Onemi Technology Solutions IPO

About OnEMI Technology Solutions

The OnEMI Technology Solutions IPO opens on Thursday, April 30, 2026 and closes on Tuesday, May 5, 2026. The allotment of shares will take place on Wednesday, May 6, 2026. The credit of shares to the demat account will take place on Thursday, May 7, 2026. The initiation of refunds will take place on Thursday, May 7, 2026. The listing of shares will take place on Friday, May 8, 2026.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 4,97,07,602 shares aggregating up to ₹850 crores. The offer for sale portion includes 44,39,788 shares of ₹1 aggregating up to ₹76 crores. The total number of shares and aggregate amount are 5,41,47,390 shares aggregating up to ₹926 crores.

OnEMI Technology Solutions IPO’s price band is set at ₹162 to ₹171 per share. The lot size for an application is 87. The minimum amount of investment required by a retail investor is ₹14,877 (87 shares) (based on upper price). The lot size investment required by sNII is 14 lots (1,218 shares), amounting to ₹2,08,278, and for bNII, it is 68 lots (5,916 shares), amounting to ₹10,11,636.

Founded in 2016 under OnEMI Technology Solutions, Kissht is a technology-enabled lender in India, primarily offering digital loans through its mobile application for various consumption and business needs. They provide swift, accessible and personalised credit solutions to support their customers throughout their financial journeys. They are focused on young individuals within the mass market segment, which, according to the 1Lattice Report, represents India’s emerging middle class and is aspirational, digitally connected and underpenetrated in credit access.

Objectives of OnEMI Technology Solutions IPO

• Augmenting the capital base of the Subsidiary, Si Creva, to meet its future capital requirements arising out of the growth of their subsidiary, Si Creva’s, business.
  
• General corporate purposes.
  

Industry Outlook

India’s retail lending sector is witnessing accelerated growth yet remains significantly underpenetrated compared to developed economies. India’s credit penetration remains modest among emerging markets, clearly indicating that India offers significant headroom for growth, especially in retail and MSME lending. This presents a strong opportunity for technology-led fintech platforms to capitalize on this gap through faster and more inclusive credit delivery. Government-led initiatives such as credit guarantee schemes, along with robust digital infrastructure, data-driven underwriting, and scalable distribution, provide significant opportunities to capture value in this high-growth, underserved segment and deliver strong returns. The mass market overall retail credit is set to grow from ₹31,90,000 crore in fiscal 2025 to ₹77,40,000 crore by fiscal 2030, with personal loans and loans against property rising from ₹11,60,000 crore to ₹33,40,000 crore. Digital lending within the mass market segment is expected to surge 7x to ₹4,10,000 crore by fiscal 2030, growing at a 48% CAGR, outpacing the growth of conventional players (Source: 1Lattice Report).

About OnEMI Technology Solutions

Kissht, founded in 2016 under OnEMI Technology Solutions, is a leading digital lending platform focused on India’s mass market. With a tech-first, fully digital approach, they offer personal loans and loans against property (LAP) with instant approvals and minimal paperwork. Kissht serves young, digitally savvy, credit-seeking customers, especially in the aspirational upper mass market underserved by banks, providing accessible, hassle-free financing nationwide.

Kissht offers an end-to-end digital experience covering KYC, credit assessment, loan disbursal, and collections, serving young, digitally savvy customers with growing credit needs. They focus on the mass market segment, which faces significant challenges in availing MSME loans, primarily due to inefficient processes across the customer journey often resulting in longer turnaround times. Their digital processes have reduced personal loan TAT from weeks to minutes, ensuring rapid, scalable, and efficient credit delivery through a fully digital journey from application to repayment tracking.

Strengths of OnEMI Technology Solutions

• Large customer base acquired through a diversified multi-channel acquisition strategy.
  
• Driving asset quality through advanced and comprehensive risk management.
  
• Access to diversified and scalable funding sources.
  
• Scalable, cloud-native and AI-built technology platform integrated across all key functions.
  
• Experienced founders and leadership, backed by marquee investors.
  

Risks of OnEMI Technology Solutions

• Any decrease in demand for their unsecured loan products.
  
• Inability to attract new customers or an inability to retain and grow their relationships with their existing customers.
  
• Any default from their customers or non-recovery from their customers or their inability to recover the full value of collateral (in the case of secured loans).
  
• Systems failures and resulting interruptions in the availability of their platform.
  
• Any disruption in their sources of capital or their inability to meet their obligations, including financial and other covenants under their debt financing arrangements.
  
• Reliance on mobile operating systems and application marketplaces to make their applications available to customers.
  
• Security breaches and attacks against their platform, and any potentially resulting breach or failure to otherwise protect confidential and proprietary information.
  
• Any downgrade in their credit ratings.
  
• Reliance on third parties to whom they have outsourced certain of their operations.
  
• Any deterioration in the performance of any pool of receivables securitised to banks and other institutions.
  

Notes: * To be included at the Prospectus stage. #Pursuant to resolutions passed by the Board at its meeting dated July 8, 2025, and the Shareholders at an extra-ordinary general meeting dated July 8, 2025, each equity share of OnEMI Technology Solutions of face value of ₹10 each was split into 10 shares of face value of ₹1 each. The information presented is after taking into consideration this stock split by retrospectively adjusting as if the event had occurred at the beginning of the period presented. ^Bajaj Finance Limited undertook a stock split (one equity share of face value ₹2, divided in two equity shares of face value ₹1) and a bonus issue (four bonus equity shares of face value ₹1 for every one equity share of ₹1 held). Record date for both the corporate actions was June 16, 2025. The information presented is after taking into consideration this bonus issue and stock split by retrospectively adjusting as if the event had occurred at the beginning of the period presented.

(1) All financial information for the listed industry peers is sourced from the financial information as at and for the year ended March 31, 2025, available on the website of the stock exchanges or the Company. Financial information for Bajaj Finance Limited and Cholamandalam Investment & Finance Company Limited is on a consolidated basis.

(2) Closing price of equity shares as on National Stock Exchange (“NSE”) on April 24, 2026.

(3) Market capitalization is calculated as closing share price on NSE as on April 24, 2026, multiplied by total shares outstanding as disclosed on NSE as on March 31, 2026.

(4) P/E Ratio has been computed based on the closing price of equity shares divided by the diluted EPS for Fiscal 2025.

(5) P/B Ratio has been computed based on the closing price divided by the NAV per equity share as of March 31, 2025.

(6) ROE is calculated as the profit after tax for Fiscal 2025 as a percentage of Average Total Equity for Fiscal 2025. Average Total Equity represents the simple average of Total Equity (comprising equity share capital and other equity, excluding non-controlling interest) as at the last day of Fiscal 2025 and as of the last day of Fiscal 2024. For Bajaj Finance Limited, Profit after tax attributable to the equity owners of the Company has been considered.

(7) NAV per equity share is calculated as Total Equity as restated on the last day of the relevant year divided by number of Equity Shares outstanding as on the last day of the relevant year. For HDB Financial Services Limited, NAV per equity share has been presented as reported in their Prospectus dated June 28, 2025.

Anchor Investor Bidding Date: Wednesday, April 29, 2026

Registrar: KFin Technologies Limited
Book Running Lead Managers:
JM Financial Limited
HSBC Securities and Capital Markets (India) Private Limited
Nuvama Wealth Management Limited
SBI Capital Markets Limited
Centrum Broking Limited

OnEMI Technology Solutions Business Model

The company earns its revenue through offering digital loans through its mobile application for various consumption and business needs.

OnEMI Technology Solutions Growth Trajectory

OnEMI Technology Solutions’ Total Income for FY25 was ₹1352.688 crores, whereas in FY24 and FY23 it was ₹1700.302 crores and ₹1001.505 crores, respectively.

The Profit After Tax for FY25 was ₹160.621 crores, whereas in FY24 and FY23 it was ₹197.290 crores and ₹27.667 crores, respectively.

Their EBITDA for FY25 was ₹403.368 crores, whereas in FY24 and FY23 it was ₹358.958 crores and ₹97.711 crores, respectively.

OnEMI Technology Solutions Market Position

As of December 31, 2025, they had 6.373 crore registered users and served 1.117 crore customers, driven by their efficient multi-channel acquisition strategy, which combines online and offline channels.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA stood at ₹1352.688 crores, ₹160.621 crores, and ₹403.368 crores, respectively.

How to apply for OnEMI Technology Solutions IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.