The booming Indian fintech industry continues to attract attention through IPOs, with the OnEMI Technology Solutions IPO being one of the most exciting companies planning an IPO GMP in 2026. Given its innovative platform called Kissht, OnEMI Technologies has managed to position itself well in the expanding market of consumer credit.
However, is this IPO worth adding to your portfolio? Find out everything in our complete review.
OnEMI Technology IPO: Key Details
Here’s a quick snapshot of the IPO:
| Particulars | Details |
| IPO Opening Date | April 30, 2026 |
| IPO Closing Date | May 5, 2026 |
| Issue Size | ~₹925 crore |
| Price Band | ₹162 – ₹171 per share |
| Lot Size | 87 shares |
| Listing Exchanges | NSE & BSE |
| Expected Listing Date | May 8, 2026 |
| Face Value | ₹10 per share |
The IPO GMP includes both a fresh issue and an offer for sale (OFS), indicating that while the company will raise capital for growth, some early investors will also partially exit.
IPO Structure Breakdown
| Component | Amount (Approx.) |
| Fresh Issue | ₹850 crore |
| Offer for Sale | ₹75 crore |
| Total Issue Size | ₹925 crore |
The majority of funds are being raised for expansion, which is a positive signal for growth-oriented investors.
Objectives of the IPO
The company plans to utilize the proceeds for:
| Objective | Purpose |
| Strengthening NBFC subsidiary (Si Creva) | Increase lending capacity |
| Business expansion | Scale operations and reach |
| General corporate purposes | Operational flexibility |
Financial Performance
Understanding financials is crucial before investing. Below is a summary:
Revenue & Profit Overview
| Financial Year | Revenue (₹ Cr) | Profit (₹ Cr) |
| FY2023 | ~410 | ~60 |
| FY2024 | 428.93 | 82.47 |
| FY2025 | 321.6 | 50.9 |
Key Observations:
- Revenue declined in FY2025 compared to FY2024
- Profit also saw a drop, indicating margin pressure
- Growth is not consistent, which is a concern
However, the company is still profitable — a positive compared to many fintech startups.
Strengths of OnEMI Technology IPO
1. Strong Market Position
OnEMI operates in the high-growth digital lending segment, which is the expanding rapidly due to the increased financial inclusion.
2. Scalable Business Model
The asset-light model allows the company to grow without heavy capital investment.
3. Technology-Driven Platform
Use of AI and data analytics helps in faster loan approvals and better risk assessment.
4. Growing Consumer Demand
India’s young population and rising consumption patterns support demand for credit.
Risks & Challenges
Investors should carefully consider the following risks:
Risk Analysis Table
| Risk Factor | Impact |
| High unsecured loan exposure | Increased default risk |
| Rising NPAs | Weak asset quality |
| Revenue volatility | Unstable growth |
| Regulatory pressure (RBI) | Compliance burden |
| Dependence on partners | Limited control |
The risks are especially critical in the lending business, where asset quality directly impacts profitability.
Valuation Overview
| Metric | Estimate |
| Price Band | ₹162–₹171 |
| P/E Ratio (approx.) | Moderate |
| Industry Comparison | Reasonable |
Grey Market Premium (GMP)
| Indicator | Value |
| GMP Range | ₹3 – ₹7 |
| Expected Listing Gain | 2% – 4% |
A low GMP suggests limited listing gains, making it less attractive for short-term investors.
Investor Allocation
| Category | Allocation |
| Retail Investors | 35% |
| Qualified Institutional Buyers (QIBs) | 20% |
| Non-Institutional Investors | 15% |
| Anchor Investors | 30% |
This balanced distribution ensures participation from all investor groups.
Peer Comparison (Simplified)
| Company Type | Profitability | Risk Level | Growth |
| Traditional NBFCs | Stable | Moderate | Moderate |
| Fintech Lenders | Variable | High | High |
| OnEMI Technology | Moderate | High | High |
OnEMI falls into the high-risk, high-growth fintech category.
About OnEMI Technology Solutions
OnEMI Technology Solutions Ltd is a fintech company that provides solutions in the area of digital lending. It was established in 2016, and provides instant personal loans, EMI loans, and durable consumer loans.
OnEMI IPO GMP runs its operations with a technology-first approach and a light asset model, with NBFCs funding the loans while OnEMI takes care of customer acquisitions, underwriting, and recovery.
Increasing smartphone usage and growing preference for fast loans have helped OnEMI establish itself as an important part of the Indian fintech sector.
Conclusion
OnEMI Technology's initial public offering is typical of a fintech investment, which is characterized by high growth prospects along with high risks.
The firm enjoys:
Scalable digital lending platform
High appetite for credit among consumers
Growing trend towards digitization
That being said, issues regarding:
Increased NPAs
Fluctuating revenue
Unsecured lending business model
make it risky to invest in the IPO and instead makes for a selective investment opportunity.
Prospective investors must consider whether they are comfortable enough to invest based on their risk appetite and investment horizon.