The initial public offering (IPO) of OnEMI Technology Solutions Limited (Kissht) was subscribed 9.5 times on the final day (Day 3) of bidding. The issue received bids for 37,76,62,128 equity shares on Tuesday against the offered 3,97,62,250 equity shares, exchange data showed.

Among investor segments, Qualified Institutional Buyers (QIBs) led the demand, subscribing their portion 24.87 times. The Non-Institutional Investors (NII) segment was subscribed 6.57 times, while the retail portion saw a subscription of 2.03 times.

The company offered its shares in a price band of Rs 162–171 apiece. Investors could apply for a minimum of 87 shares and in multiples thereafter. The IPO aimed to raise Rs 926 crore, comprising a fresh issue of Rs 850 crore and an offer-for-sale (OFS) of up to 44.4 lakh equity shares worth Rs 76 crore.

Brokerages views

Some brokerages have highlighted strong fundamentals of the company. Arihant Capital highlights the company is positioned at the intersection of two durable structural tailwinds - India's household credit-to-GDP at 45.6 per cent (vs 68–74 per cent in developed markets) and the mass market segment's projected expansion from 31 per cent to 37 per cent of the population by FY30.

On the valuation front, at the upper band of Rs 171, the issue is valued at a P/E of 10.84 times, based on annualised EPS of Rs 15.77. It recommended a 'Subscribe' rating.

BP Wealth highlighted that the company is focused on a customer segment that has remained difficult for traditional lenders to serve. These are salaried individuals earning Rs 25,000–75,000 per month, with clear credit needs but limited access due to rigid processes and high-cost branch models.

On the valuation front, at Rs 171 per share, the issue is valued at 1.37 times post-issue book value and 17.9 times FY25 earnings. Overall, strong growth, improving profitability and a scalable model support the company. It gave a 'Subscribe' rating, with asset quality and execution as key monitorables.

Marwadi Financial Services cited that the company maintains a highly granular loan book. It assigned a 'Subscribe' rating to this IPO.

Grey market premium

At last check, Kissht was commanding a grey market premium (GMP) of Rs 6.35 apiece, suggesting a 3.71 per cent listing gain for investors. This was higher than the Rs 1–1.5 premium observed earlier.

JM Financial Ltd, SBI Capital Markets, Nuvama Wealth Management Ltd and HSBC Securities were the book-running lead managers to the issue, while Kfin Technologies Ltd was the registrar. The shares are scheduled to be listed on both BSE and NSE on May 8.