Updated on 08.05.2026|10:00 AM
OnEMI Technology Solutions Limited, widely recognized by its brand name "Kissht," is a technology-enabled digital lender targeting India's mass market with unsecured personal loans and secured loan products.
The company is set to launch its Initial Public Offering (IPO) on Thursday, April 30, 2026, with the subscription window closing on Tuesday, May 5, 2026. Find latest details about IPOs at our upcoming and live IPOs section.
The issue aims to raise up to ₹925.92 Crores through a combination of a Fresh Issue worth ₹850 Crores and an Offer for Sale (OFS) of 44,39,788 equity shares.
The price band for the IPO has been fixed at ₹162 to ₹171 per share.
In this article, you will find Kissht IPO GMP today, price band, and a detailed review with financial performance, valuation, strength and risks.
For daywise subscription of this IPO, check the IPO subscription section which is updated regularly.
Briefs of OnEMI Technology Solutions Limited Kissht IPO Details:
- Price Band: ₹162 – ₹171 per equity share
- Face Value: ₹1 per share
- IPO Open / Close Dates: April 30, 2026 – May 5, 2026
- Lot Size: 87 Shares (Minimum Investment: ₹14,877)
- Issue Size: ~₹925.92 Crores
- Fresh Issue: ₹850 Crores
- Offer for Sale (OFS): 44,39,788 Shares (~₹75.92 Cr)
- Registrar: KFIN Technologies Limited
- Listing Exchange: NSE, BSE
Check our latest guide on KFIN IPO allotment status if you have any issue regarding allotment, refunds etc.
IPO Reservation:
The offering is reserved as follows:
- QIB Portion: Not more than 50% of the Offer (Anchor Investors may be allocated up to 60% of the QIB portion).
- NII (HNI) Portion: Not less than 15% of the Offer.
- Retail (RII) Portion: Not less than 35% of the Offer.
What Is The OnEMI Technology Solutions Limited "Kissht" IPO GMP Today?
You can check the GMP of this and other issues at our latest gmp page.
Note: The Grey Market Premium (GMP) is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 171.00 | 190.00 | 11.11 |
OnEMI Technology Solutions Limited Kissht Listing vs. Issue Price
What Are The Important OnEMI Technology Solutions Limited Kissht IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Thursday, April 30, 2026
- IPO Close Date: Tuesday, May 5, 2026
- Basis of Allotment Date: Wednesday, May 6, 2026
- Refund Initiation Date: Thursday, May 7, 2026
- Credit of Shares: Thursday, May 7, 2026
- Listing Date: Friday, May 8, 2026
What Are The Objectives of OnEMI Technology Solutions Limited, Kissht IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Capital Augmentation: The primary objective is to utilize ₹637.50 Crores to invest in its wholly-owned subsidiary, Si Creva (an RBI-regulated NBFC). This capital infusion will bolster Si Creva's Tier-I capital base, enabling it to meet future business growth while maintaining the mandated 15% Capital to Risk-Weighted Assets Ratio (CRAR).
- General Corporate Purposes: The remaining balance (not exceeding 25% of Gross Proceeds) will fund IT infrastructure investments, business development, and expansion of the distribution network.
(Note: The company will not receive any proceeds from the Offer for Sale).
How is The Financial Performance of Kissht?
The following table summarizes the financial performance of the company based on restated consolidated financial statements.
(Figures in ₹ Crores)
Particulars | Period Ended 31 Dec 25 (9M) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 1,583.93 | 1,352.69 | 1,700.30 | 1,001.51 |
Profit After Tax (PAT) | 199.27 | 160.62 | 197.29 | 27.67 |
EBITDA | 488.45 | 403.37 | 358.96 | 97.71 |
Total Borrowing | 2,047.52 | 1,507.58 | 784.30 | 387.89 |
Assets | 3,568.78 | 2,701.10 | 1,796.53 | 1,275.20 |
Financial Analysis & Observations:
Total Income:
The company demonstrated significant top-line growth from FY23 to FY24, although FY25 saw a slight dip to ₹1,352.69 Crores.
This temporary decline was attributed to strategic competitive pricing to acquire higher-quality customers and a shift toward longer-tenure loans.
However, the momentum rebounded strongly in the 9 months ended Dec 2025, reaching ₹1,583.93 Crores.
Steady performance with income at ₹1,583.93 Cr in 9M FY25, compared to ₹1,352.69 Cr in FY24, ₹1,700.30 Cr in FY23, and ₹1,001.51 Cr in FY22.
Profit After Tax (PAT):
Profitability surged impressively from ₹27.67 Crores in FY23 to ₹197.29 Crores in FY24 due to rapid portfolio scaling.
The slight moderation to ₹160.62 Crores in FY25 reflects heavy upfront investments required to launch their secured Loan Against Property (LAP) segment.
Consistent profitability with PAT of ₹199.27 Cr in 9M FY25, ₹160.62 Cr in FY24, ₹197.29 Cr in FY23, and ₹27.67 Cr in FY22.
EBITDA:
Operational efficiency remains robust, with EBITDA growing consistently to reach ₹488.45 Crores in the first nine months of FY26.
This growth highlights the scalability of their AI/ML-driven underwriting model.
Strong operating performance with EBITDA at ₹488.45 Cr in 9M FY25, ₹403.37 Cr in FY24, ₹358.96 Cr in FY23, and ₹97.71 Cr in FY22.
Total Borrowing:
To support its massive AUM growth, borrowings have escalated to ₹2,047.52 Crores by December 2025.
The Debt-to-Equity ratio stands at 1.63x, reflecting the necessary leverage utilized to capture market share in the digital lending space.
Rising leverage with borrowings at ₹2,047.52 Cr in 9M FY25, ₹1,507.58 Cr in FY24, ₹784.30 Cr in FY23, and ₹387.89 Cr in FY22.
Assets:
The total asset base nearly tripled from ₹1,275.20 Crores in FY23 to ₹3,568.78 Crores by December 2025, directly mirroring the rapid expansion of the company's loan portfolio and cash reserves.
What Are the P/E Ratio and Peer Comparison
Based on its Fiscal Year 2025 diluted earnings per share (EPS) of ₹12.79, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 13.37x at the upper end of the price band (₹171).
P/E Ratio = ₹171(Price) / ₹12.79 (Diluted Earnings Per Share)
P/E Ratio ≈ 13.37x
Peer Comparison Table (FY 2025 Data):
Company | P/E Ratio | RoE (%) | Diluted EPS (₹) | Total Income (₹ Cr) |
Kissht (OnEMI) | 13.37 | 17.74 | 12.79 | 1,352.69 |
Bajaj Finance | 34.36 | 19.19 | 26.82 | 69,724.78 |
Cholamandalam Investment | 30.99 | 19.71 | 50.60 | 26,152.76 |
HDB Financial Services | 24.70 | 14.72 | 27.32 | 16,300.28 |
SBI Cards | 33.28 | 14.82 | 20.14 | 18,637.15 |
Source: RHP
Analysis:
Kissht is entering the market at a P/E multiple of approximately 13.37x based on its FY25 Diluted EPS.
When compared to the industry average of roughly 30.83x, the issue appears to be priced at a significant discount to established NBFC giants like Bajaj Finance and Cholamandalam.
Furthermore, Kissht has a Return on Equity (ROE) of 17.74%, outperforming peers like HDB Financial and SBI Cards.
Investors should weigh this attractive valuation and capital efficiency against the inherent risks of Kissht's predominantly unsecured loan portfolio.
What is The Industry Outlook of OnEMI Technology Solutions Limited Kissht IPO
Growth Potential:
The Indian digital lending market is expanding rapidly, driven by increasing smartphone penetration and the formalization of the credit-starved "missing middle" mass market segment.
Market Trends:
There is a distinct shift toward technology-enabled underwriting using alternative data sources. While unsecured personal loans drive volume, NBFCs are increasingly diversifying into secured products (like LAP) to balance their risk profiles in a tightly regulated environment.
What Are The Strengths and Risks of Kissht IPO?
Strengths:
- Massive AUM Growth: The company has achieved an exceptional 79.53% CAGR in its Assets Under Management between FY23 and FY25.
- Customer Loyalty: With over 50% of AUM sourced from repeat customers, the brand demonstrates strong stickiness.
- Capital Efficiency: The company generates an impressive ROE of 17.74% while maintaining a robust CRAR of 26.69%, well above regulatory minimums.
Risks:
- High Unsecured Exposure: Over 94% of the AUM consists of unsecured personal loans, which carry a significantly higher risk of default during economic downturns.
- Negative Operating Cash Flows: The rapid scaling of the on-book portfolio has resulted in substantial cash burn from operations (₹-661.42 Crores in FY25).
- Regulatory History: The reliance on its subsidiary, Si Creva—which was previously flagged as a "High Risk Financial Institution" by FIU-IND—highlights past compliance vulnerabilities.
Key Considerations for Investors
- Valuation: At ~13.4x P/E, the pricing leaves room for upside compared to industry peers, likely discounting the risks associated with the unsecured lending model.
- Asset Quality: Despite the risky segment, Gross NPAs stand at a manageable 2.90%. Maintaining this asset quality as the portfolio seasons is crucial.
- Use of Funds: The clear allocation of fresh issue proceeds to augment the subsidiary’s capital base directly supports future lending growth.
Key Takeaways
- IPO Price: ₹171 per share (Upper Band).
- Min Investment: ₹14,877 (87 Shares).
- Financials: Total Income ₹1,352 Cr (FY25);
- Allocation: May 6, 2026
- Listing: NSE & BSE on May 8, 2026.
FAQs on OnEMI Technology Solutions Limited
Kissht IPO
What is Kissht IPO GMP today?
Check the latest gmp at out hub page where daily gmps are updated.
What is Kissht IPO price band?
The price band is fixed at ₹162 to ₹171 per equity share.
What is Kissht IPO allotment date?
The allotment status is expected to be finalized on Wednesday, May 6, 2026.
How to check Kissht IPO allotment status?
Investors can check the status on the website of KFIN Technologies Limited (the Registrar) or via the BSE/NSE IPO allotment portals. For details about other IPOs allotments' check our dedicated IPO allotment page.
What is Kissht IPO listing date?
The shares are tentatively scheduled to list on Friday, May 8, 2026.
Investment Perspective on Kissht IPO
Kissht offers a high-growth entry into India's booming digital lending space.
The company pairs impressive AUM expansion and return ratios with a valuation that is heavily discounted relative to legacy NBFCs.
However, investors must be comfortable with the elevated risk profile inherent in a predominantly unsecured loan book and the history of negative operating cash flows.
Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
