If you have been tracking fintech IPOs in India, this one might have already caught your attention. The OnEMI Technology Solutions IPO—popularly linked with the Kissht app—is opening soon, and investors are asking the usual question: “Is this a hidden gem or another overhyped fintech listing?”
In this detailed OnEMI Technology Solutions IPO review 2026, I’ll break down everything—issue details, financials, valuation, risks, GMP outlook, and finally give a clear verdict on whether you should subscribe or avoid.
About the Company
OnEMI Technology Solutions Ltd., incorporated in 2016, is a technology-enabled lending platform in India.
The company operates through:
- Kissht – Digital lending platform
- Ring – Payments and credit app
Instead of directly lending, the company works with its NBFC partner Si Creva Capital Services, which handles:
- Loan disbursement
- KYC processes
- EMI collections
Key highlights:
- 63.73 million registered users (as of Dec 2025)
- 11.17 million customers served
- AUM of ₹5,955.75 crore
They offer:
- Personal loans
- Loan against property
- MSME loans
Competitive Strengths
- Large customer base acquired through diversified channels
- AI-driven risk management systems
- Access to diversified funding sources
- Scalable cloud-native technology platform
- Experienced promoters and strong investor backing
IPO Issue Details
| Particulars | Details |
|---|---|
| IPO Dates | Apr 30 – May 5, 2026 |
| Listing Date | May 8, 2026 (Tentative) |
| Price Band | ₹162 – ₹171 |
| Lot Size | 87 Shares |
| Minimum Investment | ₹14,877 |
| Issue Size | ₹925.92 Crores |
| Fresh Issue | ₹850 Crores |
| OFS | ₹75.92 Crores |
| Listing | BSE, NSE |
| Lead Managers | JM Financial, HSBC, Nuvama, SBI Capital, Centrum |
Financial Performance
| Financials (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Income | 1,001.51 | 1,700.30 | 1,352.69 |
| EBITDA | 97.71 | 358.96 | 403.37 |
| PAT | 27.67 | 197.29 | 160.62 |
| Net Worth | 566.23 | 804.57 | 1,005.99 |
| Borrowings | 387.89 | 784.30 | 1,507.58 |
Key Observations:
- Revenue shows volatility in FY25
- Profitability improved significantly post FY23
- Borrowings increased sharply due to lending expansion
- ROE ~23.51% indicates strong return ratios
Objects of the IPO
- ₹637.5 Cr for capital infusion into subsidiary Si Creva
- Remaining for general corporate purposes
P/E Ratio & Peer Comparison
As per the RHP filed with SEBI, the company has provided a detailed peer comparison with listed NBFC / fintech players.
Industry P/E Snapshot (Excluding OnEMI)
| Particulars | P/E (x) |
|---|---|
| Highest | 34.36 |
| Lowest | 24.70 |
| Industry Average | 30.83 |
Listed Peer Comparison
| Company | P/E (x) |
|---|---|
| Bajaj Finance Ltd | 34.36 |
| Cholamandalam Investment & Finance | 30.99 |
| SBI Cards & Payment Services | 33.28 |
| HDB Financial Services | 24.70 |
| OnEMI Technology Solutions | 10.84x |
Interpretation (Very Important)
- OnEMI is priced at a massive discount of ~65%–70% compared to industry average (30.83x vs 10.84x)
- Even compared to the lowest peer (HDB Financial at 24.70x), OnEMI is trading at less than half the valuation
👉 But here is the real insight (don’t miss this):
This discount exists for a reason:
- Peers like Bajaj Finance and Cholamandalam are mature, stable NBFCs
- OnEMI operates in higher-risk digital lending segments
- Business model is still evolving and not fully proven across cycles
👉 So, this is not a “cheap IPO” blindly — it is a high-risk discounted fintech play.
Reasons to Invest
1. Strong Digital Lending Opportunity
India’s fintech lending space is growing rapidly, providing long-term tailwinds.
2. Large Customer Base
63+ million users provide strong cross-sell opportunities.
3. Improving Profitability
Significant jump in PAT indicates better operational efficiency.
4. Reasonable Valuation
Lower P/E compared to peers offers potential upside.
5. Scalable Tech Platform
Technology backbone supports future growth.
Risk Factors
1. High Credit Risk Segment
Focus on underserved borrowers can lead to higher NPAs.
2. Revenue Volatility
Decline in FY25 raises concerns on growth consistency.
3. Rising Debt Levels
Borrowings have increased significantly over the years.
4. Dependency on NBFC Partner
Operational reliance on Si Creva.
5. Regulatory Risks
Changes in RBI norms can impact business.
How to Apply for This IPO
Apply via Zerodha, Upstox, ICICI Direct, or SBI Securities:
- Login to trading account
- Select IPO section
- Apply with lot size (87 shares)
- Approve UPI mandate
Grey Market Premium (GMP)
GMP data is currently not available. It will be updated once reliable data emerges.
Conclusion — Subscribe or Avoid?
Positives:
- Strong fintech growth story
- Large user base
- Reasonable valuation
Negatives:
- Revenue inconsistency
- High risk lending model
- Rising leverage
Final Verdict:
- Conservative investors: Avoid
- Moderate investors: Wait & watch
- Aggressive investors: Subscribe with caution
FAQs
- What is OnEMI IPO?
A fintech lending IPO via Kissht platform. - What is price band?
₹162–₹171 - Minimum investment?
₹14,877 - GMP today?
Not available - Should I invest?
Only if you can take high risk - Listing date?
May 8, 2026
IPO Disclaimer
Investing in IPOs involves market risks. This article on OnEMI Technology Solutions IPO review 2026 is for informational purposes only and not a recommendation. Investors should read the RHP carefully and evaluate their risk appetite before investing. Consult your financial advisor if needed. The author is not responsible for any losses arising from investment decisions.
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