OnEMI Technology IPO Day 2: Check latest subscription, GMP, listing details

The IPO of OnEMI Technology Solutions (Kissht) is seeing improving traction, with the issue moving closer to full subscription by Day 2, supported by strong institutional demand and multiple brokerage “Subscribe” ratings.

The public issue was subscribed 0.63 times by the end of Day 2. While retail participation remained modest at 0.17 times, demand from qualified institutional buyers (QIBs) stood strong at 1.51 times, indicating confidence from large investors. The non-institutional investor (NII) segment was subscribed 0.53 times.

The improving subscription trend signals growing investor interest as the issue approaches its closing date.

Grey market trends also suggest steady sentiment around the IPO.

The latest GMP stands at around Rs 1.5, indicating an estimated listing price of Rs 172.5, a 0.88% premium over the upper price band of Rs 171. While modest, the premium reflects stable listing expectations rather than sharp volatility.

STRONG BROKERAGE SUPPORT BOOSTS SENTIMENT

Several brokerage firms including Adroit Financial Services, Arihant Capital, BP Equities, Marwadi Financial Services and Ventura Securities have given a “Subscribe” recommendation to the issue.

Arihant Capital highlighted that the company is well placed to benefit from structural growth drivers.

It said the company operates at the intersection of two strong tailwinds: India’s low household credit-to-GDP ratio of 45.6% compared to 68–74% in developed markets, and the expected expansion of the mass market segment from 31% to 37% by FY30.

On valuation, the brokerage noted that at the upper band of Rs 171, the issue is priced at a P/E of 10.84 times, and recommended a “Subscribe” rating.

BUSINESS MODEL TARGETS UNDER-SERVED SEGMENT

BP Wealth highlighted that OnEMI focuses on a segment that remains underserved by traditional lenders.

The company caters to salaried individuals earning between Rs 25,000 and Rs 75,000 per month, a group that has clear credit demand but limited access due to rigid processes followed by conventional banks.

The brokerage added that strong growth, improving profitability and a scalable business model support the investment case, assigning a “Subscribe” rating while flagging asset quality and execution as key monitorables.

SCALE AND GROWTH SUPPORT LONG-TERM STORY

Marwadi Financial Services pointed out the company’s large and granular loan book, with over 2.87 million active customers and assets under management (AUM) of Rs 59,557.53 million as of December 31, 2025.

It added that the company has been improving asset quality through advanced risk management systems and benefits from a diversified customer acquisition strategy.

On valuation, the IPO is priced at a P/B of 1.37 times, which appears reasonable compared to peers trading at higher multiples. The brokerage has assigned a “Subscribe” rating.

VALUATION AND MARKET POSITION

At the upper price band of Rs 171, the issue appears reasonably valued considering its growth potential and improving profitability metrics.

The company operates in India’s fast-growing digital lending space through its platforms Kissht and Ring, positioning itself to benefit from rising financial inclusion and increasing credit demand.

While institutional demand and brokerage support remain key positives, the final subscription numbers and sustained investor participation across segments will be important to watch as the IPO heads towards closure.

Overall, the improving subscription trend, strong QIB participation and multiple “Subscribe” calls indicate that the IPO is gaining traction, supported by its positioning in a high-growth segment of India’s financial ecosystem.

(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)