Kissht IPO: Temasek-backed OnEMI Technology to launch issue on Apr 30; check key details

Temasek Holdings-backed OnEMI Technology Solutions, which operates under the Kissht brand (digital lending platform), has announced a price band of Rs 162 to Rs 171 per share for its initial public offering (IPO). The issue will open for subscription on April 30 and close on May 5, while anchor investors will place bids on April 29.

The company aims to raise Rs 925.92 crore through its maiden public offering. The issue consists of shares with a face value of Rs 1 each, and investors can bid for a minimum lot of 87 shares and its multiples thereafter, taking the minimum investment to Rs 14,877 at the upper end of the price band.

The IPO is a combination of a fresh issue of shares worth Rs 850 crore and an offer-for-sale of 44.39 lakh shares worth Rs 75.9 crore by existing investors. The selling shareholders include Temasek's Vertex, Ventureast Proactive Fund and Ammar Sdn Bhd.

Of the proceeds from the fresh issue, Rs 637.5 crore will be used to augment the capital base of the company's subsidiary, Si Creva Capital Services, to support future business growth. The remaining amount will be used for general corporate purposes.

Incorporated in 2016, Mumbai-based OnEMI Technology Solutions is a technology-enabled lender in India, primarily offering digital loans through its mobile application for various consumption and business needs. OnEMI empowers online and offline merchants with seamless consumer credit solutions and EMI-based payments.

At the upper end of the price band, the IPO is valued at Rs 2,881.06 crore. JM Financial, HSBC Securities, Nuvama Wealth Management, SBI Capital Markets and Centrum Broking are the book-running lead managers to the issue, while Kfin Technologies is the registrar.

The allotment is expected to be finalised on May 6, and the shares are likely to be listed on the NSE and BSE on May 8. Incorporated in 2016, OnEMI Technology Solutions is a technology-driven lender that offers digital loans for consumption and business needs through its Kissht and Ring platforms, while its NBFC arm, Si Creva Capital Services, handles loan disbursement, KYC and collections.