Whalesbook
Mumbai, May 5, 2026: The initial public offering of OnEMI Technology Solutions Limited (Kissht) has witnessed a sharp surge in investor demand, with the issue subscribed 5.09 times as of Day 3, led by overwhelming participation from institutional investors.
The Qualified Institutional Buyer (QIB) portion has been oversubscribed 13.01 times, emerging as the standout driver of the issue. This strong institutional response underscores deep conviction in the company’s business model and long-term growth trajectory.
The non-institutional investor (NII) segment has also seen robust traction, with overall subscription at 4.67 times. Within this, the bNII category has been subscribed 6.11 times, indicating strong participation from larger investors.
While retail participation stands at 0.74 times as of Day 3, market trends suggest that retail demand typically accelerates closer to the closing window, with investors often waiting for clearer visibility on overall subscription levels.
The strong momentum builds on a high-quality anchor book and continued participation from domestic mutual funds and global institutional investors. The scale of institutional demand, particularly in the QIB segment, has been a defining feature of the issue.
Market participants note that such strong oversubscription in the institutional segment, combined with healthy traction in the NII category, reflects broad-based confidence in the offering and positions the issue strongly as it heads towards closure.
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. Kissht has demonstrated significant operational growth, with assets under management rising from ₹12,679 million in FY23 to ₹59,557 million as of 9MFY26, alongside a customer base exceeding 11 million.
The IPO, priced in the band of ₹162 to ₹171 per share, continues to attract strong investor interest across segments.
With the issue already subscribed over 5 times, a heavily oversubscribed QIB book and strong participation from institutional and non-institutional investors, the Kissht IPO is emerging as one of the most strongly subscribed offerings in the current market environment.