The initial public offering (IPO) of OnEMI Technology Solutions continued to see a muted bidding from the investors but managed to sail through on the third and final day of the bidding. The issue overall booked over 25 per cent on the first day, while it saw bidding for 60 per cent by the end of second day.

OnEMI Technology Solutions is selling its shares in the price band of Rs 162-171 apiece. Investors can apply for a minimum of 87 shares and its multiples thereafter. It is looking to raise Rs 926 crore via IPO, which includes a fresh share sale of Rs 850 crore and offer-for-sale of up to 44.4 lakh equity shares at Rs 76 crore.

According to the data, the investors made bids for 4,14,38,970 equity shares, or 1.04 times, compared to the 3,97,62,250 equity shares offered for the subscription by 12.45 pm on Tuesday, May 05, 2026. The three-day bidding, which kicked off on Thursday, April 30, shall continue today.

Leading the bidding, the portion for QIBs was booked 2.35 times as of the same time, while the allocation for non-institutional investors (NIIs) was also fully booked with 1.14 times bidding. However, the quota for retail investors was subscribed only 52 per cent as of the same time.

Incorporated in 2016, Mumbai-based OnEMI Technology is a technology-enabled lender, offering digital loans through its mobile application for various consumption and business needs. It operates under digital lending platform 'Kissht' and payments app 'Ring' - OnEMI empowers online and offline merchants with seamless consumer credit solutions and EMI-based payments.

Brokerage firms are mostly positive views on this IPO with some suggesting to subscribe to it thanks to its strong AUM and customer based growth, attractive valuations and large digital lending opportunity in India. However, unsecured loans, asset quality concerns and weak cash flows are the major concern for the company.

OnEMI Technology is valued at 1.4 times P/B, which appears fairly priced relative to peers while factoring in inherent risks, said Geojit Investments. "Backed by strong growth in AUM and customer base, an omni-channel model, and a rapidly expanding digital lending ecosystem in India, the company is well positioned to scale," it said with a 'subscribe' rating for high-risk investors for a short to medium term.

Ahead of its IPO, OnEMI Technology Solutions raised a total of Rs 277.77 crore from 22 anchor investors as it allocation 1.62 crore equity shares at Rs 171 apiece. Ut has reserved 50 per cent of the net issue for the qualified institutional bidders (QIBs), while 15 per cent shares are allocated for non-institutional investors (NIIs). 35 per cent share are reserved for retail investors of the issue.

OnEMI Technology's is valued P/B multiple of 1.38 times. It has large customer base acquired through a distinctive multi-channel acquisition strategy along with access to diversified and scalable funding sources & scalable, cloud-native and AI-built technology platform integrated across all key functions, said Hem Securities, recommending 'subscribe' to issue for mild listing gain & long term purpose.

OnEMI Technology Solutions reported a net profit at Rs 199.27 crore with an income of Rs 1,583.93 crore for the nine months ended on December 31, 2025. The company clocked a bottomline of Rs 160.62 crore, with a revenue of Rs 1,352.69 crore for the financial year 2024-25. At the current valuations the company commands a total market capitulation more than Rs 2,880 crore.

It was commanding a grey market premium of Rs 1-1.5 apiece, suggesting a flat listing pop for the investors. JM Financial Ltd, SBI Capital Markets, Nuvama Wealth Management Ltd and HSBC Securities are the book running lead managers of OnEMI Technology and Kfin Technologies Ltd is the registrar of the issue. Shares shall be listed on both BSE Ltd and NSE on May 8.