Kissht IPO: Apply or not? Analysts review on OnEMI Technology issue; latest GMP

Kissht IPO kicks-off today: The initial public offering (IPO) of OnEMI Technology Solutions opens for bidding on Thursday, April 30 as the new age financial solutions player is selling its shares for Rs 162-171 apiece. Investors can apply for a minimum of 87 equity shares and its multiples thereafter. The issue will close for bidding on Tuesday, May 05.

The Rs 926 crore-IPO of OnEMI Technology Solutions which includes a fresh share of Rs 850 crore and an offer-for-sale (OFS) of up to 44.4 lakh crore equity shares worth Rs 76 crore. The net proceeds from the issue shall be utilized towards augmenting the capital base of Subsidiary, Si Creva, to meet its future capital requirements arising and general corporate purposes.

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.

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. Its anchor book included names like Goldman Sachs, Al Mehwar Commercial, Citigroup, BNP Paribas Financial Markets, Neo Secondaries Fund, ACM Global Fund, Bandhan MF, HDFC MF, Tata MF, ICICI Prudential MF and others.

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.

OnEMI Technology Solutions 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. Last heard, it was commanding a grey market premium of Rs 4.5-5 apiece, suggesting an up to 3 per cent listing pop for the investors.

JM Financial Ltd, SBI Capital Markets, Nuvama Wealth Management Ltd and HSBC Securities and Capital Markets (India) is the book running lead managers of OnEMI Technology Solutions and Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on May 8. Here's what a host of brokerage firms say about the IPO of Kissht:  

Arihant Capital Markets Rating: Subscribe OnEMI is at an inflection point where the foundational investments in technology, collections infrastructure, branch network for LAP, and lender partnerships are largely sunk, positioning it to harvest operating leverage on incremental AUM growth. With total AUM at Rs 5,955.8 crore as of December 2025 and a residual loan tenure of nearly 15 months already locked in, said Arihant.

"The strategic pivot to longer-tenor, lower-rate, higher-quality borrowers, while compressing FY25 revenues, has structurally improved the credit cost trajectory — and as this cleaner vintage seasons, NPA normalization and lower provisioning requirements should support PAT expansion. The issue is valued at a P/E ratio of 10.84 times," it said with an subscribe rating for the issue.  

Swastika Investmart Rating: Neutral Priced at 10.8 times P/E and 0.91 times P/B — steep discount to peers like Bajaj Finance, entry point looks attractive. Impressive scale of more than 6.3 crore users. Net Promoter Score of 91–95 is rare for a lending business. Its 94 per cent of the loan book is unsecured and any economic slowdown or RBI tightening is a direct hit, said Swastika Investmart.

"FY25 dipped, 9MFY26 recovered, but not consistent enough yet. Some analysts have a watch status. Valuation is cheap and the model is differentiated — but unsecured lending and pending litigations are real concerns. Cautious investors may prefer to wait and watch," it added with a 'neutral' rating.  

BP Equities Rating: Subscribe Asset quality has weakened, with GNPA increasing to 2.9 per cent in 9MFY26, in line with the rapid expansion of a predominantly unsecured loan book. High provisioning (87 per cent) keeps NNPA low at 0.4 per cent. LAP, at 6 per cent of AUM, provides early diversification into secured lending, said BP Equities.

"Overall, 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 case. We recommend a 'subscribe' rating, with asset quality and execution as key monitorables," it adds.  

Ventura Securities Rating: Subscribe OnEMI Technology operates a scalable digital ecosystem with capabilities spanning customer acquisition, credit assessment, loan disbursal, and collections management. Its platform integrates alternative data sources, proprietary algorithms, and risk models to evaluate borrower creditworthiness, enabling faster and more inclusive lending decisions, said Ventura Securities.

Its responsibilities include onboarding customers, performing risk assessment, facilitating disbursal, and managing repayment collections. It generates revenue through interest spreads, processing fees, and servicing income. This integrated platform approach allows OnEMI to scale efficiently while maintaining asset-light operations and long-term relationships," it said with a 'subscribe' rating.  

Equivision Rating: Subscribe Despite a 20 per cent decline in revenue in FY25 due to calibrated pricing and a shift to longer-tenure loans, the company has prioritized customer quality and sustainable growth. AUM grew strongly by 57 per cent YoY to Rs 4,086.6 crore, reflecting robust demand and scale expansion. It has consistently delivered the highest PCR and lowest NNPA across recent periods, said Equivision.

"A balanced mix of onbook and off-book partnerships with financial institutions enhances capital efficiency, supports scalability, and broadens customer reach. It has demonstrated strong asset quality with mid-tier GNPA performance, outperforming peers. It leverages a scalable Al-driven and cloud-native technology platform to enhance credit assessment," it said with a 'subscribe' tag.