The initial public offering (IPO) of OnEMI Technology Solutions was off to a muted bidding from the investors on the first day of the bidding process, mostly saw bidding from institutional investors. The issue, which kicked off on Thursday, April 30, shall close for bidding on Tuesday, May 05.

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 81,22,755 equity shares, or 20 per cent, compared to the 3,97,62,250 equity shares offered for the subscription by 3.20 pm on Thursday, April 302026. The bidding for the issue shall continue for three trading sessions.

Leading the bidding, the portion for QIBs was booked 58 per cent as of the same time. The allocation for retail investors was subscribed only 5 per cent, while the portion reserved for non-institutional investors (NIIs) saw a subscription of only 7 per cent.

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 FY25 P/B and 94 per cent of its loan book is unsecured, reflecting a higher-risk lending profile. With evolving consumer lifestyles, the company has successfully scaled its digital loan distribution and is well-positioned to benefit from future growth opportunities, said Anand Rathi Share & Stock Brokers.

"It has built a user base of 53 million, supported by a proven platform and significant headroom in India’s underpenetrated credit market. Considering these factors, the IPO appears fairly valued and is recommended as 'subscribe for long term' rating," it added.

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.

"We assign 'subscribe' rating to this IPO as company has driving asset quality through advanced and comprehensive risk management along with large customer base acquired through a diversified multi-channel acquisition strategy, said Marwadi Financial Services. It is available at reasonable valuation as compared to its peers, it said.

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 45-5 apiece, suggesting an up to 3 per cent listing pop. 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.