Whalesbook
The initial public offering of OnEMI Technology Solutions Limited (Kissht) has seen strong acceleration in demand, with the issue crossing approximately 2x subscription on Day 3, led by robust institutional participation.
The Qualified Institutional Buyer (QIB) portion has been oversubscribed nearly 6x, underscoring strong conviction from institutional investors. A significant portion of this demand has been driven by domestic mutual funds, with participation of approximately ₹350 crore in the main book, in addition to the anchor allocation.
The strong institutional momentum builds on a well-received anchor round, where the company had already raised ₹277.78 crore from leading investors including HDFC Mutual Fund, ICICI Prudential Mutual Fund, WhiteOak Capital, Goldman Sachs and Citigroup.
The non-institutional investor segment has also continued to see traction, while retail participation has been building progressively through the subscription period, contributing to the overall demand crossing the 2x mark.
Market participants indicate that the scale of participation from mutual funds in both the anchor and main book is a key highlight of the issue, reflecting long-term institutional interest in the company’s business model and growth trajectory.
Leading brokerage houses have also pointed to the company’s scalable digital lending platform, expanding customer base and improving profitability metrics as key factors supporting their outlook on the offering. The company has demonstrated strong operational growth, with assets under management increasing from ₹12,679 million in FY23 to ₹59,557 million as of 9MFY26, alongside a customer base exceeding 11 million.
The IPO is priced in the band of ₹162 to ₹171 per share and will remain open for subscription until May 5, 2026.