OnEMI Technology IPO Opens Tomorrow: GMP, Price Band, and Analyst View

Why It Matters

The capital raise strengthens OnEMI’s balance sheet, enabling faster scaling of its digital‑lending platform amid India’s booming credit market. Strong profit growth and low NPA levels suggest the IPO could attract both retail and institutional investors seeking high‑growth fintech exposure.

Key Takeaways

• IPO size ₹925.92 crore (~$111 M) with fresh issue ₹850 crore
• Price band set at ₹162‑₹171 per share, lot size 87 shares
• Grey‑market premium modest at ₹4, indicating cautious investor interest
• Net profit CAGR 140.9% FY23‑25; NIM rose to 23.8% FY25
• Post‑issue P/ABV multiple 1.6× at upper band, deemed reasonable

Pulse Analysis

India’s digital‑lending sector is expanding rapidly, driven by smartphone penetration and a shift toward cash‑less credit. OnEMI Technology, operating the Kissht and Ring brands, serves over 63 million registered users and has disbursed loans to 11 million customers. By channeling financing through its partner NBFC, Si Creva Capital Services, the firm leverages technology to streamline KYC, disbursement, and EMI collection, positioning itself as a key player in consumer and MSME credit. The upcoming IPO provides a window into how fintech firms are capitalizing on this growth trajectory.

Financially, OnEMI has demonstrated impressive momentum. Revenue surged to ₹1,583 crore (~$191 M) in the nine months to December 2025, while net profit climbed to ₹199.27 crore (~$24 M), reflecting a 140.9% compound annual growth rate since FY 23. Net interest margins have improved, reaching 23.8% in FY 25, and asset quality remains strong with gross NPA at 2.9% and net NPA at 0.4%. The capital infusion of roughly $112 M will reinforce Si Creva’s ₹637.50 crore (~$77 M) capital base, supporting further loan book expansion and technology upgrades.

Market sentiment is cautiously optimistic. A grey‑market premium of ₹4 per share signals modest enthusiasm without speculative excess. Analysts at SBICAP assign a post‑issue price‑to‑ABV multiple of 1.6×, deeming it reasonable given the firm’s growth outlook. The IPO adds to a wave of fintech listings that are attracting both retail investors seeking high‑growth exposure and institutions looking for diversified credit assets. As regulatory frameworks evolve, OnEMI’s strong profit trajectory and low NPA levels could make it a benchmark for future digital‑lending offerings in the region.