India’s IPO market continues to remain vibrant in 2026, with strong participation from both retail and institutional investors. Fintech and digital lending companies are gaining significant attention as the adoption of digital financial services accelerates across the country. Rising internet penetration, increasing credit demand, and the growth of alternative lending platforms are shaping the next phase of financial inclusion.
Against this backdrop, OnEMI Technology Solutions Limited is set to open its IPO on April 30, 2026. Here is a detailed insight into the company, its IPO, and the industry outlook.
About OnEMI Technology Solutions Ltd.
Incorporated in 2016, OnEMI Technology Solutions Limited is a technology enabled lending platform that offers digital loans to individuals and businesses through its mobile applications.
The company operates under well-known brands:
- Kissht, a digital lending platform
- Ring, a payments application
OnEMI provides seamless credit solutions to consumers and merchants, enabling EMI based purchases both online and offline. Its NBFC partner, Si Creva Capital Services, manages loan disbursement, KYC, and collections.
As of December 31, 2025:
- The company had 63.73 million registered users
- It served 11.17 million customers
- Its Assets Under Management stood at ₹5,955.75 crore
Product Portfolio
- Personal loans for salaried and self employed individuals
- Loan against property
- MSME loans for business expansion and working capital
Competitive Strengths
- Large and diversified customer base
- Advanced risk management systems for asset quality
- Scalable cloud based technology platform
- Strong funding access through diversified sources
- Experienced leadership backed by reputed investors
OnEMI Technology Solutions IPO Details
OnEMI Technology IPO is a book building issue aggregating to ₹925.92 crore. The issue consists of a fresh issue and an offer for sale.
The company intends to utilise the proceeds primarily to strengthen the capital base of its subsidiary, Si Creva Capital Services, to support future growth.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | April 30, 2026 |
| IPO Close Date | May 5, 2026 |
| Allotment Date (Tentative) | May 6, 2026 |
| Initiation of Refunds | May 7, 2026 |
| Credit of Shares to Demat | May 7, 2026 |
| Listing Date (Tentative) | May 8, 2026 |
Key IPO Details
| Particulars | Details |
|---|---|
| Face Value | ₹1 per share |
| Price Band | ₹162 to ₹171 per share |
| Lot Size | 87 Shares |
| Issue Type | Bookbuilding IPO |
| Total Issue Size | 5,41,47,390 shares (₹926 Cr) |
| Fresh Issue | ₹850 Cr |
| Offer for Sale | ₹76 Cr |
| Listing At | BSE, NSE |
| Shareholding Pre-issue | 11,87,75,420 shares |
| Shareholding Post-issue | 16,84,83,022 shares |
Lot Size of OnEMI Technology IPO
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 87 | ₹14,877 |
| Retail (Max) | 13 | 1,131 | ₹1,93,401 |
| S-HNI (Min) | 14 | 1,218 | ₹2,08,278 |
| S-HNI (Max) | 67 | 5,829 | ₹9,96,759 |
| B-HNI (Min) | 68 | 5,916 | ₹10,11,636 |
OnEMI Technology Solutions Ltd. Financials
The company has demonstrated strong growth in assets and profitability, although fluctuations in income have been observed in recent years.
Key Company Financials (₹ Crore)
| Period Ended | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|
| Assets | 3,568.78 | 2,701.10 | 1,796.53 | 1,275.20 |
| Total Income | 1,583.93 | 1,352.69 | 1,700.30 | 1,001.51 |
| Profit After Tax | 199.27 | 160.62 | 197.29 | 27.67 |
| EBITDA | 488.45 | 403.37 | 358.96 | 97.71 |
| Net Worth | 1,254.34 | 1,005.99 | 804.57 | 566.23 |
| Reserves and Surplus | 1,242.32 | 995.32 | 794.50 | 556.17 |
| Total Borrowing | 2,047.52 | 1,507.58 | 784.30 | 387.89 |
Key Performance Indicators (KPI)
| KPI | Dec 2025 | Mar 2025 |
|---|---|---|
| ROE | 23.51% | 17.74% |
| Debt to Equity | 1.63 | 1.50 |
| RoNW | 21.18% | 15.97% |
| Price to Book Value | — | 0.91 |
IPO Objects of the Issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Capital infusion in subsidiary Si Creva Capital Services | 637.50 |
| General corporate purposes | Balance |
OnEMI Technology Solutions Ltd.: Industry Outlook
- Digital lending in India is witnessing rapid growth due to rising credit demand and fintech adoption
- Increasing smartphone penetration and digital payments are expanding the lending ecosystem
- MSME financing and consumer credit demand continue to rise across urban and semi-urban areas
- AI driven risk assessment and underwriting are improving loan quality and scalability
- Regulatory frameworks are evolving to support fintech innovation while ensuring consumer protection
Conclusion
OnEMI Technology Solutions Limited operates in the fast-growing fintech and digital lending space with a large user base and scalable technology platform. The company has shown strong growth in assets and profitability, positioning itself well in the evolving credit ecosystem.
However, investors should consider risks such as high exposure to unsecured lending, significant borrowing levels, and contingent liabilities. Based on its financial performance, the IPO appears fully priced, making it more suitable for well-informed investors with a moderate to high risk appetite and a medium to long term investment horizon.
