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Mainboard IPOlistedBoth

Kissht (OnEMI Technology) IPO 2026

Kissht (OnEMI Technology) IPO is a mainboard IPO that opened for subscription on 30 Apr 2026 and is now listed. The issue aggregates ₹925.92 Cr.

Price Band
₹162–₹171
GMP
₹27
Subscription
9.96x
Listing
8 May 2026

Overview

Kissht (OnEMI Technology) IPO is a mainboard IPO that opened for subscription on 30 Apr 2026 and is now listed. The issue aggregates ₹925.92 Cr.

The current Grey Market Premium (GMP) for Kissht (OnEMI Technology) stands at ₹27, implying an unofficial listing price of approximately ₹198 (15.79% over the upper price band). GMP is a sentiment indicator from informal market dealers and is not a guaranteed return.

IPO Details

Kissht (OnEMI Technology) IPO is a mainboard initial public offering scheduled to be listed on Both. The issue has a price band of ₹162–₹171 per equity share with a lot size of 87 shares, translating to a minimum retail investment of ₹14,877.

The issue aggregates ₹925.92 Cr, with the subscription window open from 30 Apr 2026 to 5 May 2026. Allotment is expected on 6 May 2026 and the equity shares are scheduled to list on 8 May 2026.

Type
Mainboard
Status
listed
Price band
₹162–₹171
Face value
₹10 (typical)
Lot size
87 shares
Min investment (Retail)
₹14,877
Issue size
₹925.92 Cr
Fresh issue
₹850 Cr
OFS
₹75.92 Cr
Exchange
Both
ISIN
TBA
Sector
Finance

Market Lot

Retail investors must apply for a minimum of one lot and can apply up to the retail cap of ₹2 lakh. NII / HNI investors apply above ₹2 lakh.

ApplicationLotsSharesAmount
Retail (Minimum)187₹14,877
Retail (Maximum)131131₹1,93,401
HNI / NII (Minimum)141218₹2,08,278

IPO Reservation

Per SEBI guidelines, Kissht (OnEMI Technology) IPO reserves shares across investor categories as follows. Final allotment percentages may vary slightly based on the final issue document.

Category% ReservedNotes
QIB (Qualified Institutional Buyers)Not more than 50%Mutual funds, FIIs, banks, insurance
NII / HNI (Non-Institutional)Not less than 15%Bids ≥ ₹2 lakh
Retail (RII)Not less than 35%Bids up to ₹2 lakh

Important Dates

  1. Issue Open
    30 Apr 2026 · Subscription opens
  2. Issue Close
    5 May 2026 · Subscription closes
  3. Allotment
    6 May 2026 · Basis of allotment finalised
  4. Refunds Initiated
    7 May 2026 · Funds released for non-allottees
  5. Listing Date
    8 May 2026 · Shares debut on the exchange

Grey Market Premium

₹27
15.79% over upper price band
Implied Listing Price
₹198

Updated 14 hr ago. GMP indicates pre-listing demand in the unofficial grey market and is not a guaranteed return.

GMP — last 26 updates
27
+23.00 (+575.0%)
since 2 May
3014-22 May8 May

Subscription Status

9.96x
Overall subscription

Updated

Retail
2.13x
NII / HNI
6.91x
QIB
25.97x
Employee

Allotment Status

Kissht (OnEMI Technology) IPO allotment will be finalised by the registrar (KFin Technologies) on 6 May 2026. Check your allotment status using your PAN, application number, or DP ID via our allotment status checker or directly on the registrar's website.

If allotment fails, the blocked funds via ASBA / UPI mandate are released back within 24-48 hours. Applying through multiple demat accounts in family members' names improves chances on oversubscribed IPOs.

Check on KFin Technologies

Listing Performance

Listing Price
₹191
Listing Gain
+11.70%
High
Low

Kissht (OnEMI Technology) listed on 8 May 2026 with a premium of 11.70% versus the issue price. Post-listing price performance depends on broader market conditions, company fundamentals, and demand from institutional and retail investors.

About Kissht (OnEMI Technology)

OnEMI Technology Solutions Limited, founded in 2016, operates two consumer-facing brands — Kissht (digital instant-loan app) and Ring (consumer payments app). The company sits in the digital-lending stack as the customer acquisition, underwriting and collections layer, while loan disbursement and balance-sheet risk are housed in its NBFC partner Si Creva Capital Services. This 'tech-front-end + regulated-NBFC-backend' architecture is the standard model adopted by Indian fintechs after the RBI's 2022 digital lending guidelines. Kissht targets small-ticket consumer loans (typical ₹5,000-₹50,000 ticket size) with rapid in-app underwriting and EMI-based repayment. The Ring app extends the relationship to recurring payments — utility bills, EMIs, subscriptions — which serves as both a customer-retention surface and a data signal for future loan eligibility. The dual-app strategy is OnEMI's hedge against pure-lending-app concentration risk that hit several listed fintech peers post-RBI's first-loss default-guarantee (FLDG) tightening. The listing fundamentals — strong digital footprint, scalable tech stack, RBI-compliant NBFC partner architecture — explain the IPO investor interest. The structural questions are around loan-loss provisioning trajectory, NIM compression risk if RBI tightens caps further, and the competitive intensity in sub-₹50k consumer credit where Bajaj Finance, Paytm Postpaid, MobiKwik and bank-led BNPL offerings all compete.

Promoter & Holding Pattern

The promoter and promoter group hold the majority stake in Kissht (OnEMI Technology) prior to the IPO. Post-listing, this percentage will reduce as new equity shares are issued to the public. Detailed pre-IPO and post-IPO promoter holding data will be updated once the Red Herring Prospectus is finalised with SEBI.

Objects of the Issue

Kissht (OnEMI Technology) IPO proceeds will be utilised across the following objectives, as disclosed in the Red Herring Prospectus:

PurposeAmount (₹ Cr)% of Issue
Funding future capital requirements towards onward lending through NBFC partner Si Creva Capital Services (fresh issue)85091.80%
Offer for Sale by existing shareholders75.928.20%

Financial Performance

Kissht (OnEMI Technology)'s three-year financials — revenue, PAT, assets, net worth — will be displayed here based on audited numbers from the Red Herring Prospectus. Year-on-year growth, EBITDA margins, debt-to-equity progression, and RoNW together form the basis for valuation comparison.

Valuation Snapshot

Key valuation metrics for Kissht (OnEMI Technology) — RoE, RoCE, EBITDA margin, PAT margin, debt-to-equity, EPS, P/E ratio, RoNW, NAV — will be updated based on FY25 numbers from the Red Herring Prospectus.

Peer Comparison

Listed peers in the Finance sector with key valuation metrics:

CompanyEPS (₹)P/E RatioRoNW (%)NAV (₹)Income (₹ Cr)
Bajaj Finance17.20
MobiKwik
Paytm (One 97 Communications)

Anchor Investors

Anchor Date
29 Apr 2026
Anchor Amount
₹277.78 Cr
No. of Anchors

Notable anchor investors

  • HDFC Mutual Fund
  • ICICI Prudential Mutual Fund
  • Ashoka India Equity Investment Trust
  • White Oak Capital
  • Bandhan MF
  • Quant MF
  • Goldman Sachs
  • BNP Paribas
  • Citigroup

Lead Managers (Merchant Bankers)

  • JM Financial
  • SBI Capital Markets
  • Nuvama Wealth Management
  • HSBC Securities

IPO Registrar

The registrar processes all bid applications, finalises the basis of allotment, manages refunds, and credits allotted shares to successful applicants' demat accounts.

Editorial Review

Kissht's listing on 8 May 2026 at ₹191 — an 11.70% premium over the ₹171 issue price — delivered exactly the listing pop the bookbuild had signalled. 9.96x overall subscription, with QIBs leading at 25.97x and even retail at a healthy 2.13x, gave the issue institutional + retail dual conviction. Anchor allocation of ₹277.78 crore included HDFC MF, ICICI Pru MF, White Oak Capital, Goldman Sachs, Citigroup and BNP Paribas — a clean global+domestic institutional book. What the market is pricing: a digital-lending franchise with 90%+ proceeds going to fund onward lending through partner NBFC Si Creva Capital, the regulatory-compliant 'tech-front + NBFC-back' architecture mandated by RBI post-2022, and Kissht+Ring's dual-app product stack hedging against single-app concentration risk. The ₹926 crore IPO size is large enough to materially expand the loan book without diluting unit economics, and small enough that the listed entity is not over-stretched on growth-capital requirements. What the market is not yet pricing: the asymmetric regulatory overhang on Indian digital lenders. RBI's FLDG tightening in 2024-25, the limits on partner-NBFC dependency ratios, and the ongoing scrutiny of in-app loan underwriting practices all constrain the upside of the digital-lending model. Kissht's reliance on Si Creva for actual disbursement and credit risk means the listed entity is partially a tech-services company and partially a sourcing+collections agent — the equity story benefits from this 'asset-light' framing but is also vulnerable to any RBI rule change that compresses the partner-NBFC arbitrage. Fundamentally, the ₹850 crore fresh-issue tranche is the right size for a fintech at OnEMI's scale: it funds 2-3 years of book growth at current pace without the dilution overhang that haunted Paytm and MobiKwik post-listing. The ~92% fresh issue vs ~8% OFS split is also more investor-friendly than the all-OFS issues we've seen in recent months (NSDL, Hyundai) — IPO proceeds actually reach the operating business. For allottees: the 11.70% listing pop is a solid intra-day exit point if you're cycling capital. For longer-term holders, the central question is whether OnEMI's ₹277 crore anchor base of HDFC MF, ICICI Pru and global names stays in the float through the first 3-month lockup. If institutional ownership stabilises post-lockup, the stock has structural re-rating potential vs MobiKwik-class peers — Kissht's loan-book quality and Ring app stickiness are arguably better than what MobiKwik has demonstrated. Subscribe-equivalent for the post-listing tape, with a softer entry below ₹185 making the risk-reward optimal.

How to Apply for Kissht (OnEMI Technology) IPO

  1. Open broker app — Zerodha, Upstox, Angel One, Groww, 5paisa, ICICI Direct, or any other SEBI-registered broker. Navigate to the IPO section.
  2. Select Kissht (OnEMI Technology) IPO during the bidding window (30 Apr 20265 May 2026).
  3. Enter bid details — minimum 87 shares per lot. Retail investors are recommended to bid at cut-off price (₹171).
  4. Submit UPI ID linked to a SEBI-approved bank.
  5. Approve UPI mandate from your UPI app within the deadline. Bid amount is blocked, not debited.
  6. Await allotment on 6 May 2026.
  7. Listing day — shares list on Both on 8 May 2026.

Risk Factors

1. Partner NBFC dependency — Kissht's loan book sits on Si Creva Capital Services' balance sheet. Any regulatory action against Si Creva (RBI inspection finding, capital adequacy issue) immediately disrupts Kissht's disbursement flow, even though the listed entity has no balance-sheet exposure. 2. RBI digital-lending tightening cycle — the 2022 digital-lending guidelines and subsequent FLDG rules have already compressed partner-NBFC economics. Further tightening (e.g., caps on partner-NBFC sourcing share, mandatory in-house NBFC requirement) would force structural rebuild of the business model. 3. Sub-₹50k consumer credit competitive intensity — Bajaj Finance, Paytm Postpaid, Slice (now NBFC), and bank-led BNPL all target the same ticket size. Customer acquisition cost is rising; differentiation is increasingly app-experience rather than underwriting capability. 4. Loan-loss provisioning cycle — small-ticket consumer credit has shown elevated NPA in FY26 across the industry. Kissht's reported provisioning may not yet reflect the full cycle; first 2-3 quarters of listed results will reveal the actual loss curve. 5. Concentration in tech-front model — the equity story rests on Kissht and Ring being best-in-class app experiences. A competitor app launch (Bajaj Finserv new digital, Paytm Money, Cred) with better UX could compress active-user retention quickly. 6. Anchor lockup expiry — ₹277.78 crore of anchor allocation has standard lockup (30/90 days). Significant unlock supply hitting the float in Q2 FY27 could compress the listing premium if institutional holders rotate. 7. Lack of disclosed financials/valuation KPIs in publicly fetched sources — pricing assumptions on P/E and book-value multiples rest on RHP-internal numbers not all readers may have parsed. Investors should consult the RHP directly before sizing positions.

Kissht (OnEMI Technology) IPO — FAQs

What is Kissht (OnEMI Technology) IPO?
Kissht (OnEMI Technology) IPO is a mainboard initial public offering listing on Both. The issue opens on 30 Apr 2026 and closes on 5 May 2026 with a price band of ₹162–₹171 per share.
What is the Kissht (OnEMI Technology) IPO price band?
The price band for Kissht (OnEMI Technology) IPO is ₹162–₹171 per equity share of face value ₹10 (typical). Retail investors are recommended to bid at the upper band (cut-off price).
What is the Kissht (OnEMI Technology) IPO lot size?
The minimum lot size for Kissht (OnEMI Technology) IPO is 87 shares per application. Minimum retail investment at the upper price band works out to approximately ₹14,877.
When is the Kissht (OnEMI Technology) IPO opening date?
Kissht (OnEMI Technology) IPO opens for subscription on 30 Apr 2026 and closes on 5 May 2026.
When is the Kissht (OnEMI Technology) IPO allotment date?
Basis of allotment is expected on 6 May 2026. Check your status on KFin Technologies's website using your PAN.
When is the Kissht (OnEMI Technology) IPO listing date?
Kissht (OnEMI Technology) shares are expected to list on Both on 8 May 2026.
What is the GMP of Kissht (OnEMI Technology) IPO?
As per latest signals, the GMP is ₹27 (15.79% over the upper price band), implying an unofficial listing price of approximately ₹198.
Who is the registrar of Kissht (OnEMI Technology) IPO?
KFin Technologies is handling allotment, refunds, and dematerialisation for Kissht (OnEMI Technology) IPO.
How can I apply for Kissht (OnEMI Technology) IPO?
Apply via any SEBI-registered broker (Zerodha, Upstox, Angel One, Groww, 5paisa, ICICI Direct) during the open window. Use UPI mandate or ASBA for fund blocking. Bid at cut-off for retail category.
What is the minimum investment?
Minimum retail investment is approximately ₹14,877 (1 lot × 87 shares at upper band).
Should I apply for Kissht (OnEMI Technology) IPO?
Whether to apply depends on your goals, risk appetite, and the company's fundamentals. Review the RHP, compare valuation with peers, and consult a SEBI-registered advisor.
What happens if my allotment fails?
Bid amount blocked via UPI/ASBA is released back within 24-48 hours. Apply through multiple family demat accounts to improve odds on oversubscribed issues.

Information shown is for educational purposes and does not constitute investment advice. GMP values are unofficial estimates from informal grey market sources. Please read the offer document (Red Herring Prospectus) carefully before investing.

Data sourced from NSE, BSE, the issue's registrar, and public filings. BasicFintech is not affiliated with the issuing company, its underwriters, or the exchanges.

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