OnEMI Technology Solutions Limited IPO Review 2026 — Price Band, GMP, Allotment Date & Expert Analysis

OnEMI Technology Solutions Limited, founded in 2016, operates as a technology-enabled lending platform in India, delivering digital credit solutions through its flagship brands “Kissht” and “Ring.” The company serves both individual consumers and MSMEs, offering personal loans, loan against property, and business financing via a mobile-first interface. Its lending operations are executed through its NBFC subsidiary, Si Creva Capital Services, which handles disbursement, KYC, and collections, allowing OnEMI to focus on platform innovation and customer acquisition.

As of December 31, 2025, OnEMI reported a registered user base of 63.73 million and had served 11.17 million customers, with an AUM of ₹59,557.53 million. This scale positions it among the leading digital lending platforms in India, particularly in the unsecured consumer credit segment. The company’s cloud-native, AI-powered underwriting engine enables rapid decisioning and risk segmentation, critical for managing large-volume, low-ticket loans.

The dual-brand strategy—Kissht for lending and Ring for payments—creates a closed-loop ecosystem where merchants can offer EMI options at checkout, enhancing conversion and customer stickiness. This integration of fintech services across lending and payments reflects a strategic move toward embedded finance, a growing trend in India’s digital economy.

The financials reveal strong revenue and asset growth, though profitability dipped in FY25 compared to FY24. EBITDA has more than doubled since FY23, signaling operational scalability. However, rising borrowings and reliance on off-balance-sheet lending warrant caution.

The OnEMI Technology Solutions Limited IPO comprises a fresh issue of ₹850.00 crore and an Offer for Sale (OFS) of ₹75.92 crore, aggregating to a total issue size of ₹925.92 crore. The fresh issue proceeds will be primarily used to augment the capital base of its NBFC subsidiary, Si Creva Capital Services, enabling it to meet regulatory capital requirements and support future loan book growth.

Use of Fresh Issue Proceeds

• Strengthening the capital adequacy of Si Creva to support AUM expansion and comply with RBI’s NBFC norms.
• Funding general corporate purposes, including technology upgrades, marketing, and working capital.

OFS Component

The OFS component of ₹75.92 crore involves the sale of existing shares by promoters and early investors. This allows partial monetization of stakes without diluting the company’s equity further. Notably, promoter holding will reduce from 32.30% pre-IPO to 23.33% post-IPO, indicating a strategic dilution to bring in public shareholders.

• A massive user base of 63.73 million registered users as of Dec 2025, driven by multi-channel acquisition and strong brand recall via “Kissht” and “Ring”.
• AI-powered underwriting and cloud-native architecture enable scalable, low-cost lending operations with real-time risk assessment.
• Diversified funding model with access to institutional capital, securitization, and co-lending arrangements, reducing reliance on a single source.
• Experienced founding team led by Ranvir Singh and Krishnan Vishwanathan, backed by reputable investors enhancing governance and strategic direction.
• Strong financial metrics including a 23.51% ROE and 21.18% RoNW, indicating efficient capital utilization and profitability.

• 98.15% of AUM consists of unsecured loans, exposing the company to higher credit risk and potential NPAs during economic downturns.
• Dependence on third-party NBFCs for 39.45% of AUM introduces counterparty risk and operational vulnerability if partnerships dissolve.
• High debt-to-equity ratio of 1.63 indicates aggressive leverage, increasing financial risk and interest burden.
• Regulatory scrutiny from RBI on its NBFC subsidiary could lead to penalties or operational restrictions if compliance lapses occur.
• Technology dependency: Any system failure or cyberattack could disrupt lending operations and damage customer trust.

As of 30 Apr 2026, the OnEMI Technology Solutions Limited IPO is trading at a Grey Market Premium (GMP) of ₹4.5(2.63%), implying a potential listing price of ₹175.5 (mid-point of price band ₹171 + ₹4.5). This modest premium suggests cautious investor sentiment, likely due to concerns over asset quality and leverage.

Additionally, the Sub2Sauda rate stands at ₹300, indicating strong demand among HNI investors for guaranteed allotment, typically through grey market financing channels. While this reflects confidence in listing gains, it also signals speculative positioning ahead of the IPO.

Kfin Technologies Ltd has been appointed as the registrar for the OnEMI Technology Solutions Limited IPO, responsible for processing applications, finalizing allotments, and crediting shares to demat accounts.

Access all official SEBI-filed regulatory documents for the OnEMI Technology Solutions Limited IPO below.

The OnEMI Technology Solutions Limited IPO presents a high-growth, high-risk opportunity. At a post-issue P/E of 10.84x, it appears attractively valued compared to fintech peers, supported by strong AUM growth and scalable technology. However, the 98.15% unsecured loan book and reliance on third-party lenders elevate credit and operational risks.

The company’s ROE of 23.51% and expanding EBITDA margin reflect operational efficiency, but the debt/equity ratio of 1.63 demands caution. Retail investors seeking listing gains may find appeal in the modest GMP, but long-term investors must assess asset quality and regulatory compliance rigorously.