OnEMI Technology Solutions (Kissht) IPO 2026 – Price Band, GMP, Review & Should You Apply?
If you've ever used Kissht to buy a smartphone on EMI or used Ring to pay for something on credit — you've already interacted with this company. OnEMI Technology Solutions Limited, the parent of India's widely-used Kissht lending app and Ring payments platform, is now going public in a ₹925.92 crore mainboard IPO.
This is one of the most anticipated fintech IPOs of 2026. Here's everything you need to know — simple, honest, no jargon.
OnEMI Technology Solutions IPO Details at a Glance
IPO Open Date: April 30, 2026
IPO Close Date: May 5, 2026
IPO Type: Mainboard (Book Built Issue)
Issue Size: ₹925.92 Crores
Fresh Issue: ₹850 Crores (4.97 Cr shares)
Offer for Sale (OFS): ₹75.92 Crores (0.44 Cr shares)
Price Band: ₹162 to ₹171 per share
Face Value: ₹1 per share
Lot Size: 87 shares
Minimum Investment (Retail): ₹14,877
Allotment Date: May 6, 2026
Listing Date: May 8, 2026 (BSE & NSE)
Registrar: Kfin Technologies Ltd
Lead Managers: JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital Markets, Centrum Capital
Post-Issue Market Cap: Approx. ₹2,881 Crores
GMP (Indicative): ₹3–₹5 (approx. 2% premium)
About OnEMI Technology Solutions
Incorporated in 2016, OnEMI Technology Solutions is a technology-enabled digital lending company that operates two well-known consumer brands:
- Kissht — for personal loans, MSME loans, and buy-now-pay-later credit
- Ring — a payments and credit app
The actual loan disbursement, KYC, and EMI collection is handled by its NBFC subsidiary, Si Creva Capital Services Private Limited.
The scale of the business is genuinely impressive:
- 63.73 million registered users
- 11.17 million active customers
- AUM: ₹5,955.75 crores (as of Dec 31, 2025)
The company operates an AI-powered, cloud-native platform handling credit scoring, fraud detection, and real-time processing.
GMP – Grey Market Premium Analysis
As of May 4, 2026, the GMP for OnEMI Technology Solutions IPO is approximately ₹3–₹5 above the upper price band of ₹171.
- Expected Listing Price: ₹174–₹176
- Expected Premium: ~2–3%
The GMP has been in the ₹4–₹7 range since announcement but slightly moderated during subscription.
On Day 2, IPO subscription was around 34%, with QIB participation at 66% on Day 1 — indicating institutional interest.
👉 A modest GMP is normal for large fintech IPOs — long-term growth matters more than listing gains.
Pros of OnEMI Technology Solutions IPO
1. Massive User Base
63.73 million users — strong scale advantage.
2. Exceptional Profit Growth
140.9% CAGR (FY23–FY25)
3. Low Investment Requirement
₹14,877 makes it retail-friendly.
4. Strong Asset Quality
- Gross NPA: 2.9%
- Net NPA: 0.4%
5. AI-Driven Platform
Better credit scoring and efficiency.
6. Attractive Valuation
- P/E: 10.84x
- P/ABV: 1.6x
7. High Fresh Issue (90%+)
Funds go into business growth, not promoter exit.
Cons of OnEMI Technology Solutions IPO
1. RBI Regulatory Risk
Policy changes can impact business.
2. OFS Component
Some early investors exiting.
3. Moderate Subscription
34% on Day 2 — not very strong initially.
4. Lending Risk
Economic slowdown can increase NPAs.
5. High Competition
Banks, NBFCs, fintechs (Bajaj Finance, Paytm, PhonePe)
Financial & Growth Outlook
- Assets grew from ₹1,275 Cr (FY23) to ₹3,569 Cr (Dec 2025)
- Net Interest Margin: 23.8%
IPO proceeds (~₹637.5 Cr) will boost NBFC capital and loan book expansion.
👉 Strong growth runway ahead.
Listing Expectations
Short-Term
- Expected Gain: ~2–3%
- Not a listing pop IPO
Long-Term
- Strong re-rating potential
- Ideal for 12–24 month investors
Who Should Invest / Avoid
Apply If You:
- Believe in fintech growth
- Want low investment entry
- Have 1–2 year horizon
Avoid If You:
- Fear RBI regulation risk
- Want listing gains
- Avoid NBFC business models
How to Apply
- Open broker app
- Search “OnEMI IPO”
- Apply (87 shares minimum)
- Enter UPI
- Approve mandate
- Check allotment (May 6)
- Listing on May 8
Final Verdict
OnEMI Technology Solutions IPO is a strong long-term fintech play, not a listing gain opportunity.
✔ Strong fundamentals
✔ Low valuation
✔ Huge user base
❌ Low GMP
❌ Regulatory risks
👉 Verdict: Subscribe for Medium-to-Long Term
FAQs
Q1: Price band?
₹162–₹171
Q2: GMP today?
₹3–₹5
Q3: Listing date?
May 8, 2026
Q4: What is Kissht & Ring?
Digital lending & credit apps
Q5: Is it profitable?
Yes, strong growth
Q6: Allotment check?
Via KFin Technologies
Explore More IPOs
- Bagmane Prime Office REIT IPO 2026
- Recode Studios IPO 2026
- Value 360 Communications IPO 2026
