OnEMI Technology Lists at ₹191, Up 21.35%

OnEMI Technology Solutions Ltd, incorporated in 2016 as a technology-enabled digital lender operating under brand names Kissht (digital lending platform) and Ring (payments app) offering personal loans to salaried and self-employed individuals, loan against property, and MSME loans through mobile applications with 63.73 million registered users, 11.17 million customers served, and AUM of ₹5,955.75 crore as of December 2025, partnering with NBFC Si Creva Capital Services for loan disbursement, KYC, and EMI collections, made a strong debut on BSE and NSE on Friday, May 8, 2026. The OnEMI Technology share price opened at ₹191.00 representing premium of 11.70% from issue price of ₹171.00, touched high of ₹210.75 (up 23.25%) before trading around ₹207.50 (up 21.35%).

OnEMI Technology Listing Details

OnEMI Technology launched its IPO comprising fresh issue of ₹850 crore and OFS of ₹75.92 crore at ₹171 per share with minimum investment of 87 shares costing ₹14,877 raising ₹925.92 crore including ₹277.78 crore from anchor investors. The IPO received healthy response with subscription of 9.96 times - retail investors at 2.13 times, NII at 6.91 times, QIB strongly subscribed at 25.97 times.

First-Day Trading Performance

Listing Price: OnEMI Technology stock price opened at ₹191.00 representing premium of 11.70% from issue price, touched high of ₹210.75 (up 23.25%) before trading around ₹207.50 (up 21.35%), with VWAP at ₹197.06. The strong listing delivered substantial gains for IPO investors with turnover of ₹40.27 crore, traded volume of 20.44 lakh shares, delivery of 72.99%, and market capitalisation of ₹3,502.76 crore against pre-IPO market cap of ₹2,881.06 crore.

Growth Drivers and Challenges

Growth Drivers:

Strong 9M FY26 Performance: Revenue of ₹1,583.93 crore for 9 months FY26 (already exceeding full FY25 of ₹1,352.69 crore), PAT of ₹199.27 crore (exceeding full FY25 of ₹160.62 crore), healthy ROE of 23.51%.

Unique Market Position: Management claims it will be perhaps the only listed entity doing digital loan business, backed by marquee investors with experienced founders and leadership team.

Challenges:

Contingent Liabilities: Contingent liabilities exceeding ₹1,790 crore as of December 2025 raise concern over potential future outflows impacting balance sheet.

Revenue Volatility: FY25 revenue of ₹1,352.69 crore showed de-growth from FY24 revenue of ₹1,700.30 crore indicating business volatility, analyst notes issue appears fully priced.

Utilisation of IPO Proceeds

Capital Augmentation: ₹637.50 crore for augmenting capital base of subsidiary Si Creva Capital Services to meet future capital requirements arising from business growth.

General Corporate Purposes: Remaining amount for general corporate purposes.

Financial Performance

Revenue: ₹1,583.93 crore for 9 months ended December 2025 (already exceeding full FY25), ₹1,352.69 crore for FY25 (de-growth from ₹1,700.30 crore in FY24), AUM growing to ₹5,955.75 crore reflecting digital lending platform expansion across personal loans, LAP, and MSME loans.

Net Profit: ₹199.27 crore for 9 months FY26 (already exceeding full FY25), ₹160.62 crore in FY25, ₹197.29 crore in FY24, with post-IPO EPS of ₹15.77 and P/E of 10.84x. Investors tracking OnEMI Technology share price should note strong ROE of 23.51% and improving profitability trajectory despite concerns over 94% unsecured lending portfolio and significant contingent liabilities in competitive digital lending segment.

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