value entry point if business fundamentals remain strong. However, investors should contextualise this against rising borrowings and broader digital lending regulatory risks.
AI & Technology: The Kissht Edge
OnEMI has been an early and consistent adopter of advanced technology:
- ML-based underwriting since 2019 — Uses machine learning models to assess creditworthiness and flag high-risk profiles early.
- AI-based models since 2025 — Advanced algorithms for collection optimization, risk management, and underwriting precision.
- Fully Digital Journey — KYC, credit assessment, loan disbursal, and repayment tracking — all paperless and digital.
- Credit QR Offline-to-Online (O2O) — A unique offline customer acquisition model that blends physical merchant touchpoints with digital lending workflows.
Anchor Investors
OnEMI Technology Solutions raised ₹277.78 crore from anchor investors ahead of the IPO (Anchor Bid Date: April 29, 2026), signalling institutional confidence in the company’s business model and growth trajectory.
Who Are the Selling Shareholders?
The OFS component of ₹75.92 crore involves the following investor shareholders exiting a portion of their stake:
| Selling Shareholder | Shares Offered |
|---|---|
| Ammar Sdn Bhd | Up to 11,56,317 shares |
| Vertex Ventures SEA Fund III Pte. Ltd. | Up to 7,92,308 shares |
| Vertex Growth Fund Pte. Ltd. | Up to 4,56,831 shares |
| Vertex Growth Fund II Pte. Ltd. | Up to 4,56,831 shares |
| Ventureast Proactive Fund II | Up to 5,89,519 shares |
| Endiya Seed Co-creation Fund | Up to 5,35,367 shares |
| VenturEast Proactive Fund LLC | Up to 2,64,522 shares |
| AION Advisory Services LLP | Up to 1,38,758 shares |
| Ventureast Proactive Fund | Up to 48,108 shares |
| VenturEast SEDCO Proactive Fund LLC | Up to 1,227 shares |
Key Risks to Consider Before Applying
Before investing in the OnEMI Technology Solutions IPO, consider the following risks:
- Rising Borrowings: The company’s borrowings have grown substantially alongside its AUM. Sustained high borrowings need to be monitored relative to capital adequacy.
- Negative Operating Cash Flows: As with many high-growth lending platforms, OnEMI has reported negative cash flows from operations in certain periods, driven by loan book expansion.
- Regulatory Risk: NBFC-sector lending is subject to evolving RBI regulations. Policy changes around digital lending norms, co-lending frameworks, or capital requirements could materially impact the business.
- Unsecured Loan Concentration: As of 9MFY26, 94.23% of Kissht’s AUM was unsecured — though this is improving as LAP grows (from 1.85% secured in FY25 to 5.77% in 9MFY26).
- GMP Is Not a Guarantee: The current grey market premium of ₹5–₹6 suggests only a modest 3–4% listing gain at best. Listing-day gains are not assured.
- Promoter Dilution: Promoter combined holding will decline from 32.30% to approximately 23.33% post-IPO.
How to Apply for OnEMI Technology Solutions IPO
You can apply for the Kissht IPO online through any SEBI-registered broker or bank. Here’s a quick step-by-step:
- Log in to your broker app (Zerodha, Groww, Angel One, Upstox, 5Paisa, etc.) or your bank’s net banking portal.
- Navigate to the IPO section and search for “OnEMI Technology Solutions IPO” or “Kissht IPO.”
- Choose your lot quantity — Minimum 1 lot (87 shares = ₹14,877). Always bid at the cut-off price (₹171) for the best allotment chances.
- Enter your UPI ID and submit your application.
- Approve the UPI mandate in your UPI app (GPay, PhonePe, BHIM, Paytm) within the stipulated time. The amount is only blocked, not debited, until allotment.
ASBA (Application Supported by Blocked Amount) is also available through your bank’s net banking.
OnEMI Technology Solutions IPO — Important Dates
| Event | Date |
|---|---|
| Anchor Investor Allotment | April 29, 2026 |
| IPO Opens | April 30, 2026 |
| IPO Closes | May 5, 2026 |
| Basis of Allotment Finalization | May 6, 2026 |
| Share Credit to Demat Accounts | May 7, 2026 |
| Listing on BSE & NSE | May 8, 2026 |
Analyst Views — Should You Apply?
Analysts have offered a cautiously optimistic outlook on the OnEMI Technology Solutions IPO:
- SBICAP Securities noted the company’s strong NII CAGR of 15.8%, PPOP CAGR of 29.6%, and NPAT CAGR of 140.9% from FY23 to FY25, with healthy NIMs. Asset quality is robust with GNPA at 2.9% and NNPA at 0.4% as of December 2025. At the upper price band of ₹171, the IPO is valued at a P/ABV of 1.6x, which analysts consider reasonable given the growth trajectory.
- The sub-1x P/B valuation is seen as a potential value opportunity for medium-to-long-term investors.
- Short-term listing gain seekers should temper expectations given the muted GMP of ₹5–₹6.
- The 79.53% AUM CAGR and 140.95% PAT CAGR are standout growth numbers in a sector where peers are growing at 30–65%.
Bottom line: Cash-surplus investors with a medium-to-long-term view on India’s digital lending growth story may find the OnEMI Technology Solutions IPO attractive at these valuations. Short-term traders looking for big listing day pops should approach cautiously.
⚠️ Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investing in IPOs involves market risks. Please read the Red Herring Prospectus (RHP) carefully and consult a SEBI-registered financial advisor before making any investment decision.
Frequently Asked Questions (FAQs)
Q1. What is the OnEMI Technology Solutions IPO price band?
The price band is ₹162 to ₹171 per share, with a face value of ₹1.
Q2. What is the lot size of Kissht IPO?
The lot size is 87 shares. Minimum investment for retail investors is ₹14,877 at the upper price band.
Q3. When is the OnEMI Technology Solutions IPO listing date?
The listing date is May 8, 2026, on both BSE and NSE.
Q4. What is the GMP of OnEMI Technology Solutions IPO today?
As of early May 2026, the GMP is approximately ₹5–₹6 per share, indicating an expected listing price near ₹176–₹177.
Q5. Is Kissht and OnEMI Technology Solutions the same company?
Yes. OnEMI Technology Solutions Limited is the parent entity. Kissht is its digital lending brand. Ring is its payments app. Loans are disbursed via NBFC subsidiary Si Creva Capital Services.
Q6. What is the total IPO size?
The total IPO size is ₹925.92 crore — a fresh issue of ₹850 crore and an OFS of ₹75.92 crore.
Q7. Who are the promoters of OnEMI Technology Solutions?
Ranvir Singh (CEO & Chairman) and Krishnan Vishwanathan (CFO) are the promoters.
Q8. How can I check OnEMI Technology Solutions IPO allotment status?
Allotment will be finalized on May 6, 2026. You can check status on the BSE/NSE website, the KFin Technologies registrar portal, or through your broker’s app using your PAN or application number.
Q9. What is Kissht’s AUM as of December 2025?
Kissht’s AUM stood at ₹5,955.75 crore (₹59,557.53 million) as of December 31, 2025.
Q10. Is the OnEMI Technology Solutions IPO good for long-term investment?
The company has delivered strong financial metrics — profitable, high AUM growth, low NPA. Long-term investors should monitor RBI regulatory developments around digital lending and quarterly results post-listing. The current sub-1x P/B valuation offers a potential margin of safety, subject to business quality.