onEMI Tech IPO Fully Subscribed on Last Day

The much awaited mainboard IPO of OnEMI Technology Solutions Limited, popularly known by its lending brand Kissht, managed to sail through on the final day of bidding on Tuesday. After a slow start in the first two days, the issue finally got fully subscribed today and is now sitting at 1x overall subscription as per data available till 12:40 PM, according to information shared on IPOGURU.in.

The Rs 926 crore public offer opened for subscription on 30 April 2026 and closed today, 5 May 2026. The price band has been fixed at Rs 162 to Rs 171 per share, and investors had to apply for at least one lot of 87 shares, making the minimum application amount around Rs 14,877. Shares are expected to get listed on both BSE and NSE on 8 May 2026, with the allotment likely to be finalised on 6 May 2026.

Subscription Status: QIBs Lead the Charge

If you look at the category-wise breakup, the story is clearly driven by big institutional money. As per IPOGURU.in subscription data, the Qualified Institutional Buyers (QIB) portion has been booked 2.22 times, putting in bids worth around Rs 429.67 crore. The Non-Institutional Investors (NII) category has been subscribed 1.12 times, where Big HNIs came in at 1.42x and Small HNIs at 0.51x.

However, the retail portion is still lagging behind, subscribed only 0.25 times so far. This means many retail applicants who put in their bids today have a strong chance of getting full allotment, since the category is undersubscribed at this stage.

The day-wise trend shows how slowly the issue picked up. On Day 1 (30 April), only 0.24x bids came in. By Day 2, the number moved up to 0.6x, and on the final day, things changed quickly to push the overall subscription past the 1x mark. The company had also raised around Rs 277.77 crore from anchor investors before the issue opened, with marquee names like HDFC Mutual Fund, ICICI Prudential, Goldman Sachs, Bandhan, Sundaram and Tata Mutual Fund participating.

Grey Market Premium (GMP) Stays Calm

As per the GMP page on IPOGURU.in, the Grey Market Premium of OnEMI Technology Solutions IPO is currently around Rs 2, which is about a 1% premium over the upper price band of Rs 171. The GMP has stayed in a tight range — it touched a high of Rs 6 on 27 April and slipped to Rs 4 by 29 April, and has remained mostly stable since then.

Going by this GMP, the expected listing price comes around Rs 175, which is a small gain of roughly 2.3% over the issue price. Kostak rate for retail is quoted at Rs 250, and Subject to Sauda is also at Rs 250 for retail applicants. IPOGURU.in has reminded readers that GMP is unofficial and can change quickly before listing day.

IPO Review: Analysts Say "Apply"

On the review side, 16 analysts have covered this IPO, and the overall consensus on IPOGURU.in is Apply with a score of 75 out of 100. Out of the 16 analyst, 11 have recommended subscribing (Adroit Financial Services, BP Equities and EquiVision), while Capital Market and Swastika Investmart stayed Neutral.

The review highlights that at Rs 171, the issue is reasonably priced with a P/E of 19.06x and P/B of 0.91x, which is much cheaper than bigger NBFC names like Bajaj Finance. The company has shown a strong 79.53% CAGR in AUM and 140.95% CAGR in profit after tax between FY23 and FY25, with EBITDA margin of 31.31% in 9M FY26. Strengths include a large user base of 63 million, AI-driven credit underwriting, and a diversified funding pool of 47 lenders.

But there are clear risks too — almost 94.23% of the loan book is unsecured personal loans, the company is heavily dependent on its NBFC subsidiary Si Creva, and any RBI tightening on unsecured lending can hurt growth.

In short, OnEMI Technology Solutions IPO has just about scraped through with full subscription on the last day, mostly thanks to QIBs. The lukewarm GMP and undersubscribed retail portion suggest that listing gains may be modest, but long-term investors who believe in India's digital credit story may still find it interesting at these valuations.