If you have ever used Kissht to buy a smartphone on EMI or Ring for UPI payments, you have used OnEMI Technology Solutions Limited. Now this digital lending and payments fintech is going public with a ₹926 crore mainboard IPO — one of the most significant fintech IPOs of 2026. Here is our complete review.
OnEMI Technology Solutions IPO — Quick Details
ParameterDetailsIPO Open DateApril 30, 2026IPO Close DateMay 5, 2026Allotment DateMay 6, 2026Share CreditMay 7, 2026Listing DateMay 8, 2026Price Band₹162 – ₹171 per shareFace Value₹1 per shareLot Size87 sharesMin. Investment (Retail)₹14,877Max. Investment (Retail)₹1,93,401 (13 lots)Issue Size₹925.92 CroreFresh Issue₹850 CroreOFS₹75.92 CroreListing ExchangeBSE & NSE (Mainboard)Lead ManagersJM Financial, HSBC Securities, Nuvama, SBI Capital, Centrum CapitalRegistrarKFin Technologies Ltd.Anchor Investors Raised₹277.78 Crore
About OnEMI Technology Solutions Limited
Incorporated in 2016, OnEMI Technology Solutions Limited is a technology-enabled lender in India, primarily offering digital loans through its mobile application for various consumption and business needs. The company operates under the brand names Kissht (digital lending platform) and Ring (payments app), empowering online and offline merchants with seamless consumer credit solutions and EMI-based payments. Its NBFC partner, Si Creva Capital Services, handles loan disbursement, KYC, and EMI collections. Chittorgarh
As of December 31, 2025, the company has 63.73 million registered users and served 11.17 million customers. Its AUM stood at ₹59,557.53 million. Its product portfolio includes personal loans for salaried and self-employed individuals, loan against property, and MSME loans for business expansion. Chittorgarh
The company is promoted by Ranvir Singh and Krishnan Vishwanathan.
Financials at a Glance
According to SBICAP Securities Research, OnEMI Technology Solutions recorded a CAGR of 15.8% in net interest income, 29.6% in pre-provision operating profit, and 140.9% in net profit between FY23 and FY25. Net interest margins stood at 18.6%, 16.8%, and 23.8% across FY23, FY24, and FY25 respectively. Investor Gain
Total assets have increased sharply from ₹1,275 crore in FY23 to ₹3,569 crore as of December 2025, reflecting rapid business expansion. Groww
At the upper price band of ₹171, the IPO is valued at a P/E of 10.84x and P/B of 0.91x — below book value, which is unusual for a high-growth fintech and could represent a value entry point.
What Will IPO Funds Be Used For?
Out of the total net proceeds, ₹637.50 crore will be allocated toward augmenting the capital base of subsidiary Si Creva, to meet its future capital requirements as Si Creva scales its operations. The remaining proceeds will be used for general corporate purposes. This signals the company's intent to aggressively grow its lending book. Groww
GMP — Grey Market Premium
The GMP for OnEMI Technology Solutions IPO is ₹4 as of May 3, 2026. Based on the upper price band of ₹171, the estimated listing price is ₹175, representing a potential gain of approximately 2%. Chittorgarh
The muted GMP at just ₹4 reflects cautious market sentiment — investors are pricing in limited near-term upside due to elevated GNPA and regulatory concerns.
Key Strengths
- 63.73 Million Registered Users — A massive, loyal user base built over a decade gives Kissht a significant distribution and data moat.
- Pure-Play Listed Digital Lender — OnEMI is potentially the only pure-play listed entity in digital lending in India if listed, as the management claims there are no direct comparable listed peers on NSE or BSE today. Investor Gain
- AI-Powered Credit Platform — Proprietary cloud-native, AI-driven technology platform for credit underwriting — a real competitive moat in the digital lending space.
- Strong NIM of 23.8% — High net interest margins indicate strong pricing power and efficient cost of funds management.
- Below Book Value Pricing — At P/B of 0.91x, the IPO is priced below book value — unusual for a profitable fintech, offering a margin of safety for long-term investors.
Risks to Consider
- Rising GNPA — The company carries elevated GNPA of 2.89% and an almost entirely unsecured AUM at 98.15% of total loans. This is the biggest red flag for long-term investors. Investor Gain
- Negative Operating Cash Flows — Persistent negative operating cash flows are a concern — the business is growing faster than it is generating cash from operations.
- RBI Inspection Concerns — Regulatory inspection at its NBFC subsidiary Si Creva has flagged some concerns — investors should monitor this closely post-listing.
- Low GMP — The muted GMP of ₹4 signals limited near-term listing gain expectations.
Verdict
OnEMI Technology Solutions (Kissht) is a genuine, scaled digital lending business with a massive user base, proprietary technology, and a below-book-value entry price. However, the GNPA concerns, regulatory risks, and negative cash flows mean this is not a risk-free investment.
Verdict: Subscribe for Medium-to-Long Term — Avoid if Seeking Quick Listing Gains.
Key Dates: Open: Apr 30 | Close: May 5 | Allotment: May 6 | Listing BSE & NSE: May 8, 2026
Disclaimer: For informational purposes only. Not investment advice. Consult a SEBI-registered financial advisor.